there are loads of different types mate, Mine is a 5 year term capped tracker, so will follow the rates down, but wont go over 7% should they sky rocket.

Mine stays .25% above the bank of england iirc.

Fixed rate gives you the security of knowing what you will be paying for the next number of years, but if the rate drops, your stuck paying a higher rate, but, if the rates rise, your on a winner, swings and round abouts mate.

A tracker will follow the rate, but if they shoot up, then they will follow and could leave you skint or in trouble. iirc