| This is the most straightforward and commonly used mortgage type for consumers. It involves taking out a loan for a fixed period of time, typically 20-30 years, and paying off that loan in monthly instalments. |
| With an interest-only mortgage your monthly repayments to your lender only cover the interest portion of the loan and do not reduce the amount borrowed. After a certain period of time you must repay the capital part of the loan. |
| An endowment mortgage is a type of interest only mortgage where the borrower also takes out an endowment, investment policy or pension from a life assurance company. These plans are designed to earn a return that will repay some or all of the mortgage at the end of the term. |
| This type of product works by combining a variable interest rate repayment mortgage with a current account.
• Your salary is paid into your mortgage account and you can withdraw money as normal.
• The benefit of this type of mortgage is that any credit balance in your current account will save you money on interest as the interest is calculated daily.
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| This product offers loans at mortgage rates up to a certain limit, through a chequebook facility.
• The limit will depend on the equity in your home and on your ability to repay.
• Like a current account mortgage the benefits include convenient and cost-effective credit but with a risk to your home if you get into too much debt which you cannot repay.
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