: A variable rate that "tracks" the Bank of England base rate plus a set percentage.

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: The lender's default rate, which is often higher and can change at the lender's discretion. 2. Mortgage Requirements and Affordability

: The standard choice where monthly payments cover both interest and a portion of the loan balance, ensuring the debt is cleared by the end of the term.

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Borrowers must first choose between the and the interest rate type . Repayment vs. Interest-Only :