What is a Variable Rate Mortgage?

Most mortgage providers will have a standard variable rate of interest which they use to base their mortgage deals on. This rate is based on the Bank of England base rate. Very similar to a tracker mortgage, having a variable rate mortgage means your monthly payments could go up or down (within one month) depending on how the base rate moves. 

This does not mean however that mortgage lenders will charge exactly the same as the Bank of England base rate, they may have the interest rate set at a certain percentage more or less, and every provider is different so it is important to check your mortgage documents.

How can comparethemarket.com help?

Here at comparethemarket.com we know the importance of saving money. A mortgage is a big financial investment, it is important to make sure you get the best deal possible.

Shopping around for your mortgage is easy! All you need to do is fill in an online form with details about the property you wish to buy and then you can compare some of the best deals the market has to offer in minutes.

If you would prefer to talk to someone about your borrowing needs, the comparethemarket.com page links you to London and Country mortgages who can help you find a competitive rate on your mortgage that could save you money. The number to call is 0800 953 0603 to speak to an advisor

  • Compare

Also…

Once you have brought your new property and are preparing to move in, you will need to consider other bills and insurances. These could include options such as;

Home Insurance
Utility providers like gas and electricity
Broadband and Digital TV
Life Insurance
Mortgage Payment Protection Insurance
Home Phone

Make sure you compare with comparethemarket.com to find competitive deals that could save you money!

  • Compare

Similar Posts:

Share