Brunel Independent Mortgages

These typically track a small percentage above the Bank of England Base Rate (BoE).

Again, if you want to get out of the deal early, there will usually be an early redemption charge.

The advantage: If interest rates fall, your monthly payment will go down by the same margin. Lenders cannot vary the rate. It only changes when the Base Rate changes.

The disadvantage: If interest rates rise, your monthly payment will go up.