An Interest Only mortgage is one that only pays off the interest on the loan and doesn’t pay off ANY of the initial loan amount...
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Cashback mortgages involve the mortgage provider paying a lump sum to you the borrower at the completion of your mortgage term, either as a set amount or as a percentage of the amount paid.
A fixed rate mortgage is where your interest payments are fixed at a specified level for specified period of time and means that you will pay the same amount of interest for a specified term (usually between one and five years). This allows you to budget more effectively at the start of your mortgage.
A Flexible or ‘lifestyle’ mortgage is designed to let you make extra repayments when you have extra money, and to reduce or even skip payments when necessary. Flexible mortgages are those loans that let the borrower increase or decrease the amount of their mortgage repayments within specific limits.
Choosing the best mortgage for your own personal situation can be incredibly difficult because of the sheer number of different mortgage products on offer