Repayment remortgage - Repayment remortgage means you pay off some of the initial loan and the interest every month. At the end of agreed terms (Typically 25 years), you would have paid of the whole mortgage and the interest. And you’ll own your property outright.
2. Interest only remortgage – Interest only remortgage means you are only paying off the interest on the borrowed amount. At the end of the mortgage terms, you’ll still have whole mortgage outstanding and will need to show provisions of how you will repay this money.
3. Variable remortgage – Variable Remortgage means your mortgage interest rates will vary depending on the Bank of England base rate. Your lender can also decide when to change the rates. Variable rate mortgages are also known as tracker mortgages.
4. Fixed rate remortgage – fixed rate mortgage means your mortgage interest rate and monthly payment are fixed for an agreed period. Fixed rate mortgages can range from 1 to 10 years, typically 2 years being most popular.