Fixed, tracker or variable: understanding mortgage rates

A fixed-rate mortgage keeps your interest rate — and monthly payment — the same for an agreed period, typically two, five or ten years, regardless of what happens to wider rates.

A tracker mortgage moves in line with a reference rate (usually the Bank of England base rate) plus a set margin, so your payment can rise or fall during the term.

A standard variable rate (SVR) is set by your lender and can change at their discretion — it's usually what you move onto once an initial deal ends, and usually the least competitive option.