Different types of mortgage rates
With so many mortgage rates available, how can you be sure which one best suits your needs? Compare our different mortgage products side by side to help you consider your options
To view our current interest rates then click here
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Fixed Rates |
Tracker Rates |
Flexible Offset Mortgage |
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Monthly Payments |
Payments stay the same during the fixed rate period, no matter what happens to Bank of England interest rates, after which the rate will revert to our Standard Variable Rate (SVR) |
Payments track above the Bank of England base rate for a set period of time, after which the rate will revert to our Standard Variable Rate (SVR)
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Payments track above the Bank of England base rate for the life of the mortgage. |
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Benefits |
You can budget for a set payment every month during the fixed rate term. Payments are protected against interest rate rises.
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The interest rate tracks above the Bank of England base rate for a set period of time, if the rate goes down your monthly payments will go down, but if the rate goes up your monthly payments will also go up. |
The interest rate tracks above the Bank of England base rate for a set period of time, if the rate goes down your monthly payments will go down, but if the rate goes up your monthly payments will also go up. Freedom - to overpay whenever you want to, so you pay less interest over the mortgage term. You may also be able to use any surplus you've built up to take payment holidays at a later date. Savings - offset your savings against your mortgage Long term - you don't need to look for a new deal every few years Extra borrowing - you may be able to borrow additional money at your current interest rate at a later date |
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Other considerations |
Monthly payments will not change if the Bank Base Rate changes The mortgage will revert to
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If the Bank of England base rate increases so will your monthly payments. You need to be comfortable your budget will allow an increase in monthly mortgage payments. The mortgage will revert to |
If the Bank of England base rate increases so will your monthly payments. You need to be comfortable your budget will allow an increase in monthly mortgage payments |
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How long are deals available for |
2, 3 and 5 years |
2 and 3 years |
The flexible offset rate lasts for the life of the mortgage |
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Early repayment charges |
There is an early repayment charge if you pay back your mortgage before the end of the fixed rate term |
There is an early repayment charge if you pay back your mortgage before the end of the tracker rate term |
No early repayment charge payable |
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Available to all customer groups? i.e. first time buyer, moving home, remortgaging?
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Yes |
Yes |
Yes |
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Overpayments
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Up to 10% each calendar year of your outstanding mortgage balance as of 1st January, without incurring an early repayment charge
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Unlimited
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Benefit packages available on selected rates?
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Most of our mortgage deals offer a Benefit Solution package. This includes a free standard valuation (limited to property value of up to £2.5m). Also if you remortgage to us we will arrange and pay for all standard legal fees or if you are moving home we will pay £250 cashback on completion. You only need to repay the paid legal fees or cash back if you repay your mortgage within the first two years |
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What are typical interest rates
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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