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The Mortgage Glossary

APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.

Cashback Mortgages

Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.

What is a Fixed Rate Mortgage?

A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.

What Are Discounted Mortgages?

Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.

Base Rate Tracker Mortgage

A base rate tracker mortgage tracks the Bank Of England’s base interest rate then adds on a additional figure to arrive at the borrowers variable rate. Your monthly mortgage interest payments go up when the base rate goes up and they go down when the base rate goes down. The base rate tracker interest rate is usually between 0.5% and 1.0% above the Bank Of England's Base Rate.