A mortgage with an interest rate that changes with the market. The rate changes each month, meaning that the portion of your monthly payment that goes towards interest may go up or down each month. However, your total monthly payment will probably stay the same.
Mortgage tied to Bank of England's base rate.
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage." CanEquity has access to the best Variable rate/below prime mortgages in Canada. Click here for additional information.