Variable Rate Mortgages / Remortgages
A variable rate remortgage is where the interest rate changes usually in line with the lender’s standard variable rate. Your monthly repayments are unpredictable. Changes from the Bank of England’s base rate will also affect interest rates on variable rate mortgages/remortgages. The advantage however, is that there are fewer restrictions such as fees incurred by paying off the mortgage early or restrictions on making additional payments. Another advantage that you have is that you can pay more money each month hence pay off the mortgage early.
At Go Remortgage, our sole aim is to help you get a deal most suited for your individual circumstances and if you are looking for a variable rate mortgage/remortgage, we have a whole range of best in market deals. But the only way to find out what options are available to you is to discuss it with a qualified FSA regulated mortgage advisor.
Variable rate remortgages together with fixed rate remortgages are the most popular forms of remortgages. With a variable rate remortgage you can take advantage of decreasing interest rates but it is not a good option when interest rates start to increase. A variable rate remortgage is best for people who have some flexibility in their monthly repayment budget and when interest rates are falling.
