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Variable Mortgages

Discover the versatility of variable-rate mortgages. Variable-rate mortgages offer borrowers flexibility in adapting to changing market conditions, with interest rates that may fluctuate over time. Explore our comprehensive resources and expert guidance to navigate the dynamic landscape of variable-rate mortgages and find the perfect fit for your financial goals.

How to make Variable Rate Mortgages Work for You

Establish an Emergency Fund

It's crucial to set aside money in an emergency fund to prepare for potential increases in your mortgage payments. This fund acts as a financial buffer, providing peace of mind that you can handle unexpected rate hikes without jeopardising your financial stability.

Monitor Interest Rates

It's essential to stay informed about economic conditions and interest rate trends. Regularly follow financial news, subscribe to updates from reputable sources, and keep an eye on key economic indicators such as inflation, employment rates, and central bank policies.

Consider Overpayments

Making overpayments on your variable rate mortgage is strategic, reducing the principal balance faster and lowering total interest over the loan's life. By paying extra, you decrease your outstanding balance and create a financial cushion against rate increases.

Your home may be repossessed if you do not keep up repayments on your mortgage

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Benefits of Variable Rate Mortgages

Discover the financial benefits of variable rate mortgages and take control of your homeownership journey.

Lower Initial Interest Rates

Variable-rate mortgages often start with lower initial interest rates compared to fixed-rate mortgages.

Flexibility

Variable-rate mortgages provide borrowers with flexibility, as the interest rate and monthly payments can adjust over time in response to changes in market conditions.

Protection Against Rate Increases

While variable-rate mortgages are subject to interest rate fluctuations, many come with caps or limits on how much the interest rate can increase at each adjustment period or over the life of the loan.

Option to Switch to Fixed-Rate Mortgage

Borrowers with variable-rate mortgages have the option to switch to a fixed-rate mortgage at any time, providing stability and predictability in monthly payments if desired.

Potential Drawbacks

Explore the factors to consider when choosing a variable rate mortgage and make informed decisions about your financial future.

Interest Rate Uncertainty

Variable-rate mortgages are subject to interest rate fluctuations, which can result in uncertainty and volatility in monthly mortgage payments.

Risk of Higher Payments

If interest rates increase significantly over the life of the loan, borrowers with variable-rate mortgages may face higher monthly mortgage payments compared to those with fixed-rate mortgages.

Higher Long-Term Interest Costs

While variable-rate mortgages may offer lower initial interest rates compared to fixed-rate mortgages, borrowers may end up paying more in interest over the life of the loan if interest rates rise significantly.

Budgeting Challenges

Variable-rate mortgages can make budgeting more challenging, as borrowers may need to account for potential fluctuations in their monthly mortgage payments.

The tools to make mortgages simple!

Affordability Calculator

Quickly estimate how much you can borrow. Just enter your loan details to see your borrowing capacity.

Repayment Calculator

Calculate your loan repayments easily. Enter your loan details to see your monthly payment amount and schedule.

Overpayment Calculator

Find out how overpayments can reduce your loan term and interest. Enter your loan details to see the impact of extra payments.

Stamp Duty Calculator

Calculate your stamp duty quickly. Enter your property details to see the stamp duty amount you'll need to pay.

This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you.

All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender.

You should make an appointment to receive mortgage advice which will based on your needs and circumstances'.

Your home may be repossessed if you do not keep up repayments on your mortgage

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We take pride in our customer service and are committed to providing you with the best possible experience. Here's what some of our customers have to say about us.

Rebecca K

Rebecca K

9 days ago

We used mortgage 42 based on a family recommendation and we couldn't be happier! Graham is approachable, professional, has great communication and helps us laymen's understand the lingo of mortgage world. Couldn't recommend enough 😁

humna dar

humna dar

14 days ago

excellent and really impressive guidance, explanation about each and every step, instant response

daniel hall

daniel hall

16 days ago

Absolutely outstanding and would have been lost without this company very impressed, Graham is passionate about his job and very professional and it has shown it all the way to the end with a fantastic offer

Abi Shaw

Abi Shaw

17 days ago

Graham has made the entire process of securing a mortgage and solicitors easy and stress-free. As first time buyers, we didn't know where to begin and was recommended Mortgage42 through a friend that had only positive things to say. Having been on the receiving end of his support, I can second that recommendation wholeheartedly! He found us the best rates, and when a better offer came up, he secured that for us immediately. Any questions we had were answered straight away; Graham was always at the end of the phone so communication was amazing. Our meetings honestly felt like chatting with an old friend - very relaxed but always so informative and productive. We've felt supported every step of the way and couldn't be more grateful to Graham for all his help.

