Cashback Finance
Finance which gives you a cash lump sum on completion.

Discounted Rate Finance
Finance where you get a discount on the interest rate during the initial special offer period.

Early Repayment Penalty
See Redemption Penalties.

Fixed Rate Finance
During the fixed rate period, the interest rate on this type of finance stays the same, regardless of changes in the Bank of England base rate. This means your monthly finance repayments are the same each month even if interest rates go up or down.

Flexible Finance
Flexible finance allows you to make overpayments and take payment holidays. These can be especially attractive for self-employed borrowers whose income may fluctuate throughout the year.

Redemption Penalties
If you repay your finance early, you may have to pay a redemption penalty to the finance lender.

Repayment Finance
With repayment finance, part of the amount you pay each month covers the interest on the loan and part goes towards repaying the finance capital.

Standard Variable Rate finance
The interest rate on standard variable rate (SVR) finance can go up or down during the course of the loan. Sometimes, the rate will remain unchanged for months at a time, but at other times it may fluctuate from one month to the next. The SVR charged by finance lenders is determined mainly by the Bank of England base rate, which is reviewed once a month. When the Bank of England changes the Base Rate, finance lenders will usually (but not always) adjust their SVR up or down accordingly.

Tracker Finance
When you have tracker finance (also known as a base rate tracker finance) the interest rate is guaranteed to move up and down in line with the Bank of England base rate. Consequently, it will always be a set number of percentage points above (or sometimes below) the Bank of England's base rate.