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  • Standard Variable Rate Mortgages

Standard Variable Rate Mortgages

In a Standard Variable Rate (SVR) mortgage, the borrower’s monthly repayments are based on the prevailing rates of interest their lender charges — not the Bank of England (BoE) base rate. In other words, it is entirely the lender’s decision on the rate of interest they charge the borrower.

Although the rate of interest charged in a SVR mortgage can be influenced by changes in BoE base rate, whenever the bank raises or lowers base rate, the lender can do the same, or ignore the change altogether. On occasions, the lender may increase or decrease their rates of interest even if the BoE has not changed theirs.

The rate of interest charged on SVR mortgages can range from 2% - 5% above base rate, or more.

Generally speaking, arrangement fees for SVR mortgages tend to be lower than for trackers or fixed rate deals and if the borrower pays off their mortgage sooner than planned, he or she may not incur an early repayment charge.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
 

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Company address: Synchro Mortgage Solutions Limited, Synchro House, 512 Etruria Road, Newcastle Under Lyme, Staffordshire , ST5 0SY
T: 01782 346 491 Email: [email protected]

The guidance provided within this website is subject to the uk regulatory regime and is therefore primarily targeted at consumers based in the UK.

Synchro Mortgage Solutions Ltd is Authorised and Regulated by the Financial Conduct Authority.

Synchro Mortgage Solutions Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference: 506054. Registered in England and Wales.

Company Registration Number: 06582889. Registered address same as company address.

Synchro Mortgage Solutions are highly experienced insurance and mortgage brokers based in Newcastle-Under-Lyme and Stoke-on-Trent.

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Our initial advice is provided free of charge. There may be a fee for arranging your mortgage, the precise amount will depend upon your scenario and circumstances but this will typically be £495, payable on completion.

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