Variable rate mortgages
The Standard Variable Rate is the lender's basic rate
- usually tied in to the Bank of England's base rate. The rate reflects
general market trends, and fluctuates according to economic conditions.
Most mortgages revert to this rate after the initial special offer rate
has expired.
Pros:
- This type of mortgage is usually free of restrictive
clauses and penalties
- Can offer more flexibility, and less future commitment
- If the base rate falls, you could save money on
repayments
Cons:
- Usually a higher rate than other 'special offer'
mortgages
- Although the rate changes to reflect market conditions,
there can be a delay before you see any change in your repayments
- If interest rates rise, you will be liable to pay
more
Clinics & treatments
Medic8® Guides
Health centres
Medic8 subscribes to the HONcode principles of the Health On the Net Foundation.
|
