Correct at 31/03/2020
If you’re looking for a variable rate mortgage, we can provide all the help and advice you need to find the best deal.
You can see all the top variable rate mortgages on our best buy tables, and apply online for the mortgage you want in just a few simple steps. Our advisers are on hand to talk through the mortgage options available to you and give you any support you need. Our help doesn’t end there – we’ll see you through the mortgage application process from start to finish, ensuring everything goes smoothly.
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If you choose a variable rate mortgage, your interest rate can move up and down over time, so your monthly payments are likely to change.
There are three main types of variable rate mortgage.
With both a tracker and discounted rate, Early Repayment Charges (ERCs) could apply if you wanted to pay off your mortgage early.
All these types of mortgages have rates that can go up or down over time, meaning your monthly payments may rise or fall. If you don’t want your mortgage payments to change, you may prefer to opt for a fixed rate mortgage, where the rate stays the same for a set period of time.
You can find out more in our guide ‘What is a variable rate mortgage?’
Each lender determines its own variable mortgage rate so the current rate will depend on who you hold your mortgage with. Your lender can provide you with their current standard variable rate.
The standard variable rate is the rate you usually move on to once any introductory deal you’ve been on finishes. They work in the same way as other mortgages, so if you have a repayment mortgage you make monthly payments until your mortgage is paid off. Bear in mind though that the standard variable rate is generally more expensive than other types of mortgage rate.
It’s up to lenders to decide when they’ll change variable mortgage rates. Unless you’ve got a tracker mortgage, they don’t necessarily have to move in line with changes in the Bank of England base rate.
Choosing the right mortgage for you can be really tricky.
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