Mortgages - Variable Rate Schemes
A local trusted mortgage advisor
Variable Rate Schemes
This is when the rate of interest you pay will vary according to any changes in the lenders base rate.
This rate may or may not change in relation to the base rate that is set by the Bank of England.
Richard says:
Lenders have no obligation to reduce rates when interest rates fall and the same applies when rates go up.
This can protect you from rate rises, however, lenders are in business so expect rates to go up quicker then they come down!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE