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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The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
GT Mortgages is an appointed representative of TenetLime Limited which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.
GT Mortgages Ltd - Registered in Scotland No. SC298635 - Registered Office: 10 Bank Street, Falkirk, FK1 1NB
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Contact Details
GT Mortgages
10 Bank Street
Falkirk
Stirlingshire
FK1 1NB
Phone : 01324 622226