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Types of Mortgage:
Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
How Much Is The Valuation Fee?
The Valuation fee covers the expense of the mortgage lender visiting your prospective property to ensure that it is worth what you are intending to pay.
What Are The Different Ways You Can Pay Off a Mortgage?
Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
What Is A Remortgage?
‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.
What Are Discounted Mortgages?
Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.

How long are mortgages usually for?

As with any loan, you can choose to take your mortgage out for any amount of time - however the norm is 25 years.

The longest term you can take a mortgage out over is generally 35 years. 15 or 20 year mortgages are also quite common.

It’s a good idea to take out as short a mortgage term as possible purely because you will pay a lot less in interest. The shorter the term the higher the monthly repayments, however the amount you actually have to pay back will be greatly reduced. Basically you have to choose a mortgage term that is right for you, and if you find that you could pay more you can always remortgage for a shorter term, or if you have a flexible mortgage you can simply pay more off your mortgage and finish the mortgage early. With a flexible or current account mortgage there will be no redemption penalties for paying off early.