Here’s a quick overview:

  • Fixed Rate – Your rate stays the same for a set period (2, 3, 5, or 10 years).
  • Tracker – Follows the Bank of England rate plus a set margin, so your payments can go up or down.
  • Variable Rate – Can change depending on the Bank of England rate or the lender’s own standard rate.
  • Offset – Your savings reduce the interest you pay, but withdrawing them increases it again.