Your payments go up or down when the lender's basic mortgage rate changes. (Mortgage rates tend to move in line with the Bank of England base rate but there is sometimes a delay).  Usually free of Early Repayment Charges.

Your payments are variable, but they are set at less than the lender's standard variable rate for a set period of time - usually two years to five years. At the end of this period, you are usually charged the lender's standard variable rate.  Early Repayment Charges will almost certainly apply during the Discounted Rate period.

A variable rate loan where the interest rate is set amount above or below the Bank of England or some other base rate and so always 'tracks' changes in that rate.  Early Repayment Charges may well apply particularly in the early years of the loan.

Your payments are variable and often linked to a base rate, but subject to a maximum rate (the 'ceiling' or 'cap') during the period of the deal. At the end of the period, you are usually charged the lender's standard variable rate.  Early Repayment Charges will almost certainly apply during the Capped Rate period.

The lender pays you a sum of money shortly after you take up the loan, usually to help with legal fees of other expenses.  Cashbacks can be given with any mortgage type but Early Repayment Charges will almost certainly apply and may include repayment of the Cashback amount.  Cashbacks can be useful but in effect, the lender is making you a loan of your own money.

Self certified mortgages have attracted massive adverse publicity during the "credit crunch", and the Financial Services Authority is to ban them during 2010.