Mortgages come in different types, each with its own benefits and considerations. At Strong Mortgage Solutions, we help clients in Bristol, Bath, and surrounding areas understand the options available so they can make informed decisions.
Below, we explain the most common mortgage types, including repayment, interest-only, fixed-rate, standard variable rate (SVR), and tracker mortgages, along with their pros and cons.
Book Your Free Mortgage Consultation to explore which mortgage type is best for you.
A repayment mortgage means you pay off both the loan (capital) and interest each month. By the end of the mortgage term, the loan is fully repaid, and you own the property outright.
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Cons:
With an interest-only mortgage, you only pay the interest each month, and the loan balance remains unchanged. At the end of the mortgage term, you must repay the original loan amount in full.
Pros:
Cons:
A fixed-rate mortgage has a set interest rate for a specific period (e.g., 2, 3, 5, or 10 years), meaning your monthly payments remain the same during this period.
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Cons:
Graph: Illustration of steady payments over a fixed period.
An SVR mortgage has an interest rate set by the lender, which can change at any time.
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A tracker mortgage follows the Bank of England’s base rate plus a set percentage, meaning your monthly payments can increase or decrease.
Pros:
Cons:
Graph: Example of payments changing in line with the base rate.
The best mortgage for you depends on:
We can help assess your situation and find the right mortgage type for your needs.
Book a Free Consultation to get expert guidance.
You can usually switch your mortgage type when remortgaging, but fees may apply depending on your deal.
It depends on whether you prefer predictable payments (fixed) or the possibility of benefiting from lower rates (tracker).
Yes, but it depends on affordability checks and lender approval. We can help explore your options.
Book Your Free Consultation for personalised mortgage advice.
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We understand that from time to time our clients may find themselves dealing with circumstances that could mean they are potentially vulnerable. For example, a change in health, caring for a family member, or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us
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