Take a look at the latest UK mortgage Standard Variable Rates (SVR) for families to see what it means and what to do about your mortgage on this type of deal. Parents can save hundreds every month by switching away from the lenders SVR and looking at lower fixed or discount rate deals.
Are you paying too much on your lender’s standard variable rate?
Many families quietly slide onto their lender’s Standard Variable Rate (SVR) when a fixed or introductory deal ends, and it can drain the monthly budget without much warning. With UK base rate changes feeding through to lenders at different speeds, some SVRs have dropped slightly while others remain stubbornly high, so it is vital for parents to check where their lender sits, compare it with other providers and see whether switching could trim hundreds of pounds a month from their repayments and free up money for everyday family costs.
How do current SVRs affect a typical family budget?
With many SVRs still around 6% to 8%, even a small change in rate can add or shave off a noticeable chunk of your monthly payment, which for parents can be the difference between comfortably covering clubs, uniforms and food or needing to cut back on essentials.
When should parents think about remortgaging off SVR?
If there is more than a year or two left on the mortgage and the balance is not tiny, most parents will usually be better off moving from SVR to a cheaper fixed or tracker deal, unless they are about to clear the loan or expect to move home very soon.
What quick checks can help you decide your next step?
Start by confirming your current SVR, running a remortgage calculation to see the saving from a lower rate, and comparing top deals from multiple lenders, then factor in any fees and how long you want certainty over repayments.
Key Points: Standard Variable Rate mortgages guide September 2026.
- The Bank of England cut base rate to 3.75 per cent on 18 December 2025, but lenders have reacted differently to this change.
- Many SVRs are still well above 6 per cent, which can place real pressure on family finances compared with cheaper fixed or tracker deals.
- The SVR is usually the rate you move onto after your introductory deal ends, unless you actively choose a new product.
- Some lenders, such as Accord, Halifax, Lloyds Bank and HSBC, have passed on around 0.25 percentage points in cuts, while others have made smaller moves or none at all.
- Parents can use online tools like mortgage finders and calculators to estimate potential savings and work out whether switching is worthwhile.
- Being on SVR rarely makes sense long term unless the mortgage is nearly paid off or flexibility is more important than securing a low rate.
- Checking your SVR and exploring alternatives can save hundreds or even thousands of pounds a year that could instead support your children and household costs.
Standard Variable Rate mortgages (SVR) – September 2026
Mortgage lenders constantly review and update their Standard Variable Rates (SVR) to reflect changes in interest rates and the Bank of England base rate (BBR). One of the top mortgage tips is “Make sure that you review your mortgage before you get on to a Standard Variable Rate (SVR)”. You could save a significant amount of money if your mortgage deal comes to an end and you switch to your lender’s standard variable rate.
What is a Standard Variable Rate mortgage?
You might or might not have heard the term ‘Standard Variable Rate’ before, but this is basically the rate that you go to when your special deal has ended. This is when a fixed or discount rate deal comes to an end. Every mortgage lender has its own standard variable rate (reversion rate) which is the rate that it charges to any customer who is not currently in a special rate period (e.g. 2 year, 3 year, or 5 year fixed rate).
When the 2, 3 or 5 years comes to an end, your mortgage will then automatically revert to a different rate which is typically higher than the rate you were paying and it is variable, so it can go up or down.
Average 2 year and 5 year fixed rate mortgage
| Deal period | Current average rate | Weekly difference | Annual difference |
|---|---|---|---|
| 2 Year Fixed | 5.08% | -0.11% | +0.55% |
| 5 Year Fixed | 5.07% | -0.11% | +0.55% |
A Standard Variable Rate mortgage will be the rate that the lender puts any of its customers on when their deal has come to an end. This rate is usually higher than the special deal rate and also usually means that you’re free to move or switch your deal for another deal without paying a penalty charge.
What is the average mortgage Standard Variable Rate?
