Standard variable mortgage (SVR)

A standard variable mortgage is based on the lender's basic mortgage rate, commonly known as the Standard Variable Mortgage Rate. It is important to note that SVRís can vary from lender to lender, which is why it is important to do your homework and shop around, or better still allow an independent broker do the legwork for you.


The SVR is usually the rate that customers revert to after a fixed, capped or discount period ends.

This mortgage is regarded by some as the least complex mortgage type with the interest rate usually varying (rising and falling) in response to changes in the UK base rate, although lenders have been known to change them outside of this event as well. The base rate is set by the Bank of England and lenders are free to decide for themselves the amount that they will alter their own interest rates by in relation to these movements in base rate.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE