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Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
A variable rate mortgage is based on the lenders standard variable rate.
The lenders standard variable rate is generally affected by movement within the Bank of England's base rate. Standard variable rates vary from lender to lender but are typically 1.5%? 3.5% above the bank of England base rate.
The standard variable rate is not guaranteed to rise and fall by the same rate that the bank of england base rate changes by. If you require this guarantee than a tracker rate mortgage may be more suitable for you.
