Mortgage Types

There’s such a huge choice of mortgages on the market today that choosing the right one for you can seem like an impossible task. That’s why it’s so important to do your research before even thinking about entering into a mortgage agreement. The simplified introduction below will help you become familiar with the basics, and put you in a good position to seek further advice from our qualified mortgage advisers.

The Basic Facts

A mortgage is a loan you take out to buy property, or sometimes land: what you owe is secured against your property until you’ve paid off the outstanding sum. If you end up in a situation where you can’t pay back the loan, the body issuing your mortgage is entitled to repossess your home or land. Bearing this in mind, you can see why it’s vital to keep up with the repayment schedule of any mortgage you take out.

Which Mortgage Repayment Scheme Will You Choose?

It’s helpful to view your mortgage as consisting of two elements: the capital, which is the sum you originally borrow, and the interest, which is a charge levied by your mortgage lender. The interest charged is usually calculated as a percentage of the overall sum owed. When it comes to working out the best way to repay your mortgage, you can choose from two different schemes.

What’s The Right Kind of Mortgage For Your Circumstances?

Once you’ve made a decision about whether you’d like an interest-only or repayment mortgage, you need to decide what kind of mortgage best suits your circumstances. Though the large choice of mortgage products on the market is confusing, it essentially represents variations on three themes.

When you choose a fixed rate mortgage, you’ll know in advance exactly how much you need to repay each month, whereas with a variable rate mortgage your monthly repayments will fluctuate according to the Bank of England’s bank rate. Finally, if you opt for a flexible mortgage, you can vary the size of the instalments you pay to suit your finances, and sometimes even take a break from payments altogether.

Beside you all the way
At Zing, we’re here to help you throughout your mortgage application. From your first enquiry through to completion - we’re here to make the whole process easier for you.
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What our clients say
Efficient and Excellent Experience
1st time buyers and they made the whole process really easy from start to finish. Kept us up to date throughout and answered any questions we had strait away. Thank you Zing
Rion in Sevenoaks
Best choice we made
Gary was patient & understanding when dealing with our mortgage. Ellie was brilliant with weekly updates that increased to daily as we neared completion. Can't thank the team at Zing enough, would recommend to anyone.
Julie in Southend-On-Sea
Great service
Great service from start to finish. Lee was very knowledgable and got us the deal we where looking for. Was kept informed and he was always available, or called us back. Would highly recommend.
Brian in Ware
Very nice service I will recommend it to my friends and if I need will use again. Very big thanks for Ian.
Good overall service
We have used zings services for a number of years now and have always been very happy with there services, although we had a bit of a slow start this time everything was completed well and would recommend them again for the future.
Steve in Essex
Would recommend
They chased the solicitors continuously for what was a long tome! They kept me up to date throughout which I really appreciated
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