Why would you want a variable rate mortgage?

mattiker

The main reason I asked the question was because I was considering
the One Account....it's a variable rate, no nonsense account. Anyone gad any experience?

Thrugelmir

Once rates "normalise". SVR mortgages will return to once what they were, At least from the major lenders. As SVR's will track base rate at a given margin. historically 2% but in the future more than likely higher than this.

Changing mortgages every 2/3 years is what the lenders like. as they pull in all sorts of fees. Which from the borrowers perspective would be better used paying down the mortgage quicker every month.

Trying to be clever and beating the market is pure luck. Down to timing and opportunity. Rather than any particular skill.

smcqis

new_home_owner wrote: »

you cant chose to go an a variable rate anywhere now like someone said earlier the only way you can go on a banks svr is after your current deal finishes and you automatically go onto it.

Yes you can, Ulster Bank in NI

getmore4less

mattiker wrote: »

The main reason I asked the question was because I was considering
the One Account....it's a variable rate, no nonsense account. Anyone gad any experience?

From reading on here plenty have and it's bad.

Even those that likes it could have done better in most cases.

Much better offset products available

getmore4less

new_home_owner wrote: »

you cant chose to go an a variable rate anywhere now like someone said earlier the only way you can go on a banks svr is after your current deal finishes and you automatically go onto it.

Yes you can
Barclays. http://www.bank.barclays.co.uk/cs/Satellite?blobcol=urldata&blobheadername1=Content-Type&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobheadervalue2=attachment%3B+filename%3DCore+Range+Customer+Rate+Sheet+230310.pdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1259872157279&ssbinary=true

First Direct http://www1.firstdirect.com/1/2/mortgages/our-latest-mortgage-offers