There many types of mortgages, Let to Buy Offset Mortgages, Self-Build, Second Charge Bridging loans Self/ employed, Contractor Mortgages etc.
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What is interest?
The best way to think of your mortgage interest is as the cost of borrowing the money to buy your home. The interest on every mortgage is made up of three different rates.
1. The Initial Rate
This is the interest rate you’ll be charged at the start of your mortgage. It’s usually a preferential rate given for a limited period as an incentive. When the introductory period is over, the interest on your mortgage will start being charged at the subsequent rate.
2. The Subsequent Rate
The name of this interest charge is pretty self-explanatory: it’s the rate you’ll be paying after the introductory period. This is most likely to be a standard variable rate (SVR), and it will fluctuate depending on the general trends in interest rates. SVR mortgages don’t usually come with a penalty for paying off your mortgage early or remortgaging with a different lender.