19 Mar

Q&A: What is a variable rate mortgage?

Choosing the right mortgages for first time buyers

Choosing the right mortgages for first time buyers

Another question I get asked alot is to explain what a variable rate mortgage is.

Answer: A variable rate mortgage is a type of mortgage whereby the rate of interest you pay is variable.

This means the interest you are charged can go up or can go down. This means that the payments you make throughout your mortgage term can also increase and decrease.