The Difference Between Fix and Variable Rate Mortgages

A fix mortgage fixes a rate for a certain period of time. It is possible to have something called a variable rate mortgage, known as a tracker. With a tracker, they track the Bank of England base rate. A fixed product is very good for first-time buyers and people who are maybe tight incomes. But if you believe the base rate is going to start to drop, which I think a lot of people do, then it could be a really good product.