Just for fun here’s a quick personality quiz.  Needless to say that the art of good mortgage advice is far more complicated than this, however a good bit of risk analysis does come into play.  In order to assess the best type of deal for you, the most important thing is to speak to a fully qualified Mortgage Adviser, however in the meantime…

 

What kind of mortgage are you?

 

What's your favourite type of pet?

What would be your ideal car?

What would be your ideal holiday?

What would be your ideal evening out?

What's your favourite type of music?

What's your ideal hobby?

You find a tenner, and no one’s around, do you?

Who's your favourite Doctor Who?

What's your favourite sport?

What's your life ambition?

What kind of mortgage are you?
You're a five-year fixed rate!
You’re traditional, secure and like to plan-ahead, knowing that you are financially protected. A five-year fixed rate keeps the rate the same for five years, which is one of the longer types of fixed rate. This gives you the security of knowing what your payments will be. You may be considered to be staid and as such lose out on the benefits of change in your life, because the downside to a five-year fixed rate mortgage is the fact that if you want out, then there might be a big penalty to leave the mortgage, so running off around the world, or even going to another lender does carry its price.
You're a two-year fixed rate!
You like to have some sort of security in life, but don’t have a long-term commitment. Whilst a two-year fixed rate mortgage gives you safety of knowing what your payments will be for two years, time can go by quickly and you may need to make a choice of what you’re going to do next sooner than it seems. This might be useful if you change your lifestyle regularly, such as where you live or how much you want to borrow.
You're a lifetime tracker!
These are real free-spirited types. They may be exciting, but can also be reliable. They certainly don’t want to waste their time chopping and changing their mortgage rates, and don’t mind the risks of a tracker, such as rates going up, and their payments potentially rocketing. They take all such things in their stride, in the belief that the long-term evens things out. They never get to know what a Standard Variable Rate is, and often have a secret secure side, that gives a long-term commitment. Often a tracker might contain a hidden benefit like unlimited over-payments and flexibility.
You're a two year tracker!
These can be considered the most bonkers of all! Riding the crest of the Base-Rate wave for a short time, leading to a lender’s Standard Variable Rate before you know it can be considered a crazy idea. The world needs crazy people though, and these kinds of risk-takers can also reap the benefits of low rates, short term property value increases and a flexible product that can suit exactly what they’re looking for. Often a tracker might contain a hidden benefit like unlimited over-payments and flexibility.

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