A fixed rate is a rate of interest fixed for a period of time generally ranging at 2,3,5 and 10 years. Fixed rate mortgages are for people who want to budget and know what their payments will be for a fixed period. If interest rates rise, this has no impact on your payments whilst you are within your fixed term. Generally, an early repayment charge applies you would like to clear the loan within the fixed term period.
A tracker rate is a rate of interest linked alongside the Bank of England base rate, if the base rate rises your rate and mortgage will also rise alongside this, it also means if the base rate falls your mortgage rate will also fall.
Discount Variable Rate
A discount variable rate is a discount from the lenders set standard variable rate for a fixed period of time. Generally, an early repayment charge applies you would like to clear the loan within the discount term period.