What are the 3 types of mortgages?

2nd November 2020

FIXED – where your interest rate is guaranteed to stay the same for a set period of time.

TRACKER – where the interest rate you pay is based on an external rate – usually the Bank of England base rate – plus a set percentage.

DISCOUNT – where the interest rate is pegged at a set amount below the lender’s standard variable rate (SVR) for either a set period (e.g. two or five years) or for your whole mortgage. The SVR is an interest rate set by your lender, which can increase or decrease by any amount and at any time.

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Very impressed with Charters Financial Services. We dealt with Stephanie and Cara, very efficient and speed of work is great. Stephanie was there at the start with us and advised us what to improve on, gave us timescales where possible and guided us the whole way. Every time we called the office they were so friendly. Any hiccups along the way we were guided through by Stephanie and Cara and now we finally achieved our goal, first own home. Cannot recommend Charters enough! If you are looking for speed, flexibility, efficiency and genuinely friendly, you will be in the right hands with Charters!

Joe F

November 2020

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