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With a
variable rate mortgage, your interest rate is linked to the
Bank of England’s base rate and moves up and down in
line with it.This means that if the base rate rises by 1%
or lowers by 1%, the interest rate on your mortgage (and your
monthly payments) will rise or lower by just as much.The exact
amount can depend on whether your rate is linked to the difference
in the Bank of England rate or the lenders standard variable
rate. Lenders are allowed to individually set their own standard
variable rates and therefore rate increases and decreases
do not necessarily have to be fully passed onto to the borrowers.If
the base rate goes down, you’ll benefit from lower monthly
payments.
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Do I Qualify? |
| MORTGAGES
4 U LTD can help people with a wide range of personal circumstances
but we specialize on helping people with credit problems and
trouble proving their income.
For more
specific details on the kinds of circumstances and credit
problems we cater for at MORTGAGES 4 U LTD, please visit our
Do I Qualify? section or enquire now.
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| Find
out the differences between a fixed mortgage, discount mortgage
,Tracker mortgage and variable rate mortgage. Find the mortgage
that best suits your requirements and enquire for the mortgage
which is most suitable for you. |
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