Mortgage Finder

Glossary

Fixed rate mortgages – the interest rate stays the same for a set period of time. This means that for every month during this set period, your mortgage repayments will remain the same.

Tracker rate mortgages – a type of variable rate mortgage. It follows the Bank of England base rate during a specified period, so your repayments can go up or down.

Initial rate – the interest rate you’ll be charged at the start of your mortgage.

Initial payment – a payment to cover the interest for the days between moving in and your first payment.

Reverting rate – the lender’s standard variable rate which your home loan will automatically switch to once your fixed period ends.

APRC (Annual Percentage Rate of Charge) – the annual cost of a mortgage over its lifetime as a percentage. It incorporates all relevant charges (including fees) that relate to the mortgage borrowing.