Below is a complete list of the latest mortgage lender Standard Variable Rates and these are updated every month or so. This is aimed to give you a very quick guide to your and other mortgage lenders’ standard variable rates.
This is to make sure that there are no nasty surprises and that you can quickly check to see what lender rates are currently.
| Mortgage Lender | Current Standard Variable Rate | Previous Standard Variable Rate | Rate change |
|---|---|---|---|
| Accord | 6.74% | 6.99% | – 0.25% |
| Aldermore | 8.38% | 8.58% | – 0.20% |
| Atom Bank | 6.6% | 6.99% | – 0.15% |
| Bank of Ireland | 6.94% | 7.19% | – 0.25% |
| Barclays | 7.74% | 7.74% | – 0 |
| Bath Building Society | 7.24% | 7.39% | – 0.15% |
| BM Solutions | 8.09% | 8.34% | – 0.25% |
| Buckinghamshire | 7.94% | 8.09% | – 0.25% |
| Cambridge | 7.39% | 7.54% | – 0.25% |
| Chelsea | 6.74% | 6.99% | – 0.25% |
| Chorley Building Soc | 8.14% | 8.29% | – 0.15% |
| Clydesdale | 6.74% | 6.99% | – 0.25% |
| Co-op | 6.62% | 6.87% | – 0.25% |
| Coventry | 6.54% | 6.74% | – 0.20% |
| Darlington | 7.64% | 7.84% | – 0.20% |
| Family Building Soc | 7.54% | 7.69% | – 0.25% |
| First Direct | 6.24% | 6.99% | – 0.25% |
| Furness | 7.99% | 8.09% | – 0.15% |
| Halifax (Lloyds) | 7.24% | 7.49% | – 0.25% |
| Handlesbanken | 6.74% | 6.99% | – 0.25% |
| Harpenden | 7.64% | 7.64% | – 0 |
| Hinckley & Rugby | 6.89% | 7.04% | – 0.15% |
| HSBC | 6.24% | 6.49% | – 0.25% |
| Leeds Building Soc | 7.74% | 7.74% | – 0 |
| Leek Building Soc | 7.34% | 7.59% | – 0.25% |
| Loughborough BS | 7.89% | 7.94% | – 0.05% |
| Mansfield | 8.04% | 8.29% | – 0.25% |
| Market Harborough | 7.24% | 7.29% | – 0.15% |
| Marsden | 8.24% | 8.39% | – 0.15% |
| Melton Mowbray | 8.04% | 8.14% | – 0.30% |
| Metro Bank | 7.25% | 7.50% | – 0.24% |
| Monmouthshire | 7.99% | 7.99% | – 0 |
| Nationwide | 6.49% | 6.74% | – 0.25% |
| Natwest (RBS) | 6.74% | 6.99% | – 0.25% |
| Newbury | 6.00% | 6.15% | – 0.15% |
| Newcastle BS | 6.31% | 6.50% | – 0 |
| Nottingham BS | 6.35% | 7.74% | – 0.10% |
| Paragon | 8.60% | 8.85% | – 0.25% |
| Penrith | 7.49% | 7.49% | – 0 |
| Platform | 7.37% | 7.37% | – 0 |
| Post Office | 8.04% | 8.04% | – 0 |
| Principality | 6.80% | 6.92% | – 0.12% |
| Saffron Building Soc | 7.99% | 8.29% | – 0.30% |
| Santander | 6.75% | 6.50% | + 0.25 |
| Scottish Widows | 7.49% | 7.74% | + 0.25% |
| Skipton | 6.29% | 6.54% | – 0 |
| Suffolk Building Soc | 7.49% | 7.74% | – 0.25% |
| Teachers BS | 8.24% | 8.24% | – 0 |
| The Mortgage Works | 7.74% | 7.99% | – 0.25% |
| Tipton & Coseley | 7.69% | 7.84% | – 0.15% |
| TSB | 7.24% | 7.49% | – 0.25% |
| Vernon Building Soc | 7.60% | 7.49% | – 0.25% |
| Virgin Money | 6.74% | 6.99% | – 0.25% |
| West Brom BS | 6.24% | 6.39% | – 0.15% |
| Yorkshire BS | 6.74% | 6.99% | – 0.25% |
Our Standard Variable Rate table is updated regularly to give you the latest and most up-to-date mortgage lender rates (last updated September 2026).
