Standard Variable Rate Mortgages

Some borrower's monthly repayments are centred on the prevailing rates of interest their lender charges i.e. the rate of interest being charged is completely the lenders choice - this is referred to us a Standard Variable Rate (SVR) mortgage. With a SVR mortgage, your lender can change your rate of interest at any time, meaning that your monthly repayments could fluctuate and you can never be certain what your monthly repayment will be.

The Rates

As SVR mortgages have no specific financial inducements, they can be more or less expensive than other types of mortgages. The rate of interest charged on SVR mortgages can range from 2% - 5% above base rate, or more. More common than none, the SVR arrangement fees are often lower than that of a fixed rate or tracker mortgage and if the borrower is able to pay off their mortgage before the end of their mortgage term, he or she may not suffer an early repayment charge.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

The Financial Conduct Authority does not regulate most forms of buy to let mortgage.

Mortgages

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Money Wise Mortgages LTD | Mortgage Adviser Buckie | Mortgage Adviser Moray | Local Mortgage Adviser

Money Wise Mortgages LTD | Mortgage Adviser Buckie | Mortgage Adviser Moray | Local Mortgage Adviser