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In several ways there are many types of mortgage, below this you discuss what type of mortgages you are looking?

Fixed rate mortgage
The main negative feature of a fixed rate mortgage, is that is the Bank of England lowers the interest rates then, your monthly repayments will not change, that is until the end of your agreed period. In general, at the end of the borrowing period borrowers tend to change to the standard variable rate.

Variable rate mortgage
With regards to the variable rate mortgage, if the Bank of England lowers its interest rates, your mortgage repayments will be lower, however if the Bank of England’s interest rates go up, then so does your mortgage.

Discount rate mortgages
If you decide to take out a discount rate mortgage, your payments will be lower than the standard SVR. The key thing to remember when you take out a discount rate mortgage is that your mortgage interest rate will go up after the given period.

Cashback mortgage
Like the name suggest a cashback mortgage, give you the lender a lump sum of cash once the purchase has been completed. These types of mortgages however normally require you to repay the borrowed amount in full in a much shorter time scale.

Flexible mortgage
If you chose a flexible mortgage then it’s maybe because you are worried that your circumstances could change in the future. The flexible mortgage enables you to pay more of when you can and less when you can’t.

Capped rate mortgage
A capped rate mortgage is a mix of two mortgages, these two types of mortgages being; the fixed rate mortgage and the discount rate mortgage. Many capped rate mortgages have a ‘ceiling’ and a ‘floor’, by this I mean the mortgage rates may not go above or below a certain percentage. These mortgages are known as collar mortgages.

Offset mortgages
With regards to offset mortgages, they are designed so that you have separate accounts, but your funds across all of your accounts are taken into consideration. The main advantage of this mortgage is that all your accounts are in one place making them easier o manage. I you find yourself in difficulty you might want to sell and rent back your home, which is better than having your home repossessed