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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We were very impressed with the service we received at Charters. Chawley and Cara were incredible and supported us every step of the way from initial enquiry to owning our new home. As first time buyers it felt quite daunting and Chawley was able to offer simple explanations and guidance which put us at ease. We were so impressed we were able to get a mortgage offer during a global pandemic and I put that down to the hard work of the team at Charters. 100% would recommend if you want friendly and knowledgeable staff who seem to really care and are on your side during what is usually a very stressful time.

Sam C

November 2020

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