With talk within the market that rates may remain lower for longer, borrowers could save hundreds of pounds by choosing a variable rate instead.
Mortgage rates are still sitting at historic lows, and fixed rates remain a popular choice with borrowers as they continue to fall, with lenders competing with each other in an attempt to gain a bigger market share.
A variable rate is one that can fluctuate, with a popular choice being tracker products that keep an eye on the Bank of England base rate. When compared with some of the most competitive fixed rates and the booking fees attached to them, it may actually be cheaper to opt for a variable rate, with some products saving over £450.
Variable products also provide additional flexibility in that borrowers can usually make unlimited overpayments, and also change product at any time as there is no tie-in period. Should rates start to increase, they can then choose to fix their rate. However, it is important to remember that rates will be higher at this point and additional booking fees may become applicable, wiping out any savings the initial variable rate made.
Having undertaken your CeMAP training and passed the final exams, you will be a qualified mortgage professional who is able to meet with customers and assess their mortgage needs. You can conduct a detailed analysis of their income and expenditure to then advise them how much they are able to borrow, discuss the product range available to them and identify the most appropriate mortgage package for their individual needs.