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Current average Standard Variable Rate and base rate
Bank of England Base Rate – 3.75% (September 2026)
Typical Standard Variable Rate – *7.40% (September 2026)
Typical Standard Variable Rate – *6.49% (September 2026) ‘Big six lenders’
*Uswitch mortgage rate UK data
Think about it this way: mortgage lenders need to make money, and they do that with mortgage lender fees and Standard Variable Rates.
FAQ’s – standard variable rate mortgages
Is a Standard Variable Rate mortgage expensive?
It’s pretty normal for a Standard Variable Rate to be significantly higher than a typical fixed or discount rate mortgage. You’ll often be able to save money on your monthly mortgage repayments if you’re on a Standard Variable Rate mortgage.
You should always check to see what rates are available of your mortgage is on a Standard Variable Rate or if it’s going to happen in the next 6 months.
Should I go to a Standard Variable Rate mortgage?
LYour mortgage will naturally at some point go to a Standard Variable Rate and this isn’t always a bad thing. At this point you won’t be tied to a lender or a specific deal and therefore you won’t have any penalties to move or change your mortgage.
If your mortgage reverts to a lender’s standard variable rate, then you can take some time to figure out what to do next. You should just keep in mind that your mortgage repayments will be higher on a standard variable rate, and you could save money by switching to a fixed or discount rate deal.
Is it worth staying on a Standard Variable Rate for families?
Not usually, the only situations where you might stay on a Standard Variable Rate mortgage are if you can’t remortgage at the time (e.g. affordability or equity) or if you’re waiting for rates to drop. You might also be at a point where you’re deciding what to do, and so you could stay on a Standard Variable Rate so you’ve got options or flexibility.
CMost mortgage borrowers will naturally want to move away from a Standard Variable Rate as soon as they can to save money.
What should I do if I’m on a Standard Variable Rate?
You should ideally get advice from a qualified mortgage specialist or speak to your mortgage lender about possible options to save money on your monthly mortgage repayments. We know that the average Standard Variable Rate mortgage is more than 3% higher than the average 2 year or 5 year fixed rate deal, which will cost you hundreds every month.
It is worth reviewing your mortgage 6 months before the end of a fixed or discount rate deal to see if you can secure a lower rate and to explore what options you have at the time. Mortgage rates can go up as well as down and this could be a good time to secure the best rate to save you money on your mortgage costs.
What are the advantages of a Standard Variable Rate mortgage?
Even though these mortgage rates are higher and they will naturally cost more money, there are some advantages to these rates.
- No Early Repayment Charges
- Lenders will usually offer product transfers and lower-rate deals
- Ability to review and change your mortgage without penalty
- No charge to move house and change mortgage
You should ideally speak to your mortgage lender or contact a mortgage advisor to get advice about the best options before your mortgage changes to a Standard Variable Rate.
What are the disadvantages of a Standard Variable Rate mortgage?
Clearly there are some disadvantages to Standard Variable Rate mortgages and the main issue is cost. It is almost always the case that a lenders Standard Variable Rate will be higher than its fixed or discount rates.
The main disadvantages of Standard Variable Rate mortgages are:
- Higher interest rates
- Monthly mortgage repayments are higher (costs more)
- Interest rates are variable, so they are difficult to budget
- Rates are higher than Bank of England base rate.
You can almost always save money by switching your mortgage to a special deal such as a fixed or discount rate from a Standard Variable Rate.
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