What are the various types/methods of mortgages.
The various types of mortgages as follows:
Fixed rate mortgage:
In a fixed rate mortgage, the money lender guarantees the rate of interest might stay the same for a period of time which is usually among 1 to 10 years.
Standard variable rate mortgage:
Standard variable rate mortgage is a nonpayment of lender basic rate of interest -no deals chimes or signals involved. Each moneylender is permitted to fix their own standard variable rate.
Discounted rate mortgage:
Under discounted rate mortgage throughout a combination of period of time you get a discount on standard variable rate of lender. It is a kind of variable rate therefore, the amount paid in each month might alter when the lender alters their standard variable rate.
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