Particular attention should be paid to Standard Variable Rates (S.V.R.) as these can have a significant effect on any loans either at the present or in the future. Some building societies have significantly lower SVR’s than others.

Nationwide - %	Bank of Scotland - %
Skipton - %	Halifax - %
Int Finance - %	Royal Bank - %
Woolwich - %

These rates are current on

Discounted Rates.
These particular rates are important as all discounted rates rely on SVR’s as a basis. eg. A discount of 1% with some lenders could be anywhere between 0.5% to 0.75% cheaper.

Fixed Rates.
Are exactly what they say. They are fixed for a term of 2,3,5,7,10 years from a certain date. Be sure to watch the end date of the particular offer, you may not get as long a fixed rate as you think. A two year fixed may have an end date in 22/23 month’s, this can also be a problem with new build properties where the completion can often be in excess of 6 months in the future.

Capped Rates.
These mortgages are capped at a rate of X%. No matter what happens to interest rates, the mortgage rate cannot exceed the given capped rate.

Tracker Rates
These are usually a rate of X% either above or below the Bank of England base rate currently 5.25% (as at )

Standard Variable Rate.
These rates are set by individual lenders. The mortgages have no tie-ins and are to be encouraged if the property is being purchased with a view to re-selling in the short term.

Early Redemption Payments.
Most mortgage deals have E.R.P’s especially when a particular type of mortgage is being advised. Always look for a mortgage without an overhang. That is, be aware that some mortgages that look particularly inviting can have E.R.P’s.
This means that a 2 or 3 year deal may tie you in for an extended period of 1 or 2 additional years. Avoid these.