Exchange Rates: £/$ (US) £/R (ZAR) £/$ (AUD) £/€ (EUR)
Exchange Rates: £/$ (US) £/R (ZAR) £/$ (AUD) £/€ (EUR)
With this type of mortgage, the interest rate rises and falls during the mortgage term. These changes are decided by the lender, and will usually be roughly 2% above the Bank of England base rate.
When the interest rate goes up, your monthly payment will also increase. Likewise, when the interest rate falls, your payments will become less