Base Rate/Variable Rates
Base Mortgage Rate - A Flexible Mortgage with a great rate
The lender usually offers a very competitive variable rate mortgage.
Standard Variable rates
Standard Variable rate mortgages have interest rates that rise and fall. This means that you can't be sure what your monthly repayments will be. If rates fall, you benefit in terms of a lower monthly payment. But if they rise, your monthly repayment will rise too.
The fluctuations in the rates are linked to the Bank of England base rate (BBR). This is the interest rate set by the Bank of England every month.
A common complaint is that lenders are slow to pass on falls in the BBR but quick to pass on increases. In addition they may not always pass on the full cut in BBR. So, if rates fall by 0.25 per cent, your mortgage may only reduce by 0.15 per cent.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We can be paid by commission or a fee. The precise amount will depend on your circumstances but will be typically around £500
The Financial Services Authority does not regulate some forms of Mortgage.
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