Mortgages fall into different categories: tracker mortgages which remain fixed half a percent above the Bank lending rate, which can see your mortgage repayments rise and fall with global economic fluctuations; fixed rate mortgages, where the amount you repay is set in stone for the duration of the loan. The latter are excellent if you manage to sign on when the lending rate is very low, but banks are canny enough to allow for some leeway in the rate, and will probably set the rate high enough to cover them in the event of a major raise in the interest rate. Other types of mortgage are available, some of which require renegotiation at certain points in the life of the mortgage, to ensure that both parties are getting as good a deal as possible.
Paying back a mortgage is likely to be your biggest expense for some decades, so it is wise to make sure you have the best possible deal before you commit yourself to any one particular bank or loan company. Be wary of 'middle-men' who claim to be impartial. They may well earn a fee for directing your custom to one particular company – one that will not necessarily offer you the best deal! Sometimes these 'middlemen' will demand a finder's fee for connecting you to a company that you could have found on your own, with a little bit of online research!
