Variable-Rate Mortgage Rates in the UK

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How we find you the best Variable-Rate Mortgage Rates in the UK

Variable-rate mortgage rates in the UK, as the name suggests, are for mortgages that have interest rates that are variable. They can move up or down and usually do so in line with the UK economy and the Bank of England’s base interest rate.

There’s no getting away from the fact that variable-rate mortgages are riskier than their fixed-rate counterparts because rates could change at any time. Before you decide which type of mortgage is best for you, there are steps you can take to find out more information: Carry out a standard variable rate comparison Use our comparison tool to compare the best available variable rates available at present. Find out how much you will pay in interest and compare the best mortgage deals to suit your requirements.

Use a variable mortgage rate calculator If you’re thinking about taking out a variable mortgage, you can find out how much interest you could pay if the mortgage rate goes up or down using a calculator. See how interest rate changes will affect your monthly repayments and determine whether or not a variable rate is the best option for you.

Trust Ratewise to find you the best variable mortgage rates in the UK. With just a quick application, we have the information we need to search the market and find the best-certified lender for you. Check it out today.

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Here are some frequently asked questions about mortgages. Have a different question? Contact us today.

What affects variable-rate mortgage rates in the UK?

There are a few different factors that affect variable rate mortgage rates. The size of your deposit has a big effect on how much your mortgage will cost because it determines the mortgage amount you wish to borrow.

The more you have to offer for a deposit, the lower rate your mortgage lender can offer. Your credit history also affects the price of your mortgage. Your credit history helps lenders assess your level of risk as a borrower based on how you’ve paid off debt in the past.

What can you do to save on variable-rate mortgage rates in the UK?

You are already taking the first steps to saving on variable rate mortgage rates. When you apply with Ratewise, we automatically match you with the best deal for your situation.

What types of mortgage deals are there?

Fixed-rate: Fixed-rate mortgage rates allow you to set the rate of your interest at a predetermined amount for the length of time set out in your mortgage agreement. This means that the amount you pay per month will remain the same even if the Bank of England’s base rate of interest changes over time. It also means that your lender cannot change the rate of interest you pay until the period of time in your agreement is over.

Variable-rate: Variable rate mortgage rates allow your lender to change the interest rate on your mortgage. This means that your monthly payments could change over time too. This means that some months your mortgage payment may be more than you expected and some months you may end up paying less. These types of mortgages generally come in two forms: a tracker and standard variable.

What should I look for in a good variable-rate mortgage deal?

Finding the right variable rate mortgage deal makes a big difference in your financial future. Before signing a mortgage deal, a factor you should confirm is how much you are comfortable borrowing.

You should also make sure that you are putting down an affordable amount as a deposit and that you’ll be able to reasonably make the monthly payments.

Being honest with yourself through the mortgage process will benefit you in the long run and can help your mortgage lender get a clear idea of the deal you are prepared to accept.

Can I still get a great mortgage deal if I have poor credit?

You can still get a great mortgage deal even if you have poor credit. Our certified lenders help customers in all financial situations.

There are a number of lenders that we work closely with who are ready to provide mortgage deals for customers with poor credit. Apply today to get matched with a great mortgage deal.

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