Variable Rate Mortgages
With a Standard Variable Rate Mortgage, your payments will change as the lender’s variable rate goes up or down.
Usually any changes in the lender’s variable rate will be in line with the movements in the Bank of England base rate.
The Bank of England Monetary Policy Committee reviews the Bank of England base rate monthly.
Early redemption charges do not usually apply to this type of mortgage.
IMPORTANT NOTE: Your home may be repossessed if you do not keep up repayments on your mortgage.