Mortgages

Variable Rate - this is the rate that fluctuates in line with the Bank of England base rate. Some lenders only charge a margin of 0.75% over the Bank of Englands base rate and some charge over 1.95%.
Fixed Rate - This is where your mortgage interest rate remains the same during the fixed period of the loan, even if the standard variable rate increases during that time. At the end of the fixed rate period, your interest rate reverts to the standard variable mortgage rate then prevailing. The benefit of this type of mortgage means that you know that your monthly mortgage payments will stay the same for the fixed period of the loan. This makes it easier for you to plan your finances.

Capped Rate - If you take advantage of this mortgage, your rate will be capped at a specific, however should the variable rate move below this capped rate then you pay the lower rate.

This means that if the basic variable mortgage rate rises above this rate, yours won't until the end of the capped rate period, so you'll be safe knowing your mortgage payments won't go higher.
Discounted Rate - With a Discounted Rate Mortgage you can reduce your monthly mortgage costs by choosing a discount from the variable over a variety of periods. The level of discount offered depends on the percentage that the mortgage represents of the valuation of the property. If the standard variable mortgage rate changes, so will the rate you pay but the percentage discount is guaranteed over the whole of the first two or three years.
Cashback - A cashback can be paid in connection with a fixed rate mortgage. Discounted mortgage or variable rate mortgage and is usually paid after completion. It can be as much as 6% of the loan.