Home Mortgage

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What is the most common type of mortgage?

The most popular kind of mortgage for lenders and borrowers alike is a home mortgage. Lenders particularly like home mortgages because the borrower will live in the property and, hopefully, look after it which means the loan is lower risk than if the property is rented to others.

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Of all the different mortgages available buy to let mortgages, overseas mortgages, landlord mortgages and so on by far the most common is the home mortgage. For lenders, a home mortgage offers very little risk: unlike buy to let property or second homes, the borrowers will be living in the property and looking after it. And of course, if the borrowers fall behind in their payments the lender can repossess the house.

Because a home mortgage is a comparatively low risk for lenders, they're available everywhere: in the high street, online, via brokers and from banks and building societies alike. Because everybody's competing for the same business the market is very competitive, and a bit of shopping around will quickly uncover good deals with low interest rates and minimal setup fees.

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