Latest research reveals that more borrowers selected variable rate mortgage products during August than in any other month of this year.
In fact, one of the UK's leading mortgage brokers, the Mortgage Advice Bureau, (MAB) said that the proportion of remortgage borrowers choosing variable rates climbed from 9.5% in July to 20.8% last month.
Head of lending at the MAB, Brian Murphy, attributed the rise to Bank of England governor Mark Carney's announcement that interest rates are likely to remain low for the next three years.
So if you're on the look out for a chart-topping variable rate mortgage, have a look at our list of the top 6 products below.
Penny says… "Offering a chart-topping variable rate is this product from first direct.
"As an added bonus, borrowers who are remortgaging will receive free legal fees."
Penny says… "HSBC's top product for borrowers with at least a 30% deposit offers a rate of 2.69% for term.
"This product charges no fees, making it great value for money. On top of this, borrowers will also benefit from the incentive package that includes free valuation fees and, for those remortgaging, free legal fees."
Penny says… "Santander is offering a highly competitive rate of 2.49% to borrowers with at least a 25% deposit.
"On rate alone, this product beats HSBC's 70% LTV variable rate deal, but borrowers must take note that they will be charged a £495 fee if taking out Santander's mortgage."
Penny says… "For borrowers with only a 20% deposit this product should appeal.
"Helping to keep costs to a minimum is the low fee of £499 and an incentive package that includes free legal fees for customers who are remortgaging."
Penny says… "Another stellar deal from first direct offers borrowers with a 15% deposit a competitive rate of 3.49% for term.
"Borrowers looking to keep upfront costs to a minimum will benefit from this product as it charges no fees. The attractive incentive package also includes free valuation and legal fees."
Penny says… "Borrowers on the search for a low deposit mortgage will do well to consider this third product from first direct.
"Making this deal value for money is the fact that it charges no fees and comes with free valuation and legal fees."
Disclaimer: Your home may be repossessed if you do not keep up with repayments on your mortgage.Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.
Information & Rates correct as at: 20/09/2013
Compare Best Variable Rate & Tracker Mortgages
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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