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Base Rate Tracker
The interest rate is linked to, but may not be the same as, the Bank of England base rate. When there is a change to the Bank of England base rate your mortgage payment rate will reflect this.
NB. As of 03/11/08, there are currently no Base Rate Trackers available as they have been withdrawn.
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Buy To Let
The practice of buying a house or flat for investment purposes. Income is provided by the tenants' rent, and capital growth (if any) by the property's increasing resale value
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Discount Rate
Discount mortgages offer you a discount compared to our standard variable mortgage rate. This is usually for a specific period, then the rate reverts to our standard variable mortgage base rate for the remainder of the mortgage term.
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Fixed Rate
With a fixed rate mortgage you pay a fixed amount each month for a specific period, often two to five years, or sometimes longer. The advantage is that you know exactly how much you will have to pay each month so you can budget more easily. After the fixed term has ended, your interest rate will revert to our standard variable mortgage base rate for the remainder of the mortgage term.
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Self Certified
Self-certification requires that you state what your likely income will be, rather than providing documentary evidence. However, even without providing accounts you may be asked to have an accountant back up your statement.
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Variable Rate
The interest rate you pay changes when we change our standard variable mortgage base rate.
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