  What is Variable Rate?What is a variable rate mortgage?The most common form of variable rate loan is a variable rate mortgage. These can come in the form of a tracker mortgage, which tracks the banks base rate, or a variable rate mortgage, which many fixed and tracker mortgages revert to after their offer period, which is a rate set by the bank based on the Bank of England's base rate. A tracker mortgage will track the Bank of England base rate, plus a fixed percentage. So if the tracker mortgage tracks the base rate plus 3%, and the base rate is 2%, then the customer will pay 5% interest on their loan. This interest rate is variable though, as if the base rate changed to 3%, then the customer would pay 6% interest on their loan. What is a variable rate savings account?A variable rate savings account works in the opposite way to a variable rate loan, and will pay interest based on the varying rate of the index it is linked too. Obviously the more the rate increases, the better for the customer saving money. Advantages and DisadvantagesA variable rate has its advantages and disadvantages, and these will be different depending on whether you are saving money or borrowing money. If you are saving money and the variable rate was to increase, you'd earn more interest on your savings and that would be a good thing. If the variable rate fell however, you'd be making less money on your savings, and that would be a disadvantage. The total opposite is true of people who are borrowing money. Should I take out a variable rate loan?This depends on whether you think the variable rate will increase sharply, or is likely to fall over the period of your loan. If you thought that interest rates were likely to increase over the next five years, then you would not take out a variable rate loan, but if you thought they would fall then you may consider it as an option. 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