They will take you through each rate step by step, for you to better understand which one to choose from.

The different kinds of mortgage rates available are:

Standard Variable Mortgage Rate 

It is the normal rate charged by the lender without any discounts or special deals. It is subjected to change depending on the market conditions. It requires no early repayment charges or fee. However, it often charges at a high rate than a fixed one.

Fixed Rate Mortgages

It is a mortgage rate where the interest rate is fixed for a specific period of time. Once the period is over, it may revert to the standard variable mortgage.

Capped Rate Mortgages

A capped mortgage rate is the same as a standard variable rate. However, it charges a maximum interest rate.

Tracker Rate Mortgage

In a tracker rate mortgage, the interest rate moves up and down depending on the base rate set by the Bank of England.

Discounted Rate Mortgage

The mortgage interest rate is deducted through a discounted mortgage rate for a specific amount of time. When the lender’s Standard Variable Rate falls so do your monthly payments and it can provide lower monthly mortgage payments at the start of the mortgage. However, an arrangement fee may be implemented.