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Mortgage Interest Types


FIXED - the interest rate remains constant for a set period; typically from 2-5 years. Longer term fixed rates (over 5 years), tend to be more expensive and/or have more onerous early repayments charges and are therefore less popular than shorter term fixed rates.


TRACKER - a variable rate that is linked to an underlying public interest rate (typically Bank of England base rate) by a predetermined margine.


CAPPED - where similar to a fixed rate , the interest cannot rise above a cap, but can vary beneath the cap. Sometimes there is a collar associated with this type of rate, which imposes a minimum rate. Capped rates are often offered over periods similar to fixed rates.


DISCOUNTED - where there is reduction in the standard variable rate (eg. a 2% discount) for a set period; typically 1-5 years. Sometimes the rate is stepped (eg. 3% in year 1, 2% in year 2, 1% in year 3).


OFFSET - a mortgage where the borrower can reduce the interest , charged by offsetting a credit balance against the mortgage debt.

Mortgage Types


First Time Buyer (FTB) - No previous mortgage or current mortgage.

Home Mover - Looking for a new residential property.

Re-Mortgage - Useful for taking advantage or cheaper rates, lower your monthly repayments.

Buy-to-Let - a semi-commercial mortgage on residential property let to tennants.
Right-to-Buy - a mortgage arranged under the right to buy your home legislation for council or housing association tenants. ​
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Richard Vale Mortgages Ltd. a trading style of Richard Vale is an appointed representative of the highly respected Mortgage Support Network Ltd. Registered Address in England & Wales. Registration Number 06422675. There may be a fee for mortgage advice, the precise amount will depend on your circumstances. Think carefully before securing other debts against your home. YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. © Richard Vale Mortgages Ltd