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Fixed Rate
A fixed rate mortgage offers a fixed interest rate for a set period of time. This allows you to know exactly how much you will have to pay each month for the period of the fixed rate.
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Base Rate Tracker
A base rate tracker mortgage tracks the Bank of England base rate for a set period of time. This means the interest rate you pay changes in line with any changes to the Bank of England base rate.
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Standard Variable Rate (SVR) and Managed Rates
A variable rate of interest charged for borrowing, which is set by the Society and is not linked to Bank Base Rate. The interest rate you pay changes in line with any changes to the SVR or Managed Rate.
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Discount Rate
A discounted rate mortgage gives you a discounted rate of interest on your mortgage for a set period of time. The discount is from a Standard Variable Rate, a Managed Rate or a Base Rate Tracker.
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Buy To Let
A Buy to Let (BTL) mortgage is specifically designed for people who want to invest in the property market by purchasing one or more properties (the Society only allows a maximum of 4 BTL properties in total with all lenders) and letting them out to tenants. You are then able to benefit from any appreciation in the capital value of the property itself or from income provided through the tenant's rent.
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