Mortgages · 7 min read
Mortgage basics: fixed vs tracker, terms and fees
The plain-English mortgage decision tree.
Fixed rate
Payment fixed for 2, 5 or 10 years. Best when rates are rising or you want budget certainty.
Tracker
Follows Bank of England base rate + a margin. Best when rates are falling and you can absorb monthly swings.
Term
25 years is standard. Longer terms lower monthly payments but cost far more in total interest.