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Standard Variable Rate mortgages (SVR)

We look at what the latest mortgage lender Standard Variable Rates are, and what you can do to save money on your mortgage repayments

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 28 March 2024

6 min read

Standard Variable Rate mortgages (SVR)

One of the top tips that any mortgage advisor can give you is “make sure that you review your mortgage if you’re on a Standard Variable Rate (SVR)”. In this page, we look at what the latest mortgage lender Standard Variable Rates are, and what you can do to save money on your mortgage repayments.

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. The most common of these situations would be if you’re on a 2 or 3 year fixed rate and then your mortgage payment suddenly goes up.

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.

A picture of a stopwatch

60-Second Summary – Standard Variable Rate mortgages

Most mortgage borrowers will understand that a mortgage deal comes to an end and that the reversion rate will increase at that point. Not everyone keeps tabs on when that will happen and often we don’t know what that rate will be, but usually our mortgage lender will write to us to tell us.

It’s always advisable to review your situation at this point as it’s very easy to reduce your mortgage rate and save money. Almost all mortgage lender Standard Variable Rates will be higher than what you could pay on a ‘special deal’.

  • Standard Variable Rate (also known as ‘reversion rate’) is the rate that all mortgages revert to at the end of a ‘special deal’ period (e.g. fixed or discount rate).
  • Almost all lender Standard Variable Rates will naturally be 2 or 3% above the Bank of England Base Rate and they are ‘Variable’ which also means that they can go up as well as down.
  • Once a mortgage borrower moves to the lenders Standard Variable Rate they can usually change or switch to another deal (e.g. fixed or discount) without a penalty or Early Repayment Charge.
  • Borrowers can also lock in a new deal or rate as early as ‘6 Months’ before their mortgage moves to a Standard Variable Rate.

When you take out a mortgage, it’s likely that you’ll have been told about the mortgage lenders Standard Variable Rate. This is basically the ‘normal’ rate that your mortgage lender charges when a ‘special deal’ (e.g. fixed rate, discount rate or tracker rate) has ended.

You’ll usually get a special rate for a period of time and so you’ll often hear things like:

  • 2 year fixed rate
  • 3 year fixed rate
  • 5 year fixed rate

When the 2, 3 or 5 years comes to an end, your mortgage will then automatically switch to a ‘higher rate’ and your mortgage repayments will increase.

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 yours and other mortgage lender 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 RatePrevious Standard Variable RateRate change
Accord8.24%7.99%0.25%
Aldermore9.73%9.73%0.25%
Atom Bank7.14%6.99%0.15%
Bank of Ireland8.04%7.79%0.25%
Barclays8.74%8.49%0.25%
Bath Building Society8.39%8.19%0.2%
BM Solutions9.59%9.34%0.25%
Buckinghamshire8.79%8.59%0.2%
Cambridge8.54%8.29%0.25%
Chelsea8.24%7.99%0.25%
Chorley Building Soc8.74%8.49%0.25%
Clydesdale9.49%9.24%0.25%
Co-op8.12%7.78%0.25%
Coventry7.49%7.24%0.25%
Darlington8.09%7.84%0.25%
Family Building Soc8.44%7.79%0.65%
First Direct6.99%N/AN/A
Furness8.69%8.49%0.2%
Halifax (Lloyds)8.74%8.49%0.25%
Handlesbanken8.75%8.5%0.25%
Harpenden7.79%7.29%0.5%
Hinckley & Rugby8.04%7.79%0.25%
HSBC6.99%N/AN/A
Leeds Building Soc8.24%7.99%0.25%
Leek Building Soc8.24%7.99%0.25%
Loughborough BS7.49%7.14%0.35%
Mansfield8.89%8.49%0.4%
Market Harborough8.39%8.24%0.15%
Marsden9.19%8.99%0.2%
Melton Mowbray8.69%8.44%0.25%
Metro Bank8.75%8.5%0.25%
Monmouthshire8.49%7.49%1%
Nationwide7.99%N/AN/A
Natwest (RBS)8.24%7.74%0.5%
Newbury7%6.75%0.25%
Newcastle BS6.94%N/AN/A
Nottingham BS8.7%8.45%0.25%
Paragon9.6%9.35%0.25%
Penrith7.99%N/AN/A
Platform8.12%7.87%0.25%
Post Office8.04%7.79%0.25%
Principality7.6%7.45%0.15%
Saffron Building Soc8.79%7.79%1%
Santander8.5%8.25%0.25%
Scottish Widows8.74%8.49%0.25%
Skipton6.79%N/AN/A
Suffolk Building Soc8.69%N/AN/A
Teachers BS8.79%8.54%0.25%
The Mortgage Works8.49%N/AN/A
Tipton & Coseley8.59%8.34%0.25%
TSB8.74%8.49%0.25%
Vernon Building Soc8.1%N/AN/A
Virgin Money9.49%9.24%0.25%
West Brom BS6.74%6.49%0.25%
Yorkshire BS8.24%7.99%0.25%

Our Standard Variable Rate table is updated regularly to give you the latest and most up to date mortgage lender rates. If you’ve got any questions, then you can call our mortgage team on 0800 009 6559 for help.

Here are some of the most common frequently asked questions from new and existing mortgage borrowers about Standard Variable Rates.

Is an SVR the same as a Standard Variable Rate?

SVR is an abbreviation for Standard Variable Rate and it is a common term that is used in the mortgage market.

Do Standard Variable Rates change regularly?

As it says in the name, this is a variable rate and so it can often change which is usually in line with changes to the Bank of England Base Rate. Typical mortgage Standard Variable Rates are about 2% above the base rate.

This means that when the Bank of England base rate (BBR) changes, you will normally see most mortgage lenders change around the same time.

What is a typical Standard Variable Rate?

Mortgage lenders Standard Variable Rates are usually between 2% and 4% above the Bank of England Base Rate (BBR). The rate often depends on the type of mortgage lender that you’re dealing with, high street lenders typically have the lowest Standard Variable Rates and specialist lenders will be higher.

Example:

Bank of England Base Rate – 5.25%

Typical Standard Variable Rate – 7.25%

Think about it this way, mortgage lenders need to make money and they do that with mortgage lender fees and Standard Variable Rates.

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?

Your 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 lenders 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.

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.

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 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.

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.

Most mortgage borrowers will naturally want to move away from a Standard Variable Rate as soon as they can to save money.

You should ideally get advice from a qualified mortgage broker or you should speak to your mortgage lender about ways to save money and options available to you.

For more information you can contact our team of mortgage experts on 0800 009 6559 or CLICK HERE.

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