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A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
The Financial Conduct Authority does not regulate most forms of buy to let mortgage.
Fixed rate Mortgage
As the name suggests, the monthly repayment goes up and down in line with the Bank Of England’s base rate. When the loan is set up customers are advised of the appropriate ‘margin’ to be applied to the loan. With this scheme you are guaranteed that a change in base rate will be reflected in the mortgage rate payable. This means that you cannot predict the monthly cost of the mortgage from one year to the next. This can cause budgeting problems in a period of increasing interest rates, on the other hand, when interest rates fall, there is the guarantee that your mortgage rate will by the same amount as the Bank of England base rate.
DISCOUNT RATE MORTGAGE
Other types of mortgages are available such as Variable, Cashback, Capped, Collared & LIBOR.