Mortgages

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A mortgage in today’s society is the only way to be able finance the purchase of a house, unless you are very lucky and you have a substantial amount of capital to be able to buy a house outright. There are many different types of mortgage available that will offer the borrower different types of payment rate and term.

The most common type of mortgage is a repayment mortgage where the borrower will pay off the loan of the money plus the interest that is accruing on the money. There is also an interest only repayment mortgage where the borrower will only have to pay off the interest but must have another repayment method in place such and endowment policy to be able to pay off the mortgage in full at the end of the term.

Other types of mortgage include a fixed rate mortgage, a variable rate mortgage, balloon repayments mortgage, capped rate mortgage, discounted rate mortgage, cash back mortgage, tracker mortgage and finance mortgage. Most of these types of mortgages differ due to the way they handle the varying interest rates over the term. For instance a fixed rate mortgage will fix the interest rate payable at the start of the term, whereas a variable rate as it’s name suggest will have variable rates of interest that will affect the payment rates.

Mortgages were introduced in the 1930’s by insurance companies as they were hoping that they would gain a good portfolio of properties when people did not keep up with the payments and the property was repossessed. All mortgages use the property as equity and the amount of money that you are able to take out on a mortgage is dependant on the income to the household.