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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.
First Time Buyer (FTB) - No previous mortgage or current mortgage.
Re-Mortgage - Useful for taking advantage or cheaper rates, lower your monthly repayments.