• Fixed Rate

    Fixed rates give you the security of knowing that your monthly payments will always be the same over the initial term of the mortgage. You have the option to choose the initial term that best suits your needs. These are typically 2, 3, 5 or even 10 years.

    Standard Variable Rate (SVR)

    With this type of rate, the lender sets their own interest rate independently of the Bank of England Base Rate.

    Tracker

    Tracker variable rates are usually linked to the Bank of England bank rate, which means they will change in line with this.  Other tracker rates follow the London Interbank Offer Rate (LIBOR.)

    Discount

    Allows you to benefit from a discount on the lender’s standard variable rate.  If the lender’s standard variable rate (SVR) increases or decreases, so does the discounted rate. Typically, the shorter the discounted period the larger the discount.

    Flexible Rate

    A flexible mortgage deal allows you to overpay, underpay or even take a ‘payment holiday’ from your mortgage. This can help you pay your mortgage off early and save money on interest, but flexible mortgages are usually more expensive than conventional ones.

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