This type of mortgage is usually insufficiently promoted and moreover, misunderstood. It's a type of adjustable-rate or tracker mortgage that grants a fixed rate for a predetermined duration and then an adjustable rate for the rest of the mortgage term.

Simply put, you can combine rates and terms in almost inexhaustible sequences. Also referred to as a 50/50 mortgage and by that the whole purpose of this is to lessen your vulnerability to unexpected unfavourable interest-rate changes.