In order to find the best residential mortgage for your needs you should do a little homework beforehand and make sure you understand a little about them. When you know what you are looking for then it makes it easier to compare.
Just as with all mortgages the residential mortgage has different types to choose from. The main ones are fixed, variable, capped, discounted and the cash back. There are both good and bad points to all types and in order to be able to decide which is the best for your needs you have to understand them.
The fixed rate residential mortgage remains at a fixed rate of interest for a certain period of time and then will change to a variable rate. This means that if the mortgage is fixed for a period of 4 years you know exactly how much the mortgage repayments will be each month. This can work out great if you can get a low rate of interest, however the monthly repayments can jump each considerably after this period of time.
The variable rate mortgage means that the interest rate will differ in line with the base rate. However if the interest rate is low and you can usually get a low interest rate with the variable then you can benefit...
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