Fixed-rate mortgages: If you have stretched yourself in trying to buy a property or if you like the security of knowing your repayments won't change, then a fixed-rated deal is probably for you. Increasing numbers of borrowers are turning to longer term fixed rates. These longer measures give more security and cut down remortgaging costs, but you will have to pay a hefty penalty to leave if you decide to fix your mortgage payments remember any extra borrowing will generally have to be with the same lender.


Tracker mortgages: These deals tracks the Bank of England base rate rather than the lender's SVR. The advantage is that you are guaranteed to benefit from the full effect of any rate cut - lenders frequently shortchange borrowers by reducing their SVR, say, 0.2 per cent when the central bank has cut by 0.25 per cent. Of course, you are also guaranteed to feel the pain of rate rises.

Anyone considering a tracker should try and secure one with no early redemption charge, making it free to leave for another deal, or with a cap on how high rates can go. While your tracker mortgage rate is low, you can take the opportunity to overpay on your mortgage, shortening the total length of time it takes you to pay off your mortgage, and cutting the amount of interest you pay.

Discounted mortgages: These deals are linked to a lender's SVR but tend to track it at a discount or margin above it. So, if you’re on a tight budget and need your repayments to stay the same from month to month, it makes more sense to choose a fixed rate mortgage.

Standard variable rates: Borrowers who fail to regularly monitor the value of their mortgage deal tend to end up on standard variable rates. The repayments on these tend to be uncompetitive when compared to special offers on the market. The rate moves broadly in line with the Bank of England's base rate, although the lender is not obliged to pass on the changes.

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