Fixed – A fixed-rate mortgage deal sets the interest rate on your mortgage repayments for a pre-determined period. This means your monthly repayments will be the same each month until the end of the agreed fixed-term.
Variable – A variable-rate mortgage is a rate the lender sets as and when they choose, meaning they can change it at any time usually by any amount. If the rate went up so would your payments and vice versa.
Tracker – A tracker mortgage is a type of variable rate mortgage which tracks the Bank of England’s base rate. This will mean that your monthly mortgage repayments could change each month.