What ia a Libor Rate Mortgage ?
Libor mortgage, like the majority of mortgages on the market track a rate.
Unlike the majority of mortgages that track the Bank of England base rate, Libor mortgage track the london Inter Bank Rate.
These lenders, mainly sub-prime and self-cert lenders track LIBOR (the London Inter-Bank Offered Rate), the rate at which banks lend money to each other in the money markets. Most LIBOR mortgages track three month LIBOR.
Most LIBOR mortgages have a three-monthly rate review they are variable rate deals but are not subject to change as often as those based on a lender’s SVR or the Bank of England base rate. Current rates, and more information on LIBOR, are available online at www.bba.org.uk.
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