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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Daniel W

May 2020

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