Which Standard Variable Rate Mortgage Is Best For You?
Standard Variable Rate
Mortgages  > Types  >  Standard Variable Rate

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Standard Variable Rate

What is the standard variable rate?

The standard variable rate (SVR) is the rate normally charged when the fixed or discounted period on your mortgage deal ends. Typically, it can be 1 or 2% above the base rate.

When do SVRs change?

Lenders often change their SVRs after the Bank of England base rate has moved. But SVRs are not like tracker mortgages – they only change at the lender's discretion and may not go in the same direction as the base rate. 

Could I save money on a SVR?

When their fixed or discounted rates end, many borrowers decide to stay on a SVR rather than remortgage because rates tend to be cheaper. It is also a good option if the base rate remains low.

The problem with an SVR is that it could increase by more than any changes in the base rate, so they can be unpredictable and maybe unaffordable in the end. Borrowers who are not confident they could afford big increases in their monthly repayments should fix instead.

 
 
Lender Initial Rate Duration Standard Rate Overall Cost For Comparison Max Loan To Value Fee
1.99%2 years3.94%3.7% APR60%£1499
2.45%2 years5.69%5.4% APR75%£999
2.49%2 years4.99%4.7% APR70%£499
2.59%2 years5.64%5.1% APR75%£990
2.59%3 Years4.99%4.4% APR60%£598
2.65%3 years5.49%4.8% APR75%Nil
2.65%2 Years5.69%5.5% APR75%£999
2.69%2 years4.99%5% APR75%£795
2.74%To Mar 20144.99%4.8% APR75%Nil
2.89%2 years4.99%4.7% APR75%£795
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