Best cashback mortgage | Home Mortage

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(Free-Press-Release.com) February 11, 2011 -- Quick Move Now are not financial advisers and do not dispense mortgage advice. However, we are up to speed on some of the elements of the subject, and this top 10 is a general guide to the most important UK mortgage features to consider.

1. Repayment mortgageThis is the old fashioned, traditional type of mortgage and remains the only way the property is actually guaranteed to be yours at the end of the mortgage term - provided you have repaid the loan. Your mortgage debt is divided into capital repayments (ie repayment of the money you borrowed) and interest payments (ie repayment of the interest you're being charged for the loan). As you pay off your mortgage every month you're paying off a bit of capital and a bit of interest until the full debt is repaid.2. Interest only mortgageAs the name suggests, with an interest-only mortgage, the monthly payment includes only this element of the debt. The upside of this is that the monthly cost is considerably lower than for a comparable repayment mortgage. The downside is that at the end of the mortgage term you still owe the original amount you borrowed. And if you can't repay it, your mortgage lender is perfectly entitled to repossess your home.
3. Fixed rate mortgageThis type of mortgage is where you and the mortgage lender agree to fix the interest rate owed on your loan for a set period of time. The period of time is usually between 1 and 5 years but could be longer. (That simply depends on the exact mortgage deal you choose). After the agreed period, the interest rate owed on your loan usually reverts to the lender's Variable Rate.

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