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Your guide to mortgage products


A tracker mortgage usually has a variable rate, linked to the Bank of England base rate. Sometimes this rate will last for the duration of the mortgage and sometimes the rate is just an introductory rate for a short period of time at the beginning of the mortgage. Tracker rates move up and down in line with any changes announced by the Bank of England. This can be advantageous when rates are low or declining, however when rates are rising, so will your mortgage repayment amount.


A discount mortgage offers a certain percentage off the lender’s standard variable rate (SVR) for a set period, usually between one and five years. As the SVR moves, so does the interest rate on a discount mortgage, so you need to be able to cope if your monthly repayments increase.


A fixed rate mortgage allows you to fix the rate of interest you pay on your loan for a set period of time, usually between one and five years. Fixed rate mortgages can save you money if interest rates are rising, but if the base rate falls you can end up paying more than borrowers on variable rate deals.


A flexible mortgage is widely used to let you overpay by any amount without incurring a penalty and allow you to take a payment holiday or underpay upon occasion, providing you have overpaid enough previously


This is a flexible mortgage with an element that lets you combine your borrowing with your savings to reduce the amount of interest you pay over the mortgage term.