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Home » Mortgage FAQs » What are the different types of mortgage interest rates?

a) Variable rate –  your monthly repayments will vary as & when your lender’s standard variable rate (SVR) changes.
b) Fixed rate – your monthly repayments will be fixed for as long as the interest rate is fixed.
c) Discounted rate – your monthly repayments will vary as & when your lender’s standard variable rate (SVR) changes, but will remain lower than repayments on a variable rate mortgage.
d) Tracker – your monthly repayments will vary according to either the Bank of England base rate or London Inter-Bank Offered Rate (LIBOR) for set period of time, or can be for the lifetime of the mortgage.

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