Repayment Mortgage Monthly repayments consist of interest charged on the amount owed plus an element of capital repayment. The outstanding capital decreases until it is fully repaid at the end of the term. Separate life insurance may be required.	Interest Only You pay only interest to the lender throughout the loan and pay back the outstanding debt at the end of the term. To repay the loan at the end of the term you make monthly payments into a separate investment or savings plan.
Variable Rate The interest rate charged by the lender generally reflects the bank base rate and may go up or down during the course of the loan. Some lenders will insist that you take out their insurance package. Incentive discounts are sometimes available on this type of mortgage.	Fixed Rate The interest rate is fixed for a defined period, usually 1 to 5 years. At the end of the fixed period the interest rate reverts to the lender's standard variable rate. Clearview have access to some of the best rates available.
Discounted The lender offers a discount off the standard variable rate for a defined period, usually 1 to 3 years. As with the variable rate, the rate may go up or down with bank base rates. Stepped rates may give a larger reduction in the initial payments.	Cash-back The lender pays a lump sum 'cash gift'  of up to 6% of the loan. The majority of cash gift schemes pay the 'gift' after the first mortgage payment has been made. The loan agreement may contain fairly hefty redemption penalties.
Flexible Interest is charged on a 'daily charging method' which can offer savings over the term of the loan. Includes options to overpay or underpay and to take payment holidays. Flexible approach to lending with ability to repay the loan rather than income multiples being considered.	Capped Rate The rate may go up or down with bank base rates but the loan has a maximum rate over which you will not be charged for a defined period. If the lender's variable rate falls below the capped rate, your rate tracks this down. A lender will usually set a higher rate for a capped mortgage over say, three years, than it will charge for fixed rate of the same period.