Types of mortgage

Brush up on the different types of mortgages you can get with Lloyds Bank. From interest only to shared ownership, explore the features of each mortgage type to find the one that works best for you.

Fixed rate mortgages

Fixed rate mortgages have a set interest rate, which stays the same over an agreed term. This may be anywhere from two to 10 years, depending on the fixed rate deal you choose.

View fixed rate mortgages

Tracker mortgages

A tracker mortgage is a type of variable rate mortgage, which ‘tracks’ the Bank of England base rate. You usually get an introductory rate for a set term. Your monthly repayments may go up or down during this time, based on the base rate.

Mortgage calculator

Find out how much you could borrow and compare monthly payments to find the right deal for you.​

Mortgage calculator

Mortgages to fit your needs

Buy to let mortgages

Buy to let mortgages can help you buy a property, which you then rent out to tenants. These mortgages are usually interest only.​

Some lenders may need you to meet specific conditions for a buy-to-let mortgage. These conditions could include owning your own home outright and having good credit. It’s also worth noting that lenders may set higher interest rates for buy to let mortgages. This is because they can consider them higher risk.

Learn about Buy to let Buy to let mortgages

Joint mortgages

A joint mortgage is when there is more than one person named on the mortgage. Couples, friends, family members and business partners can take out a joint mortgage together and split the repayments.​

Sharing a mortgage with another person can sometimes make it easier to get a larger mortgage. Lenders will still check everyone’s credit report to evaluate their eligibility.
 

Learn about joint mortgages Joint mortgages

95% mortgages

A 95% mortgage lets you take out a loan with just a 5% deposit. The government offers this under their Mortgage Guarantee Scheme. Interest rates tend to be higher on 95% mortgages, as there can be more risk in borrowing more of the property’s value.

 

95% mortgages Shared ownership

Shared ownership mortgages

You can use a shared ownership mortgage to buy a share of a property on a leasehold basis. Each month, you'll make repayments on the share you own and pay rent on the remaining share to the landlord. For new build properties, the minimum share you can buy is 20%, and for existing properties, it's 25%. You can buy up to a maximum share of 85%.​

Shared ownership mortgages Shared ownership

Self-employed mortgage guide

When you're self-employed, applying for a mortgage can involve a different process. You might need to show more evidence of your income in your mortgage application compared to someone with a salary. However, you should still be offered the same mortgage rates and options as non-self-employed people.

Self-employed mortgage guide Self-employed

Mortgages for older borrowers

If you're over 55 and applying for a mortgage, there may be some extra things to consider before you choose a mortgage. This can include things like the repayment period, and any extra affordability checks the lender wants to assess. Find out what you need and any extras you'll have to factor in with our guide.

Mortgages in retirement Mortgages in retirement

What's a Standard Variable Rate?

A standard variable rate is what you usually move on to when your fixed rate or tracker mortgage deal comes to an end. Lenders set these rates and they can go up or down. Standard variable rates are normally higher than fixed or tracker rates. ​

Is your deal ending soon? Lloyds Bank mortgage customers can see if they can switch to a new deal. Or remortgage to us if you’re with a different lender.

Learn more about mortgage rates

Want to know more about how fixed, tracker and offset mortgage rates work? Check out our full guide to how mortgage rates work and what each type can mean for your monthly repayments.

Mortgage rates guide Rate guide

Mortgage calculator

Find out how much you could borrow and compare monthly payments to find the right deal for you.

Mortgage Calculator Mortgage Calculator

Mortgage repayment types

It’s not just mortgage rates that can vary. There are also different ways to pay off your mortgage.

The two main mortgage repayment types are:​

Repayment mortgages

A repayment mortgage is the more common type of mortgage. You’ll make monthly repayments that pay off both the capital you borrowed and the interest. This means that every month, you’ll be paying back a portion of the loan you took out to buy the property. ​

Looking to switch from an interest-only mortgage to a repayment mortgage?

Repayment mortgage calculator Shared ownership

Interest only mortgages

An interest only mortgage means you only pay off the interest due on your mortgage loan for an agreed term. Once this term ends, you’ll then need to pay off the original amount borrowed. ​

This can make your monthly repayments lower than some repayment mortgages. However, you’ll still owe the full loan at the end of your term, so you’ll need a plan to make sure you can pay this off.

Interest only mortgages Interest only

Chosen your mortgage type?
 

Get an Agreement in Principle

Think you’ve found the right mortgage type for you? Take the next steps with an Agreement in Principle.

  • Get a better idea of how much you could borrow.
  • No impact on your credit score.
  • Gets you ready to look for your new home.
     
Start Agreement in Principle

Switch to a new mortgage deal

If your Lloyds Bank mortgage deal is coming to an end, you may be able to switch to a new deal. ​

  • Browse different mortgage types and find your next mortgage offer​.
  • Secure an interest rate up to 6 months before your current deal expires.
  • We’ll cover your legal fees and valuation charges.
Switch your mortgage deal

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