i. Variable rate – This is a rate where monthly payments will be determined by the lender’s standard variable rate (SVR) and will increase/decrease in line with this rate.
ii. Fixed rate – This is a rate fixed at a set percentage for a set period of time.
iii. Discounted rate – This is a rate is discounted from the lender’s usual standard variable rate (SVR) for set period of time
iv. Tracker – This is a variable rate linked to either the Bank of England base rate or LIBOR rate for set period of time or can be for the lifetime of the mortgage.