Variable Rate Mortgage

Variable rate mortgages and tracker rate mortgages are the most common mortgage types in circulation today. While most lenders will offer incentive deals to bring in new customers when these deals expire a mortgage will normally revert to a variable rate or tracker rate mortgage. Variable rate mortgages will be based on the lenders own standard variable rate and as such can be quite different from lender to lender. A tracker rate mortgage is linked directly to the Bank of England's base rate, for example a product might be the BoE base rate plus 0.92%.