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Mortgage Rates & Options

Fixed Rates

Fixed rates give you the security of knowing that your monthly payments are the same. With this type of mortgage, you pay a fixed rate of interest for a set period typically over 2, 3 or 5 years, so you know exactly what you'll be paying each month even if interest rates change.



Tracker Rates

Your payments change when interest rates fall or rise. Tracker variable rates are usually linked to The Bank of England Bank Rate, which means they'll change in line with changes to the Bank Rate. Tracker variable rates usually offer an initial incentive, typically two or three years. For example, the interest rate payable may be set a small percentage above the rate being tracked for an incentive period. At the end of the incentive period the rate will continue to track the rate to which it is linked but usually at a larger percentage above the rate being tracked.