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  • Standard Variable Rate Mortgages

Standard Variable Rate Mortgages

In a Standard Variable Rate (SVR) mortgage, the borrower’s monthly repayments are based on the prevailing rates of interest their lender charges — not the Bank of England (BoE) base rate. In other words, it is entirely the lender’s decision on the rate of interest they charge the borrower.

Although the rate of interest charged in a SVR mortgage can be influenced by changes in BoE base rate, whenever the bank raises or lowers base rate, the lender can do the same, or ignore the change altogether. On occasions, the lender may increase or decrease their rates of interest even if the BoE has not changed theirs.

The rate of interest charged on SVR mortgages can range from 2% - 5% above base rate, or more.

As SVR mortgages do not involve any special financial inducements, they can be more (or less) expensive than other types of mortgages. And unlike fixed rate mortgages where the rate of interest never changes, SVR borrowers can never be certain when their monthly repayment may change.

Generally speaking, arrangement fees for SVR mortgages tend to be lower than for trackers or fixed rate deals and if the borrower pays off their mortgage sooner than planned, he or she may not incur an early repayment charge.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Company address: Bingham-Woods Independent Financial Advisors Ltd, 2 Bridge Street, Spalding, Lincolnshire, PE11 1XA
T: 01775 718257 Email: [email protected]

Bingham-Woods Independent Financial Advisors Ltd is an appointed representative of Quilter Wealth Limited, and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Quilter Wealth Limited is entered on the FCA Register (https://register.fca.org.uk/s/) under reference 217742 and Quilter Mortgage Planning Limited under reference 440718.

Bingham-Woods Independent Financial Advisors Ltd (05994922) is registered in England. The registered address is 2 Bridge Street, Spalding, Lincolnshire PE11 1XA.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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