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Options for getting a variable rate mortgage

When you decide to get a mortgage for your new home, you can be somewhat overwhelmed by the variety of options out there. Luckily, some concepts are easy to understand and a variable rate mortgage is one of them. Basically, a variable rate mortgage is a loan with an interest rate that gets adjusted periodically. This happens in order for the new rate to reflect the lender’s cost of borrowing money on the credit markets. The rates generally move up or down according to the variations of the base rate of the Bank of England.

As most banks in the UK offer at least a type of variable rate mortgage, a good idea would be to compare the market before choosing one. You can easily do this online, as there are plenty of websites that will do the hard job for you and compare the latest deals available from lenders.

One such website is moneyfacts.co.uk/compare/mortgages/variable-rate/, a website where you will find the best ten variable rate mortgages available on the market at any given time. You can choose to compare the mortgage products by rate, APR cost or period. When comparing the market with this website, you will get results from lenders including HSBC, Market Harborough BS, First Direct and more.

Comparethemarket.com is another helpful website to compare mortgages with variable rates. You will get results from all the major lenders in the UK and you can sort them by mortgage type, initial rate and period, subsequent rate, overall cost and fees. For example, the best result you get with comaprethemarket.com is a mortgage from HSBC with an initial rate of 2.49 % and a subsequent rate of 2.49 %. If you think you need more information, you can choose to enter your details online and you will get a call from a financial specialist to discuss your personal circumstances.

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