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Mortgage Brokers in: |
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A Standard Variable Rate MortgageVariable rates are based around the Bank of England Base Rate. They set a base interest rate which over time goes up and down. The mortgage lender offers a rate higher than the Bank of England rate by usuallyy 1-2%. This means that if the Bank of England rase the base rate by 2%, the lender mortgage rate will move up in line by 2%. Lenders offer very different rates, depending on a number of variables around your circumstances and their perceptions of the market place. You could get varying quotes by as much as 1%, which over the course of a year on a £150,000 mortgage loan is £1500. So make sure you get good advice... Mortgages can be classified by type and then by their features. Below are the major types of mortgage as classified by mortgage brokers and mortgage lenders. Within these "mortgage types" are different mortgage products with different features. For example, you can get Fixed rates, variable rates, no redemption fees, base rate trackers, 90% mortgages, and interest only mortgages. For more information on mortgage criteria and terms take a look at our alphabetical mortgage glossary.
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