There are now many types of mortgages available; 
due to the recent and ongoing drastic changes in the market place and the government input with the banks, the mortgage marketplace is  ever changing. 
Mortgage Consultant Kevin Yates has the whole market to choose from when you need help and advice on your mortgage.  He is well known, highly respected and can achieve excellent deals with contacts built up over 18 years in the  business. 
Below he has listed the main types of mortgage now available.
For specific personal advice, please do not hesitate to contact him on: 
 
tel: 020 8208 2488

 
Discount rate mortgage
A discount rate mortgage charges an interest rate that is linked to a lender's standard variable rate (SVR) - and it will be reduced by a specific amount for an agreed period of time. 
During the agreed discount period the interest rate charged can go up and down if the SVR of the lender changes. Therefore, if the SVR goes up, your payments will rise and, likewise, they will fall if the lender's SVR goes down. The interest rate that you pay will always, however, be reduced by the exact discount rate agreed at the start of the discount period. 
At the end of the discount period, the mortgage will revert to the lender's standard variable rate and your payments will increase. 

Capped rate Mortgage
A capped rate mortgage guarantees that the interest rate charged on it will not rise above a certain level for an agreed period. 

Fixed rate mortgage
A fixed rate mortgage gives you peace of mind for a specific period of time as your interest rate and mortgage payment are fixed i.e. they will not change during the agreed period or term. 

Tracker mortgage
A tracker mortgage or (tracker rate mortgage) is a variable rate mortgage that will track the Bank of England base rate at a set amount above or below for a fixed period. 

Cashback mortgage
A cashback mortgage offers you a cash lump-sum at the beginning of your mortgage. This is a normally a fixed percentage of your total mortgage but it can be an agreed amount also. 
For example:-
If you take out a mortgage for £100,000 with a 4% cashback, you will receive £4,000 on completion of your house purchase or remortgage. 

Self-certified mortgage
A self-certified (or self-certification) mortgage is designed for people whose income may be difficult to assess using the standard underwriting procedures that many banks or building societe's employ. 
Self-certified mortgages have become more popular as working habits have changed, especially where this may include income from several sources and differing employment statuses. 
As well as those who are employed or self-employed, self-certified mortgages can be particularly relevant to those on short or long-term contracts, part-time workers, employees whose earnings are commission-based, freelance workers, seasonal workers etc. 

Current account mortgage
A current account mortgage is similar to an offset mortgage in that it reduces the overall amount 'owed' when your savings or current account balance are taken into account. However, the mortgage and current/savings account are normally combined into a single account rather than being separate as with an offset mortgage. The account is effectively acting like one big overdraft. . 

Buy-to-let mortgage
A buy-to-let mortgage has become very popular as more and more people in the UK now own second homes as investments. 
Buy-to-let mortgages differ from standard mortgages in that the amount banks or building societies will lend is assessed upon the expected rental income of the property rather than personal income. However, it is usual for not more than 90% of the purchase price to be available on a buy-to-let mortgage, meaning that you will need a minimum of a 10% deposit.