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What is a CAT style mortgage
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CAT stands for Charges - Access - Terms and is a voluntary code which some (but not many) mortgage deals follow.

If a mortgage is CAT rated then it will clearly state this in its promotional material.

A CAT mortgage will offer the following -

  • The interest is calculated daily and full credit for all payments when made
  • There are no higher lending fees (more information on mortgage charges)
  • All fees and charges are disclosed up front
  • No fees are paid to a mortgage broker
  • They must be available to both new and existing borrowers
Having a CAT mortgage is an advantage for most borrowers as it means there can be no ambiguity in the small print and the terms of the mortgage cannot change. But as stated above not many lenders offer them.
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