A Variable Rate Loan is a loan with a rate of interest that moves up or down in line with your lender's basic rate of interest. The Bank of England reviews and sets interest rates every month. The advantage of a variable rate loan is that when interest rates are low your repayments will be low. If interest rates rise however, your repayments will too. In the case of a variable rate loan it's wise to make sure you don't borrow more than you could afford to pay if the rate were to rise.

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