Variable Rate

A variable rate mortgage will be something to consider usually after your initial fixed term has ended. You can go on to this type of mortgage straight away, though many opt for the approach that offers the most stability to begin with. The main difference between this and a fixed rate is that the rate of interest for your monthly repayments will fluctuate with the interest rates. A bit of a gamble but if interest rates drop then so will your repayments.

Published on 7 February 2024