Standard Variable Rate
This is the Lenders Base Rate and it can rise and fall with interest rate movements meaning your mortgage payments can fluctuate.
Discount Rate Mortgages
The interest rate charged is below the Lenders Standard Variable rate for a set period of time and can rise and fall with interest rates, meaning your mortgage repayments can fluctuate.
Tracker Mortgages
The interest rate tracks the Bank of England base rate and is either a percentage above or below that rate which means your mortgage repayments can fluctuate.
Fixed Rate Mortgages
With a fixed rate mortgage, as you would expect, the mortgage rate is fixed for a set period of time, so no matter what movements occur in the lender's standard variable mortgage rate, the borrower's arrangement is fixed and, therefore, so are the monthly mortgage payments. This kind of arrangement would suit someone who likes to know where they stand.
A variable rate product that has an upper limit for a set period of time. Your payments can fluctuate.
Stepped Mortgages
Stepped rate mortgages can be a mixture, or one of the above mortgage types and you will generally start off with a relatively low rate which increases over a period of time. Repayments can remain the same or fluctuate.
Flexible Mortgages
These can be fixed, discount or tracker mortgages that allow you to vary your repayments.
Cashback Mortgages
With a cashback mortgage the lender will pay you a lump sum on completion of your mortgage which can run into thousands of pounds.
Offset Mortgages
Offset mortgages are for people who hold a savings and/or a current account with the lender. Interest earned on these accounts is used to reduce the outstanding mortgage balance.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We will charge a fee of £195.00 payable on completion of your mortgage. We may also receive commission from the lender.
The FSA do not regulate some forms of mortgage