Mic Kitchen

Mic Kitchen

17 days ago

This is the second time me and my partner have used graham from Mortgage42 now and he’s so helpful and quick at getting things done, service is second to none would definitely recommend.

Jules Attenborough

Jules Attenborough

17 days ago

Excellent service from start to finish. Great communication. Graham made it so easy. Would highly recommend.

Rob Aldred

Rob Aldred

24 days ago

Fantastic service from Graham and the team at Mortgage 42. Their professionalism and expert knowledge made a stressful process feel completely straightforward. Graham is honest, reliable, and genuinely works hard to get you the best deal. Highly recommended!

joanne woon

joanne woon

28 days ago

We couldn’t be happier with our decision to choose Mortgage42. Communication was always easy, and the service was both professional and approachable. Graham was incredibly helpful throughout the process and supported us in securing our very first mortgage.

Tracey Webster

Tracey Webster

28 days ago

Definitely recommend Graham for all your mortgage needs. He’s got brilliant mortgage deals for me everytime and all my family use his services. His personality and knowledge are second to none. Thank you Graham and Karen also for all your help x

Kiran Chinnam

Kiran Chinnam

28 days ago

Graham was very friendly and knowledgeable, talking me through the process. Would recommend.

Deborah Ruff

Deborah Ruff

30 days ago

Excellent personalised service tailored to our needs. Explored a variety of options including referral to a colleague for additional advice on bridging loans before making an informed decision. Simple language making what can be complicated easy to understand.

christiaN wrench

christiaN wrench

30 days ago

Graham takes the time to discuss your needs. He doesn't try and sell you.prodyyou don't need. Definitely recommend Mortgage42

Nicola Stott

Nicola Stott

about 1 month ago

Outstanding service as always! Graham is the man to get you the best deal, whether it’s money saving each month or shortening your term or both!! I’ve used Graham for the last 5 years and when he went independent, I went with him. Thanks for always having my best interests at the forefront ❤️

Barbara Keighley

Barbara Keighley

about 1 month ago

We’ve been clients of Graham’s for over ten years. His advice has enabled use to climb the property ladder to a fantastic family home we never thought we’d own. Grahams charm, charisma and of course knowledge of the market take the pain out of securing the best mortgage deals and protection. I’ve recommended Graham to a few friends and family members. Keep up the great work :)

Char

Char

about 1 month ago

Graham and Karen are amazing at what they do. MIP offered within hours of the original call taking place! So much so I’ve reccomended Graham to 2 friends who have used him and gotten a MIP really quickly too! Graham puts you at ease and gives you so much confidence when committing to such a big life moment!

alison ashurst

alison ashurst

about 2 months ago

Graham has dealt with my mortgage and life assurance for years and I’ve recommended him to friend and family. For all of us he’s done an outstanding job, you feel support in every step and he makes it as stress free as possible. He’s trustworthy reliable and genuinely cares about his clients. Thank you again for your help 😀

Anne Bennett

Anne Bennett

about 2 months ago

Mortgage 42 dealt with my remortgage enquiry swiftly, we made an appointment quickly and the process of onboarding information and documents to the portal was straightforward. This enabled Graham to have relevant information in advance of our meeting and provided time and opportunity to trawl the market with offers to discuss at our meeting. Graham is also fully aware of the markets, based rates and how this impacts the mortgage rates, he worked out several options depending upon the performance of the Bank of England which was extremely helpful in supporting my choice of mortgage. Mortgage finalized within a couple of days with no additional paperwork for me to complete. I would definitely recommend Mortgage 42 and Graham, excellent service and customer support and care.

Stephen Mitchell

Stephen Mitchell

about 2 months ago

"The speed and quality of service I received from Graham and Karen was absolutely mind blowing from the initial meeting,Graham had already done loads of research.Finding the right lenders for our situation and suggesting different options and companies, where others have failed these successfully found us a mortgage offer with a few hours . They are a fantastic team and I will continue to recommend Mortgage42 to anyone who will listen! You honestly don't need to look anywhere else 😁

Andrea Swales

Andrea Swales

about 2 months ago

Fantastic (as always!) I 100% recommend Mortgage42

Clare

Clare

2 months ago

Yet again, Graham has sorted me out with a brilliant mortgage deal and from next month, I'll be paying less than I am now, despite current world events! He really does make everything so easy and stress free. Graham takes the time to get to know you and really understand your circumstances before offering very sound and easy to understand advice. He clearly puts the time in to researching the best options before your appointment and is always so well prepared. Each time I return it's like catching up with an old friend and I feel confident that Graham will give me the best guidance then take all the hassle out of the process. Within minutes of ending the online appointment (booked by myself - maximum convenience!) I had the amazing mortgage offer approved and in place with all the documents sent to me! Can't recommend Graham and Mortgage 42 highly enough!!

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