The monthly payment fluctuates in line with the lender's mortgage rate. This can cause budgeting problems in times of increasing interest rates. Some lenders offer an annual review so the amount you pay only changes once a year with the difference adjusting your outstanding mortgage. Lenders may also offer a version where your monthly payment fluctuates in line with the Bank of England Base Rate, often referred to as a 'Base Rate Tracker'.
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All our advisors at MLM are trained to the highest standard possible to ensure they are able to find the best deal for your financial circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.