A Variable rate mortgage is a mortgage deal where the rate fluctuates to reflect current market conditions.

The interest rate payable usually varies with changes to the Bank of England Base rate and reflects changing costs on the credit markets.

Variable rate deals may be directly linked to the Banks base rate, but where no specific link to the Bank of England's base rate is mentioned lenders can choose to increase or decrease their variable rate at their discretion.

Variable rate deals although they have their advantages are usually risky as they can become very expensive.  Recently many borrowers on a low standard variable rates have benefitted from low monthly payments, however an increase in base rate could see these monthly payments rise and other deals offered then may be more expensive than if they were taken out now.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE