The market is notoriously diverse. When you step into it you'll need to stay well informed. There are so many various types of rates, and you need to be able to understand them, find them, and apply them to your situation. Here is a guide to the various types of rates to help you along your way with managing your current borrowing:
(SVR) Standard Variable Rate - These rates are most usually what you get placed in by lenders whenever a previous deal comes to an end. Your mortgage lender decides the rates taking into account the banks base rate.
Tracker - What this means, is that the amount of interest you pay against your mortgage will track the Bank Base Rate. You may be enjoying some low rates at this time. But when interest rates rise, whether or not you benefit from the low rates depends on if you had a minimum rate clause in your agreement. With very low interest rates many lenders have withdrawn their tracker mortgages, although many of them have since re-instated them. You'll still be hard pressed to find one that tracks under 0.5% interest.
Fixed Rate - A fixed rate mortgage is the most popular mortgage today. An FRM isn't affected by changing interest rates. This means that the low interest rate you see now isn't anything to obsess over. Believe me, you'll pay the same amount each month regardless of the up and down fluctuations of interest rates. The economy is never easy to predict, so instead of taking a gamble with the rates, a fixed rate locks you in so you can be exactly sure of what comes out of your account every month.
All through the economic dip over the past few years, getting applications approved became ever so hard. Lots of banks and many building societies added extra clauses and more conditions onto their products. They even removed specific ones from out of their ranges. If you're a first time buyer, you have it much harder than most, and many of you even got forced from the market. But things are looking up and the economy will once again turn around. So do some diligent research, and you can find the loan with the rates you want. Going online is the easiest and the best way today of finding any kind of loan you want. The competition is fierce for you business, so better loans can be had with some homework on your part.