These are the different types of mortgages:
Fixed-rate: A set interest payment will be paid for a certain number of years.
Variable rate: The interest rate will fluctuate dependent on the base rate which will be set by the Bank of England.
Tracker: This mortgage will move in line with the official rate of the Bank of England.
Standard variable rate: This is when you have reached the end of your fixed term and you will now be moved to the SVR of your lender.
Discounted: A type of variable rate mortgage where you pay the SVR of the lender with a fixed discounted amount for a number of years.
Interest-only: This is where you only pay interest, rather than the loan, each month.