One minute guide to mortgages

Standard variable rate
Your repayments have the potential go up and down in line with any Bank of England base rate changes.

Fixed rate
Your mortgage payments will be fixed for a set period of time from the start of your mortgage. Any changes to the lender's standard variable rate or the Bank of England's base rate will not affect your payment during the fixed rate term.

A fixed rate allows you to budget with certainty.

Discounted rate
Your rate will be discounted by an agreed percentage for a set period of time from the start of your mortgage. Your repayments still go up and down in line with the lender's changes to their standard variable rate, but the discount is always applied.

Capped rate
Your interest rate will not go above a certain level for a set period of time from the start of your mortgage. This means you can benefit from rate reductions, but won't have to worry about your payments going above a set maximum.

Tracker
The rate you pay will track either the Bank of England's base rate or the lender's standard variable rate. It is usually a set amount above or below the base rate for a set period from the start of your mortgage. If the base rate changes, your rate (and payment) will usually change too.

Cashback
You receive a cash lump sum once your mortgage has completed.

Flexible mortgage
A flexible mortgage usually allows you to make overpayments, underpayments and take payment holidays. Some of the mortgages mentioned here could have flexible features.

Portable mortgage
If you move home, you can keep the same mortgage product with the same lender without paying an early repayment charge.