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A variable mortgage has interest rates which rise and fall throughout the term of an agreement. Monthly repayments made on your mortgage will be directly influenced by the lender’s variable base rate.
This means you can either benefit from low interest rates, or suffer the consequences of an interest rate hike from one month to the next. In times of economic recession like in the early 90s, base rate increases caused a mortgage meltdown with thousands of people unable to make repayments. More...
In times of relative stability, however, having a variable mortgage means you can make significant savings if the lender’s base rate remains low for months or even years. The downside to a variable mortgage plan, however, is the unpredictability of the economy and the lender’s base rate. Interest rate uncertainty means you cannot accurately predict the level of monthly repayments on your mortgage.
Let us help you shop around for the best variable mortgage deal. Check out our best buy table, which allows you to compare deals on variable mortgages. We have also compiled a comprehensive list of the main variable mortgage providers; visit our A-Z directory for their details. Or maybe you would like to visit our Forum to see what other people have to say about mortgage providers and post your own message.
Finally, if you have had dealings with any provider on our A-Z directory, don’t leave without giving them a rating, we would appreciate your assessment.
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