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Mortgages Expert Guide

Variable Rate Mortgage

Variable Rate Mortgages or Standard Variable Rate Mortgages as they area commonly referred to are based loosely around the Bank of Englands Base Rate, typically 1%-2% higher and can go up and down. They are the rate that applies after any predetermined offer period and are generally not very competitive, hence banks offer various enhancements to this package to make them more attractive.Such as:-

Discounted Variable Mortgage
Cash Back Mortgage

Variable Mortgage Pros

Not many other than they generally don't charge a fee

Variable Mortgage Cons

More expensive than other options if your on a standard variable rate and you dont have significant redemption figure to pay, then you should look to find a better mortgage. This is known as remortgaging.

 

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