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Part 1. the one with 6/1 adjustable rate at 5.8% with a 2/1 cap from calculations.
2. The last mortgage on the list
3.Interest rates on mortgages tend to be lower than any other form of borrowing because the loan is secured against your property. This means the bank or building society has the security that if it all goes wrong and you can’t repay it there is still something valuable – your property – to sell to pay back some if not all the mortgage.
Interest rates on mortgages are constantly changing – over the years they’ve been higher than 15% and lower than 2%. Fixed rate and tracker mortgages tend to be the most popular, but there are also discount and offset mortgages, plus products aimed at first time buyers and landlords. Our guide on different types of mortgages explains these in more depth.
There are a number of government schemes available to help people buy their first home such as Help to Buy, Funding for Lending and NewBuy. Some shared-ownership schemes where you only buy part of the property and rent on the proportion you don’t own yet are run by the local council or housing trusts.
Please let me know if you need any clarification. I'm always happy to answer your questions.
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