Variable-Rate Mortgages
Considering a variable rate mortgage? Our expert advisors can help you compare tracker, discount, and capped deals and choose the option that suits your plans.
Variable-Rate Mortgage Advice
Variable-rate mortgages do not have a fixed interest rate. Your payments can go up or down, giving you more flexibility but less certainty. Many variable deals start with a lower initial rate than fixed-rate mortgages, which is one reason some borrowers prefer them.
There are several types of variable-rate mortgages. The three main ones are:
- Tracker mortgages
Your rate is set at the Bank of England base rate plus a margin. When the base rate changes, your payment adjusts accordingly. - Discount mortgages
Your rate is a discount on the lender’s standard variable rate. If the lender adjusts its SVR, your payment changes too. - Capped-rate mortgages
Your rate can rise or fall, but will never exceed an agreed maximum. This gives you some protection if interest rates increase sharply.
Choosing the right type depends on how comfortable you are with rate movement, your plans for the property, and how interest rates are expected to behave in the future
At Online Mortgage Advisor, our advisors can explain the options available to you and help you understand the benefits and risks before you apply.
Check your affordability
Use our affordability calculator to estimate how much you could borrow.
Read our guides
Read our guides on tracker, discount, and capped mortgages to understand how each one works.
Compare mortgage deals
Use our mortgage comparison tool to view live variable rate deals from across the market.
Speak to an expert
Get matched with an advisor who specialises in variable-rate mortgages and find out which lenders are most likely to approve your application.
Our advisors understand variable-rate mortgages and can help you find the best deal available to you. Enquire today.
Our Guides
Expert mortgage guidance tailored for variable-rate mortgages.
Mortgage Tools & Calculators
Professional tools designed to help you understand your mortgage options, compare rates, and make informed decisions about your financial future.
Frequently Asked Questions
Still have questions about mortgages, rates, or the application process? Our comprehensive FAQ section covers everything from first-time buyer queries to complex remortgage scenarios.
They often start with a lower initial rate, making early payments more affordable. The trade-off is that rates may rise later, so costs are less predictable.
Tracker mortgages move when the base rate changes. Discount and SVR mortgages may change when the lender adjusts its own rate.
Tracker mortgages follow the base rate directly. Other variable products may respond differently depending on the lender’s rules.
It can be, because your rate cannot rise above a set limit. This offers protection during periods of uncertainty, although the starting rate may be slightly higher.
Yes. Many lenders allow you to change deals or remortgage, although early repayment charges may apply. An advisor can check this for you.
Your payments may increase and change on short notice. It is essential to be confident that your budget can absorb possible increases.
A mortgage advisor will search the market for you and recommend the best deal based on your situation. They do more than compare rates. They understand lender criteria, manage the paperwork, and know how to get complex cases approved.
With expertise in specialist mortgages and strong lender relationships, they save you time, reduce the risk of rejection, and often access deals not available directly.
Online Mortgage Advisor is an FCA-authorised mortgage broker serving customers nationwide. We secure the best deal with help from a specialist in situations like yours. Over 600,000 borrowers have trusted us to help them find the right deal, and we are rated Excellent on Trustpilot.
Your first chat with an advisor is always free and comes with no obligation. If you choose to go ahead, fees vary depending on the complexity of your case, but you will always know the cost upfront. You will never be charged without agreeing to it first.
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You’ll have a dedicated team by your side from questions to completion, with clear choices and costs explained upfront. We’ll match you with a mortgage advisor specialising in your unique situation.