Mortgage types

Discount mortgages
Your monthly repayments are variable and the interest rate will be set at a pre-determined discount from the Society’s underlying variable rate for an initial period eg 2 or 3 years. Your monthly repayment will increase or decrease in line with the Society’s decision to change its underlying variable rate. At the end of the discounted period your interest rate will revert to the Society’s underlying variable rate.

Tracker mortgages
Your monthly repayments are variable and will track an external rate eg the Bank of England base rate for an initial period eg 2 or 3 years. Your monthly repayments will rise or fall directly in line with any changes in the Bank of England Base Rate. At the end of the tracker period your interest rate will revert to the Society’s underlying variable rate.

Fixed rate mortgages
Your interest rate is fixed so your monthly repayments are guaranteed to stay the same for an initial period eg 2, 3 or 5 years. During this time you will be protected from the risk of interest rate rises and have the peace of mind of knowing exactly what you will pay each month. However, you will not benefit if interest rates fall. At the end of the fixed rate period your interest rate will revert to the Society’s underlying variable rate.

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