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:-
Variable Mortgage Pros
Not many other than they generally don't charge a fee
Variable Mortgage Cons
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.
Mortgages Expert Ltd is Registered in England no. 5479330, Mortgages Expert Ltd is authorised and regulated by the Financial Service Authority - no. 438419
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.