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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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As First Time Buyers we couldn't have asked for a better adviser. Richard kept everything simple and explained everything in a very clear way that we could understand.
I have worked with Richard now for a number of years, he is always on the ball and ensures my buy to let portfolio is managed properly. Saving me money time and time again.
Excellent service from the off, even with my credit history Richard managed to get me a good deal. Have recommended him to many other self employed friends of mine.
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RK Property Finance
82 Rowley Avenue
Sidcup
Kent
DA15 9LG
T: 07944 490 327
F: 01322 507 780
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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.
RK Property Finance is a trading style of Richard Edwards who is an appointed representative of Julian Harris Mortgages Limited, which is authorised and regulated by the Financial Conduct Authority. Julian Harris Mortgages Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 304155.
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.
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