Fixed Rate
A fixed mortgage rate that does not change for a period of time.
Capped Rate
A capped mortgage rate that has a maximum limit on the interest rate and needs to be paid off during a limited period of time.
Discount Rate
A discounted rate is when the mortgage rate is discounted for a period of time and will increase after that deal has expired. .
Tracker Rate
A tracker rate is when a mortgage interest rate that is separate from the lender, usually connected to a certain rate, can go up or down.
LIBOR - Linked Mortgage rate
Libor mortgage rate is a variable mortgage that is either above or below the London Inter-Bank Offered Rate by a set percentage within a set period.
The Libor rate is set independently every three months. It is often associated with Lenders that offer loans to borrows with elements of adverse credit.
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