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UK Variable Rate Mortgage

A mortgage on which the rate of interest changes as money market conditions change. A Variable Rate Mortgage means that the interest rate you are charged on your mortgage will rise and fall along with the Bank of England’s base rate. With a Standard Variable Rate Mortgage your monthly payment will only change once a year under an annual review procedure.

 

Each of the mortgage lenders have their own interest rate which they charge on top of the base rate, and it is usually set at around 1% to 2% higher than the base rate. So this means that if the base rate was say 6% you would be paying 7% to 8%.

Full range of UK Mortgages:

100% | Buy to Let | Capped Rate | Discounted Rate | Endowment | First Time Buyer | Fixed Rate | Flexible | Interest Only | ISA | Non Status | Self Build | Self Certification | Self Employed | Tracker | Variable Rate

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Typical, variable APR is 10.9%. Rates range from 7.7% to 18.3%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.