Fixed Rates

A fixed rate mortgage is simply a way of guaranteeing your monthly mortgage payment over a set period of time. After the initial fixed rate, your mortgage will usually revert to the lenders standard variable rate.

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Discounted Mortgage

A discounted mortgage offers a discount off the lenders standard variable rate over a specified period of time. The discount is off a variable rate so be aware that your monthly payments can go up as well as down. Take special care to understand that the discounted rate can track the lenders set variable rate rather than the Bank of England Base Rate. This could mean that your rate could increase without the Bank of England Base Rate increasing. 

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Tracker

A tracker mortgage is a type of variable rate mortgage. It usually tracks the Bank of England base rate. Tracker mortgages can be for an introductory period or even run for the whole of your mortgage term. Early repayment charges might apply regardless of the fact that the rate is variable.

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Capped

This type of product is a variable rate mortgage with one important difference. The variable rate has a ceiling above which the rate cannot rise. The capped rated is usually over a specified period of time after which your loan will revert to the lenders standard variable rate. This type of rate is fairly rare these days. 

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Standard Variable Rate

A standard variable rate is an interest rate set by your lender that you are likely to revert to after you have finished your introductory fixed deal, discounted deal, capped deal, etc. You are not tied into the lenders standard variable rate and so you are able to repay your loan in full without penalties. In real terms, you do not want to stay on the lenders standard variable rate as it is usually much higher than initial introductory offers. This is however a good time to move home or look at your situation and plan for the next chapter of your life. 

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Offset Mortgage

Offset mortgages are a type of product that allow you to link your savings and your mortgage. The savings balance is used to reduce the interest charged on your mortgage. This in turn allows you to reduce your monthly payment, or shorten the term and helps you repay your loan sooner. You are able to offset either the mortgage interest to reduce the term of the loan, or you are able to offset the monthly payment.  

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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