Types of Interest Rates:

There are many different types of rates available, to suit many different situations / lifestyle requirements. These are some of the most popular rates explained. Click on the type for more of an explanation:

Fixed | Capped | Variable (Standard) | Discount | Tracker

Some lenders will offer a discount on the standard interest rate. This applies for a limited period which the lender will decide at the start of the mortgage.

At the end of the discounted period, the interest rate simply changes to the standard variable rate.

Discounted rate mortgages often have an early repayment charge if you want to switch to a different type of loan, or repay your mortgage during the discounted period.

Depending upon the lender and the discounted rate deal, you may have a tie in period following the discounted interest rate. This tie in period will be on the standard variable rate and again, you will have an early repayment charge to pay should you repay or transfer your mortgage to another lender during this time.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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The advice and / or guidance contained within this site is subject to the UK regulatory regime and is therefore restricted to consumers within the UK