Tracker Flexible & Offset Schemes

Tracker Rate
A tracker scheme usually gives you cheaper monthly payments than you would pay under the lenders standard variable rate. Sometimes the scheme runs for a short period, otherwise it may run for the life of the mortgage. The scheme pay rate is linked to the Bank of England base rate and can vary up or down. The pay rate under a tracker is often comparable to that offered under discounted rate schemes.
You need to be sure that you can afford potential increases to your monthly repayments during the scheme period and once this finishes

Flexible & Offset
Some mortgages allow you to vary payments for periods of time. You could also make overpayments to help pay your mortgage off early. You may have the facility to take payment holidays or borrow money back to help you get through an expensive period.
Some schemes allow you to 'offset' savings against the mortgage to reduce the amount of interest payable, others incorporate current accounts, savings accounts and credit cards.
Some of these schemes can be very complicated and it can be hard to keep track of the overall payment schedule. You should think carefully whether a mortgage of this nature is suitable for you before taking one out. It is often possible to get a cheaper pay rate by taking an alternative type of scheme.