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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 hit at an all time low of around 4% a few years ago. 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 information on any aspect of mortgages or remortgages, we would be happy to hear from you. All you need to do is complete our online mortgage enquiry form and a consultant will contact you.

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