Variable Rate Mortgages
A variable rate mortgage rates go up and down and generally do not stay at the same level for too long.
This is due to the interest rate and subsequent level of repayment varies with the lender's interest rate.
This is usually derived from Bank of England base rate or some other index. One such index is the banks' base rate - an average of the rates of several leading lenders.
Click for more mortgage glossary terms relating to remortgaging.