Mortgage products.

We've different types of mortgage products with different types of interest rates. These change from time to time and we'll give you details of the current range when you apply.

Your mortgage adviser will discuss your needs and circumstances with you before recommending the most suitable mortgage for you. They'll give you a Mortgage Illustration that sets out the loan’s total cost and gives essential information about the product(s) you're interested in. You should read this carefully before applying and paying any fees.

The Mortgage Illustration includes an Annual Percentage Rate of Charge, usually called an ‘APRC’. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Your Mortgage Illustration will detail the fees which are included in this calculation. An APRC is calculated using a standard method so it provides an effective way for you to compare quotes from different lenders.

Type of product

How it works

Early repayment charges

What it means for you

Is it right for you?

Fixed rate

Your interest rate and your monthly payments are set at a certain level for an agreed period (the product rate period). At the end of that period we switch you to another rate, usually one of our lender variable rates.

Early repayment charges usually apply during the product rate period. Sometimes they can apply after the product rate period too.

Your monthly payments stay the same during the product rate period, even if the Bank of England base rate or our lender variable rates change.

A fixed rate gives you the security of knowing your payments won’t change, making it easier for you to budget.

You won't benefit if interest rates fall. The interest rate and your monthly payment will stay the same.

Ask yourself if being certain that your monthly payments won't rise is more important than the possibility of paying a lower interest rate. If you choose a fixed rate, you won't benefit from any falls in the interest rate during the product rate period.

Tracker rate

This is a variable rate loan with an interest rate that is above, below or the same as the Bank of England base rate or some other rate it tracks for an agreed period. At the end of that period, we will switch you to another rate, usually one of our lender variable rates.

Early repayment charges usually apply during the product rate period. Sometimes they can apply after the product rate period too.

It can pay to choose a tracker if you can afford to pay more when interest rates rise so that you can benefit when they fall.

It may not be suitable if you live on a tight budget that won't stretch to higher monthly payments when rates rise.

Ask yourself if you're happy that you'll be able to make your monthly repayments if interest rates rise.

Lender variable rates

A variable rate we set. We decide when and how much to raise or reduce these rates. We have more than one lender variable rate, and your mortgage Illustration and offer letter say which rate(s) applies to you.

These rates aren't usually available as a stand-alone product. They are usually a rate we switch you to at the end of your product rate period.

Early repayment charges don't usually apply, but check your mortgage Illustration or offer letter to be sure.

It can pay to stay on a lender variable rate if you can afford the monthly payments when interest rates rise so that you can benefit when they fall.

It may not be suitable if you live on a tight budget that won't stretch to higher monthly payments when rates rise.

Ask yourself if you're happy that you'll still be able to make your monthly repayments if interest rates rise.

Ask yourself if you're happy that we choose when and how much to change your interest rate by or whether you prefer your rate to track a rate set by someone else.

Fixed rate


How it works

Your interest rate and your monthly payments are set at a certain level for an agreed period (the product rate period). At the end of that period we switch you to another rate, usually one of our lender variable rates.

Early repayment charges

Early repayment charges usually apply during the product rate period. Sometimes they can apply after the product rate period too.

What it means for you

Your monthly payments stay the same during the product rate period, even if the Bank of England base rate or our lender variable rates change.

A fixed rate gives you the security of knowing your payments won’t change, making it easier for you to budget.

You won't benefit if interest rates fall. The interest rate and your monthly payment will stay the same.

Is it right for you?

Ask yourself if being certain that your monthly payments won't rise is more important than the possibility of paying a lower interest rate. If you choose a fixed rate, you won't benefit from any falls in the interest rate during the product rate period.

Tracker rate


How it works

This is a variable rate loan with an interest rate that is above, below or the same as the Bank of England base rate or some other rate it tracks for an agreed period. At the end of that period, we will switch you to another rate, usually one of our lender variable rates.

Early repayment charges

Early repayment charges usually apply during the product rate period. Sometimes they can apply after the product rate period too.

What it means for you

It can pay to choose a tracker if you can afford to pay more when interest rates rise so that you can benefit when they fall.

It may not be suitable if you live on a tight budget that won't stretch to higher monthly payments when rates rise.

Is it right for you?

Ask yourself if you're happy that you'll be able to make your monthly repayments if interest rates rise.

Lender variable rates


How it works

A variable rate we set. We decide when and how much to raise or reduce these rates. We have more than one lender variable rate, and your mortgage Illustration and offer letter say which rate(s) applies to you.

These rates aren't usually available as a stand-alone product. They are usually a rate we switch you to at the end of your product rate period.

Early repayment charges

Early repayment charges don't usually apply, but check your mortgage Illustration or offer letter to be sure.

What it means for you

It can pay to stay on a lender variable rate if you can afford the monthly payments when interest rates rise so that you can benefit when they fall.

It may not be suitable if you live on a tight budget that won't stretch to higher monthly payments when rates rise.

Is it right for you?

Ask yourself if you're happy that you'll still be able to make your monthly repayments if interest rates rise.

Ask yourself if you're happy that we choose when and how much to change your interest rate by or whether you prefer your rate to track a rate set by someone else.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE