f you go for a variable rate mortgage you'll pay the lender's standard variable rate of interest (SVR). This is linked to market conditions, which means that if the Bank of England puts the interest rate up - it's likely your SVR will also go up and vice versa.

If you go for this product you may gain if interest rates drop because your payments will follow suit and you could end up saving money on your mortgage. But you should also be aware if rates go up so will your repayments, and take this into account when calculating your budget.