Mortgage advisors in East Sussex

Tracker

Usually charge you an interest rate in line with the Bank of England (BoE)'s base rate, but usually tracks a few percent higher. The base rate is the interest rate at which high street banks borrow money. Your monthly repayments will rise and fall as it goes up and down.

Standard Variable Rate

Come with an interest rate set by your mortgage lender, and is also usually a few percentage points above the BoE’s base rate. If you are on an SVR mortgage, you have a high chance of paying more than you need to. Switching to a fixed-rate or tracker-rate deal will save you money and you shouldn’t have to pay an early repayment charge.

Interest-only

You only pay the monthly interest charged on the loan. You don’t have to repay the amount you’ve borrowed, the ‘capital’, until the end of the agreed term. Your monthly payments are smaller than when on a repayment mortgage, but you’ll make provisions to pay back the original loan.

Discounted Variable Rate

Similar to a tracker mortgage but, rather than being linked to the BoE base rate, it’s linked to your lender’s standard variable rate. A DVR mortgage will be set at a fixed percentage below your broker/lender’s SVR and can change at your discretion.

Fixed rate

Have an interest rate that will stay the same throughout a set period. Popular options are two-year or five-year fixed-rate mortgages, but it is possible for a term to last 10 years or more.

Offset

Lets you use your savings against the amount owed on your mortgage, which reduces how much interest you pay. Your savings are deducted from the outstanding mortgage, so you’ll pay interest on what’s left. Offset mortgages work very well if you pay more in mortgage interest than the amount you earn in your savings account.

Tracker

Usually charge you an interest rate in line with the Bank of England (BoE)'s base rate, but usually tracks a few percent higher. The base rate is the interest rate at which high street banks borrow money. Your monthly repayments will rise and fall as it goes up and down.

Standard Variable Rate

Come with an interest rate set by your mortgage lender, and is also usually a few percentage points above the BoE’s base rate. If you are on an SVR mortgage, you have a high chance of paying more than you need to. Switching to a fixed-rate or tracker-rate deal will save you money and you shouldn’t have to pay an early repayment charge.

Interest-only

You only pay the monthly interest charged on the loan. You don’t have to repay the amount you’ve borrowed, the ‘capital’, until the end of the agreed term. Your monthly payments are smaller than when on a repayment mortgage, but you’ll make provisions to pay back the original loan.

Discounted Variable Rate

Similar to a tracker mortgage but, rather than being linked to the BoE base rate, it’s linked to your lender’s standard variable rate. A DVR mortgage will be set at a fixed percentage below your broker/lender’s SVR and can change at your discretion.

Fixed rate

Have an interest rate that will stay the same throughout a set period. Popular options are two-year or five-year fixed-rate mortgages, but it is possible for a term to last 10 years or more.

Offset

Lets you use your savings against the amount owed on your mortgage, which reduces how much interest you pay. Your savings are deducted from the outstanding mortgage, so you’ll pay interest on what’s left. Offset mortgages work very well if you pay more in mortgage interest than the amount you earn in your savings account.

Tracker

Usually charge you an interest rate in line with the Bank of England (BoE)'s base rate, but usually tracks a few percent higher. The base rate is the interest rate at which high street banks borrow money. Your monthly repayments will rise and fall as it goes up and down.

Standard Variable Rate

Come with an interest rate set by your mortgage lender, and is also usually a few percentage points above the BoE’s base rate. If you are on an SVR mortgage, you have a high chance of paying more than you need to. Switching to a fixed-rate or tracker-rate deal will save you money and you shouldn’t have to pay an early repayment charge.

Interest-only

You only pay the monthly interest charged on the loan. You don’t have to repay the amount you’ve borrowed, the ‘capital’, until the end of the agreed term. Your monthly payments are smaller than when on a repayment mortgage, but you’ll make provisions to pay back the original loan.

Discounted Variable Rate

Similar to a tracker mortgage but, rather than being linked to the BoE base rate, it’s linked to your lender’s standard variable rate. A DVR mortgage will be set at a fixed percentage below your broker/lender’s SVR and can change at your discretion.

Types of mortgages available in the UK

What are the different types of mortgages?

Tracker

Standard Variable Rate

Interest-only

Discounted Variable Rate

Fixed rate

Offset

Tracker

Standard Variable Rate

Interest-only

Discounted Variable Rate

Fixed rate

Offset

Tracker

Standard Variable Rate

Interest-only

Discounted Variable Rate

May Also Interest You...

How to make your home eco-friendly

Property Market Updates: Q1

New sanctions rules for lettings: What you need to know for May 2025

How to get your rental property EPC ready for 2030

2025 March UK Property Workshop in Singapore and Hong Kong

The Perfect Match: finding your ideal tenant or buyer

Leasehold Reform: the end of the two-year extension rule

Stamp Duty Changes in 2025: what do they mean for you?

Earl’s Court – A Landmark Regeneration Project in London

Understanding the Renters’ Rights Bill: What it means for landlords and how we can help

Why listing now will help you move in 2025

The cities offering FTBs with the best chance of a SDLT-free property purchase

Services

About

Contact