Another option you can have with variable rate mortgages is having a cash back deal. This is not offered with all variable rate mortgage options. This type of deal offers you a sum of money when the mortgage is taken out and does not stipulate how that money needs to be spent, however, it can be rather profitable if the money is invested wisely and can be a great asset in paying off your mortgage.
Usually if you have a variable, interest rate mortgage with a cash back deal you will be looking at an early redemption penalty of around five years, in which should you pay part of the mortgage off or the entire mortgage off you will also have to return the cash you received when you took out the mortgage.
With this type of mortgage, it may be of benefit to combine a variety of options when it comes to your interest rate. If this were the type of mortgage, you would like consider finding a lender who will allow you to combine terms. These mortgage deals can also be risky because of the ERC so be sure this is the mortgage for you.