With a variable rate remortgage your repayments rise and fall according to changes in the Bank of England’s base rate - which affects your lenders SVR (standard variable rate). There are dozens of companies offering variable rate remortgage deals throughout the UK, so finding the right one can be confusing. Fresh Start Finance can save you time, hassle and money by scouring the whole of the market for the best variable remortgage deal. Even if you have a bad credit history, we can help you out. Interest rates have been relatively low for a number of years now and look to stay low for the foreseeable future. This is attracting a large amount of people to take out a variable remortgage. These deals follow the ups and downs of the lender’s standard variable rate. The SVR is usually set at a certain percentage above the base rate - as decided by the Bank of England. For example, if the base rate is 5%, then the lender’s SVR may be 6.5%. If the base rate is 5.5%, then the SVR may be 7% and so on.
If the base rate decreases, your monthly payments will be reduced
However - when rates rise it means that your payments rise too
If you like to know exactly how much will be coming out of your account each month, you may prefer a fixed rate deal
Often, these deals carry no switch or early repayment penalties
Most other deals (capped, fixed etc.) will revert to a variable rate after a set period
Click here to find variable remortgage deals with Fresh Start Finance
Alternatively, phone Fresh Start Finance now for an instant decision on 0800 389 6345. Our friendly, experienced team are waiting to take your call. You may also want to view other types of deal available, including discounted, tracker, fixed, capped, offset, current account and cashback.
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