What are the Different Mortgage Loan Types?

What are the Different Mortgage Loan Types?

Mortgage loans are a great way to finance the purchase of your dream home. At SBI, we offer mortgage loans up to Rs.10 crore, with interest rates starting at 8.15% p.a. You can choose from a variety of repayment options, depending on your needs. So come talk to us today and get started on the

Mortgage loans are a great way to finance the purchase of your dream home. At SBI, we offer mortgage loans up to Rs.10 crore, with interest rates starting at 8.15% p.a. You can choose from a variety of repayment options, depending on your needs. So come talk to us today and get started on the home of your dreams!

Fixed Rate

A fixed rate mortgage is a great way to protect yourself from any sudden interest rate hikes. With a set interest rate that stays the same for the duration of your loan, you can budget easily and know exactly what each month’s repayments will be. Deals are typically available between two and five years, but you can also find longer terms if needed.

Discounted Variable Rate

Need a mortgage that can keep up with your ever-changing lifestyle? Look no further than our discounted variable rate mortgage! This flexible loan is linked to your lender’s standard variable rate, so your monthly repayments will go up and down as the market shifts. Plus, you’ll get a great interest rate just for being savvy enough to snag this deal! So whether you’re thinking of buying your first home or need a little wiggle room to switch lenders, our discounted variable rate mortgage is perfect for you.

Standard Variable Rate Mortgage

Worried about interest rates going up? Switch to a fixed or tracker rate mortgage and save money! There’s no early repayment charge, so you can switch whenever you want.

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Standard Variable Rate Mortgage

Looking for a more affordable mortgage? Check out our standard variable rate deals! Our rates are always competitive, and you could save even more by switching to a fixed or tracker rate. There’s no early repayment charge, so it’s easy to switch if you find a better deal. Give us a call today and we’ll help you get started!

Interest Only

Looking for a way to keep your monthly payments low? An interest-only mortgage might be the right choice for you. Just pay the interest on the loan each month and you won’t have to worry about repaying the capital until the end of the term. This can help you save money on your mortgage payments and gives you some flexibility in case your finances change. So why wait? Apply today!

Offset Mortgages

Offset mortgages are a great way to save money on your mortgage interest. With an offset, you can use your savings to reduce the amount you owe on your mortgage. This means you’ll pay less interest over the life of your loan, and can often take years off your repayment schedule! So if you’re looking for a way to trim your monthly expenses, an offset mortgage is a smart choice.

Mortgage Loan Rates

Looking for a great mortgage loan rate? You’ve come to the right place. We offer a range of rates to suit everyone, whether you’re a first time buyer or looking to remortgage. So why wait? Find out more today.

Wrapping Up

Mortgages can be confusing, but we’re here to help! In our free guide, we explain the different types of mortgage – like fixed-rate mortgages, tracker mortgages, and discount mortgages – so you can find the one that’s right for you. Plus, we’ll help you understand the pros and cons of each type. So whether you’re a first-time buyer or just exploring your options, our guide will give you all the information you need to make an informed decision about your mortgage.

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