Mortgage Info - Standard Variable Rate Mortgages

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Standard Variable Rate Mortgages

With a standard variable rate (SVR) mortgage, the interest rate may go up or down during the course of the loan. Sometimes, the rate will remain unchanged for months at a time, but at other times it may fluctuate from one month to the next.

The SVR charged by mortgage lenders is determined mainly by the Bank of England Base Rate, which is reviewed once a month. When the Bank of England changes the Base Rate, mortgages lenders will usually adjust their SVR up or down accordingly.

Variable rates are currently at an all time low of around 4%. However, in the past there have been periods where they were much higher – up to 15% or more.

It is therefore important to bear in mind the effects of any future rise in interest rates when opting for a variable rate mortgage.

If you would like more advice on any aspect of mortgages or remortgages, you can complete our online enquiry form and an adviser will contact you.

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