Compare our best variable rate mortgages

As the name suggests, variable rate mortgages have interest rates that go up and down, which means that your monthly repayments can change from month to month as the rate moves. Find out more about variable mortgages in our guide and discover whether a variable mortgage rate is suitable for you.

Property price

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Mortgage amount

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Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best variable rate mortgages

  • Leek United 2 Year Variable mortgage

    Initial rate 1.7%. APRC 4.6%. Set-up fees £0
  • The Cumberland 2 Year Variable mortgage

    Initial rate 1.73%. APRC 3.9%. Set-up fees £1,999
  • The Cumberland 2 Year Variable mortgage

    Initial rate 1.76%. APRC 3.9%. Set-up fees £1,999
  • The Cumberland 2 Year Variable mortgage

    Initial rate 1.88%. APRC 3.8%. Set-up fees £999
  • Monmouthshire Building Society 2 Year Variable mortgage

    Initial rate 1.95%. APRC 4.4%. Set-up fees £0
  • The Cumberland 2 Year Variable mortgage

    Initial rate 1.98%. APRC 3.8%. Set-up fees £999
  • Leek United 2 Year Variable mortgage

    Initial rate 1.99%. APRC 4.6%. Set-up fees £0
  • Progressive Building Society 2 Year Variable mortgage

    Initial rate 1.99%. APRC 3.65%. Set-up fees £0
  • Progressive Building Society 2 Year Variable mortgage

    Initial rate 2.09%. APRC 3.99%. Set-up fees £0
  • The West Brom 2 Year Variable mortgage

    Initial rate 2.09%. APRC 3.8%. Set-up fees £999
  • We've found 149 mortgage deals

    Leek United

    2 Year Variable

    Initial rate

    1.7%

    APRC

    4.6%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £695.98

    for 24 months

    The Cumberland

    2 Year Variable

    Initial rate

    1.73%

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £1,999

    Monthly payment

    £698.42

    for 24 months

    The Cumberland

    2 Year Variable

    Initial rate

    1.76%

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £1,999

    Monthly payment

    £700.86

    for 24 months

    The Cumberland

    2 Year Variable

    Initial rate

    1.88%

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £710.66

    for 24 months

    Monmouthshire Building Society

    2 Year Variable

    Initial rate

    1.95%

    APRC

    4.4%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £716.42

    for 24 months

    The Cumberland

    2 Year Variable

    Initial rate

    1.98%

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £718.90

    for 24 months

    Leek United

    2 Year Variable

    Initial rate

    1.99%

    APRC

    4.6%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £719.73

    for 24 months

    Progressive Building Society

    2 Year Variable

    Initial rate

    1.99%

    APRC

    3.65%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £719.73

    for 24 months

    Progressive Building Society

    2 Year Variable

    Initial rate

    2.09%

    APRC

    3.99%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £728.02

    for 24 months

    The West Brom

    2 Year Variable

    Initial rate

    2.09%

    until 31-12-2023

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £728.02

    for 24 months

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    Representative example:

    If you borrowed £200,000 payable over 25 years, with an initial fixed-rate for two years at 4.79%, your monthly payments would be £1,144.84 for 24 months. This would then revert to a standard variable rate (SVR) of 4.24% for the remaining 23 years, costing £1,086.24 per month for 276 months. Overall cost for comparison is 4.5% APRC representative. The total amount payable over the full term would be £328,272, including product fee of £995 and interest of £127,277.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is a variable rate mortgage?

    Variable rate mortgages, as the name suggests, have interest rates that are variable. They can move up or down and usually do so in line with the UK economy and the Bank of England’s base interest rate (currently just 0.10% after an emergency rate cut prompted by the Covid-19 pandemic). There are 3 main types of variable rate mortgage: standard variable rate (SVR), tracker and discount-rate.

    What is a standard variable rate mortgage?

    A SVR is the type of mortgage that you will generally find yourself on when your mortgage deal comes to an end, if you don’t opt to remortgage straight away. In most circumstances, going on to a standard variable rate is a situation you should try to avoid, as rates tend to be higher than the rate you will pay on other types of mortgage deals.

    The standard variable rate often moves up and down in line with the Bank of England’s base rate, although there is no guarantee of this movement. In March 2020, the Bank of England dropped the base rate from 0.75% to 0.10%, however, not all lenders have passed the full 0.65% cut on to their customers.

    If your mortgage deal expires and you go on to your lender’s SVR, it could easily push up your repayments by several hundreds of pounds per month. That’s why it’s a good idea