Mortgage types guide

There are several different mortgage types. The main ones are fixed-rate mortgages, base-rate tracker mortgages, discounted-variable rate mortgages and flexible mortgages.

The type of mortgage you choose will depend on your circumstances, attitude to risk and whether you think interest rates will go up or down.

Our mortgage type guides can help you get an idea of which type of mortgage product would be most suitable for you prior to talking to a SPF mortgage adviser.

  •  Fixed rate
    With a fixed rate mortgage you know exactly how much your payments will be every month.
  •  Tracker
    • Base rate tracker mortgages follow the Bank of England base rate at a margin above it.
  •  Discount rate
    Tend to be set a couple of percentage points below the lender’s standard variable
  •  Offset
    Enable you to use your savings to reduce the interest you pay on your mortgage.
  •  Capped
    With a capped rate mortgage you know the absolute maximum you will pay each month.