There is not universal advice about the best mortgage type you can choose, because it varies according to the needs and requirements you have. In any case, banks can offer so much different types that there is a great chance to find exactly what you want. By receiving the mortgage you ensure yourself for the near future but you have to keep in mind that this money has to be paid off. 

That's why you will have to consider the following types of mortgages: repayment, interest only and sometimes there are combined. The first one, the repayment mortgage is the usual type of paying off part of the money together with the interest you have arranged. You know that month by month the money left for paying becomes less.

That's how you are secure that at the end of the period, which might be 5-10 years or more, you won't have anything left to pay. The second option is to pay only the interest monthly. That is balancing the loan and the pros of this type are that your monthly repayments will be lower than the ones at the other situation. But after the arranged period ends you will have to pay off the money you have borrow, so you have to thing about a way to gather this amount before the time you have is over. This type of mortgages is usually appropriate when you need the money for a project for which you are sure it's going to pay off after time, so you don't have worries where the money you have to pay back will come from. 

Other issue you should think about when you're choosing your mortgage plan is the interest rate. In this area there are more choices. The first option is the standard variable rate - this is the situation when you pay the interest as it is driven by the Bank of England so the monthly payment may be lower or higher according to the current rate. You can use also the tracker rate. This one measures the interest rate by fixing the amount above or bellow the Bank of England rate or other type of base. It also varies every month like the previous interest. The discount rate is when you start paying lower interest at the beginning and then after some specific period it moves to another type, usually this is the lender's standard variable rate.

 Other case is choosing the fixed rate of interest when the interest you are paying is the same every month until the agreed period is over and then the rate becomes usually the standard variable rate of the lender. This choice is also good because you will know in the beginning the taxes you are paying will be the same every time and this can give you a little bit more security. And the final option is the capped or cap and collar rate. The different thing in this method is that you will again have a variable rate which will be different every month, but the amount will have a ceiling so it won't grow more than the agreed and most of these deals includes collar, too. It prevents the interest rate to become too low.

That's why you have to consider the best interest rate deal according to your position, your incomes and the obligations you are comfortable to agree with. The main goal is to follow the best for your case and to look for flexibility in the repayments. Some of you will prefer to pay only the interest in the beginning, other will want to pay both every month just to know that their debt is getting smaller and smaller, but it's all up to your requirements and the money you are able to save for every period of the repayments.