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30 Apr 2017

Mortgage Advice

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What is...

  1. Fixed Rate
  2. Variable Rate
  3. Capped Rate
  4. Discounted Rate
  5. Tracker Rate
  6. Cash Back
  7. Flexible Mortgage
  8. Offset Mortgage
  9. Libor Mortgage

Specialist UK Mortgages...

  1. Bad Credit
  2. 95 % Mortgages
  3. 100 Percent
  4. Help to Buy Mortgage
  5. Shared ownership
  6. Professional
  7. Lifetime
  8. Btl Mortgage
  9. Portfolio Mortgages
  10. Let to buy
  11. Self build
  12. Council right to buy
  13. Mortgage Protection
  14. Mortgage Surveys
  15. Mortgage Info

Variable Rate Mortgages Explained

Variable Rate Mortgage

A variable rate mortgage is based on the lenders standard variable rate.

The lenders standard variable rate is generally affected by movement within the Bank of England's base rate. Standard variable rates vary from lender to lender but are typically 1.5%– 3.5% above the bank of England base rate.

The standard variable rate is not guaranteed to rise and fall by the same rate that the bank of england base rate changes by. If you require this guarantee than a tracker rate mortgage may be more suitable for you.

 

Pros and Cons of Variable rate mortgages

Advantages

  • Freedom to change mortgage provider at any time without a redemption penalty.
  • When the Bank of England's base rate is falling you could benefit from a  fall in your lenders standard variable rate.

 

Disadvantages

  • If the Bank of England base rate is rising this will could result in an increase in your lenders standard variable rate.
  • Budget ability is reduced.
  • Lenders do not always pass on the equivalent movement in the Bank of England's base rate.

 

Do you want fee free Variable rate mortgage advice?

For further information on Variable Rate mortgage or remortgage schemes please complete our mortgage enquiry form and a professional mortgage advisor will contact you.

 

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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500