Variable Rate Mortgage
With a variable rate mortgage the interest rate varies according to the Bank of England base rate or the Libor rate.
The lender usually sets their standard variable rate (svr) above the base rate by around 1 or 2%. With this type of mortgage you are subject to interest rates coming down, and saving you money, or alternatively going up, in which case your interest payments would increase.
At Hurleys we have access to the whole of the market and will advise you if this is the most suitable product for you, which lender to choose and the most efficient way to proceed.