Echo Finance

VARIABLE MORTGAGES

This is the normal interest rate your mortgage lender charges homebuyers and it will last as long as your mortgage or until you take out another mortgage deal.

Changes in the interest rate might occur after a rise or fall in the base rate set by the Bank of England.

Advantages

  • Freedom – you can overpay or leave at any time

Disadvantages

  • Your rate can be changed at any time during the loan

 

Their interest rates can go up or down whenever the lender decides. When the rate goes up, your monthly payments will increase; if the rate falls, your repayments will go down.

Their rates loosely follow any changes in the Bank of England base rate, but they do not have to copy its changes exactly. This means the country's economy can affect how much your mortgage costs you each month.

For example: You take out a variable mortgage at 2.5% and the Bank of England base rate later goes up by 0.75%. Your lender then increases your rate by 1% to 3.5% and you pay more each month.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance
Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

Local Rate: 01484213337
Freephone: 08000934914

Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. We are a broker not a lender. We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. We may receive a commission from the Lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. *Example rate shown is a 2 year fixed rate mortgage from HSBC with an initial rate of 0.99% for 2 years; then reverts to SVR after intro period (17/06/2021). Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

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