Thank you for your enquiry for a Variable Rate Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Variable Rate Mortgage will reflect your own personal needs.
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Deciding whether a Variable Rate Mortgage is right for you is choice that is not easy because no one can predict exactly what the interest rates will be in the future.
This type of mortgage is ideal for people who do not intend to live in their home for more than five years. You can grab the variable rate while it’s low and chances are better that you will save money in this shorter time period than if choosing it for 10 to 20 years.
Variable Rate Mortgages are usually offered at a low rate when you first purchase them. It would be more beneficial to purchase this type of mortgage when the bank rates were low since that is when the broker will offer better deals. Lenders will still compensate for the rates and add on one to two per cent to their standard variable.
It is still possible to save money long term with variable rate mortgages but the risks are higher. If you are willing to take that risk on the chance that you will save some money then it might be something you want to consider.
With Fixed Rate Mortgages, your interest rate is set but with variable rate mortgages, they changes depend on bank rate fluctuations. The benefits of a Fixed Rate Mortgage include the stability the guaranteed rates offer and ability to be able to plan your budget ahead of time.
If you do decide to go for a Variable Rate Mortgage, you may have the opportunity to pay off your mortgage more quickly. The more reasonable the initial rates, the more you can afford that could be to your benefit.
There are some who specialize in predicting what the market changes will be but nobody can truly guarantee what they will be so they are just taking educated guesses. Variable rate mortgages can be a gamble but they are suitable for some as a way to save money.
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