Variable rate mortgage UK Mortgage definition

UK Mortgage definition

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Variable rate mortgage

A mortgage where the amount of interest you repay increases or decreases in line with the lenders interest rate changes is called a 'Variable rate mortgage'. Your mortgage payments may be more difficult to budget for in times of rapid interest rate rises, but easier to budget for in times when interest rates fall.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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