The majority of people looking to purchase a home will opt for a residential mortgage, but even here there are a variety of options available to cover the whole of the market.

The broad range of loans on offer include fixed rate, variable rate tracker, discounted and offset mortgages.

Fixed rate mortgages are for those of us who want to be certain of their monthly outgoings and a good option if you are of the opinion that interest rates will rise. They are protected from interest rate fluctuations for the length of deal period. Whilst most of our clients opt for a two, three or five year fix, our panel of lenders offer mortgages available fixed for as long as 25 years.

Variable tracker mortgages track the Bank of England base rate and are dependent on its fluctuations. If it drops you pay less, increases you pay more. Lifetime tracker mortgages are now available for the entire duration of the loan period.

Discounted mortgages are similar to trackers, except the borrower will be offered a discount off the lender’s variable rate. These will normally be two to five year deals and are an attractive option for borrowers who want to try and keep interest payments low. The mortgage will return to the full standard variable rate once the deal period has elapsed.

Offset mortgages allow you to offset any money in your current account against your mortgage, so you only pay interest on the difference. ie if you’ve a £100k mortgage and £50k in your offset account, you only pay interest on £50k of your mortgage. As the savings for offset mortgages aren’t currently taxed, it can be an efficient way for high rate tax payers to use their money

Your home may be repossessed if you do not keep up repayments on your mortgage.