The interest rate you pay is fixed for a set period. You will not be charged a redemption penalty if you remortgage after the set period has ended.

The interest rate you pay is fixed for a set period. The interest rate may be very low, but you will not be able to remortgage for a number of years after the set period without paying a penalty.

The interest rate you pay is capped at a certain level rather than fixed. It can slide up and down below the cap and your repayments can change.

A discount mortgage offers a reduction on a lender’s standard variable rate (SVR) of a set percentage over a given period.

Special deals are offered to first-time buyers. A discount mortgage offers a reduction on a lender’s standard variable rate (SVR) of a set percentage over a given period.

A lender’s standard variable rate (SVR) will move up and down in line with interest rate movements. SVRs are usually higher than fixed, discount or capped rate mortgages.

Self-cert mortgages are suitable for the self-employed or anyone with an irregular income.

If a buyer is unable to put down a deposit a lender may loan up to 100 per cent of the value of the property.

A buy-to-let mortgage is a homeloan used to buy an investment property.