Mortgage Rates

Different Interest Rate Types


Usually known as the Standard Variable Rate (SVR). This rate normally fluctuates in line with the Bank of England base rate.


This is a variable rate but set at a fixed percentage below the lender’s standard variable rate. If you wish to pay back your loan before the end of the discounted rate, you may have to pay a charge known as an early repayment charge. In some cases these charges apply for a short time after the discount rate has ended – known as early repayment charge overhang.


The rate is static for a set period of time, usually a number of years. Once this period has ended, the rate goes back to the lender’s variable rate. Even though you can usually choose the length of the fixed period, the selection will be limited to current offers. There are often early repayment charges on these rates if you wish to repay the loan before the fixed rate is up and occasionally a short time after.


These rates limit your payments to variations between a minimum and maximum rate for a set period of time.

Please note that not all mortgages are portable.