Mortgage types

Fixed-rate mortgages
Your monthly payment will stay the same each month until a set date, whatever happens to interest rates generally. This means that you can easily budget around your mortgage costs.

Tracker Mortgages
The interest rate tracks the Bank of England base rate by a set percentage, until a set date. Every time the base rate changes, so will the payments on your mortgage within one month of a change in the base rate.

Standard Variable Mortgage Rate
When your deal ends your loan will switch to the Standard Variable Mortgage Rate, which at that time, could be higher or lower than the rate you will have been paying and may vary over the remaining term of your mortgage. This rate is guaranteed to be no more than 2% above the base rate.

If you would like further information, our Mortgage Specialists can give you all the details you need to help you choose the right mortgage, call on 0800 783 3534, open 8am-9pm Mon to Wed, 8am-8pm Thu to Fri and 9am-4pm Saturdays.

Alternatively, if you need to understand a bit more about general mortgage information, visit the FSA website Money made clear.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE