All Of The Above Are Flow Variables Previous Next Standard Variable Rate Mortgages

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Standard Variable Rate Mortgages

Most lenders are expected to raise their standard variable mortgage rates by at least the same amount after the 0.25% interest rate hike on July 5, and some have already done so. But what is a standard variable rate (svr) and how does it affect you?

The svr is usually the interest rate that the lender will charge you unless you are on a “special deal”. Interest rates vary according to movements in the Bank of England base rate and usually move up and down. This means that if you have a mortgage that is based on an SVR, your mortgage payment will fluctuate over time. However, if you take out a two-year fixed rate mortgage, this is not, by definition, the lender’s standard variable rate. A fixed rate will apply for a period of two years and after that the lender will charge you their standard variable rate.

It would be even better if most people could get another “special deal”. At the time of writing (10 July 2007) standard variable rates are rising above 7.5% while you can still get a fixed rate mortgage for less than 7.0%.

Many people are taking out svr mortgages because they don’t think about remortgaging. They haven’t seen whether the lender who gave them a good deal two, three or five years ago is still giving them a good deal today because they’re not at the rate they originally got.

An easy way to check you’re still getting a good deal is to use a mortgage comparison site. This will show you what’s the best deal available – it’s better to check than hope you have a current mortgage.

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