The 1-year Variable Mortgage
The 1-year variable is an uncommon term. Lenders don’t like them because they’re not very profitable. Lenders prefer longer variable-rate terms because the borrower tends to stick around and generate more interest for the lender.
Because of their rarity, there are typically rate premiums attached to one-year variables. If you only want a 12-month mortgage, consider a one-year fixed rate as well.