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Variable rate – the rate varies at the discretion of the lender. Standard variable rate – the default variable rate the lender offers to mortgage borrowers with a standard residential mortgage. Tracker rate – a variable rate that is based on a published interest rate (typically LIBOR), plus a fixed interest rate margin. For instance LIBOR ...
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...
A discount rate; where there is set margin reduction in the standard variable rate (e.g. a 2% discount) for a set period; typically 1 to 5 years. Sometimes the discount is expressed as a margin over the base rate (e.g. BoE base rate plus 0.5% for 2 years) and sometimes the rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year three).
Bank of England interest rates affect the mortgage, loan and savings rates for millions of people. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ...
An adjustable-rate mortgage has an interest rate that changes at set intervals after a fixed-rate introductory period. Intro periods are most commonly three, five, seven or 10 years.
In the UK variable-rate mortgages are more common than in the United States. [ 25 ] [ 26 ] This is in part because mortgage loan financing relies less on fixed income securitized assets (such as mortgage-backed securities ) than in the United States, Denmark, and Germany, and more on retail savings deposits like Australia and Spain.