Image

Mortgage Types

Fixed

A fixed rate mortgage guarantees you a specific rate for a period at the beginning of your mortgage; usually 2,3 ,5 or 10 years. During this time, your rate will not change.

Variable Rates

A variable rate moves in line with the lenders standard variable rate which usually reflects any changes in the Bank of England base rates.

Tracker

A tracker rate is a set margin above the Bank of England base rate. If the base rate rises, so do your mortgage payments and vice versa.

Discounted

Discounted rate mortgages have a set discount off of the lender’s standard variable rate which usually reflects any changes in the Bank of England base rates