Mortgages explained: Variable or fixed

A mortgage is arguably the biggest financial commitment you’ll ever make, so understanding the options available to you is extremely important. To help you find the right mortgage for you, we’ve explained the key features of variable rate mortgages and how they differ from fixed-rate products.

What is a variable rate mortgage?

A variable mortgage rate is an interest rate which can move up and down at any time, meaning your monthly mortgage payments may occasionally go up or down to match this.


The interest rate on variable mortgages commonly change when there is a change in a market rate (such as the Bank of England base rate), but there doesn’t need to be a change in a market rate for the variable rate to change. There are different types of variable rate mortgages available – standard variable rate, tracker and discount.

Standard variable rate mortgage

Tracker Mortgage

Discount variable rate mortgage

Variable mortgages available with Furness Building Society

Swapping your current mortgage to one of our variable rates

What is a fixed-rate mortgage?

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