You’re likely to come across different types of mortgage when searching. The two main types are fixed rate and tracker.
A fixed rate mortgage guarantees the interest you pay won’t change for a certain length of time. Two–year fixed rate mortgages are most popular in the UK, but they're not the only option. You can normally expect to pay more for these mortgages through a higher interest rate on repayments, but they do offer you the certainty of a fixed monthly instalment.
Most tracker mortgages use the Bank of England base rate to calculate their interest rates. If the base rate goes up, so do your mortgage repayments. Of course, if you’re lucky, the rate could also decrease, effectively shrinking your repayments.