This is a very common question, particularly among first-time buyers, as the mortgage market can be a complicated and overwhelming place for newcomers to the property ladder. There are myriad different mortgage types available, including some very niche and specialist offers, so here we’ve focussed on six of the most common types of mortgage: Fixed-Rate Mortgages: This mortgage type has a fixed interest rate for a set period, usually between two and ten years. This means that your monthly payments will remain constant for the duration of the fixed-rate period, regardless of interest rate changes. Tracker Mortgages: A tracker mortgage is linked to the Bank of England base rate (or a comparable benchmark rate), which means that your monthly payments can fluctuate in response to changes in that rate. Payments could go down, but they could also go up. Discount Mortgages: A discount mortgage provides a reduction on the lender's standard variable rate (SVR) for a set period, typically two to five years. This means that during the discount period, your monthly payments will be lower than the lender's SVR. Offset Mortgages: With an offset mortgage, you can link your savings and current account balances to your mortgage. This means that your savings balance is applied to your mortgage balance, thus reducing the amount of interest you pay. Interest-Only Mortgages: An interest-only mortgage requires payment only on the monthly interest of a mortgage, not the full amount. This type of mortgage is much less common and is only generally available to you if you have significant equity in your property. The complexity of obtaining the correct mortgage deal and understanding the intricacies of each one is the main reason why taking out an ‘unadvised’ mortgage is discouraged at every level. KGJ offer mortgage advice and brokering at an individual level, providing ‘advised’ mortgage services at every step of the process. No number of online calculators and forms can ever come close to matching the experience and dedication of a personal mortgage expert. Contact us to find out just how much we can do to find you the right mortgage.