Your Key to a better Mortgage

Variable rate mortgage

Fact:
The majority of mortgage customers are still paying this rate. Once the product the customer initially chooses has finished, the mortgage reverts to the lender's standard variable rate applicable at that time.

As its name suggests, the rate of interest can go up or down and although the Bank of England base rate is used as a guide, the lender is not obliged to match or pass on any changes.

Benefit:
There are no early repayment charges for this type of mortgage.

Pitfall:
Your mortgage repayments are likely to rise every time the Bank of England's base rate increases so it is hard to plan your finances with any certainty. You could be missing out on lower rates of interest on offer from other lenders.

Further information is available from our Advisers.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our mortgage service is completely independent and there is no need to pay us a fee as we are paid commission by the lender. (If you prefer, you can choose to pay us a fee, usually 0.4% of the loan and we will pass on the lender's commission to you).

The FSA do not regulate some forms of mortgage.