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.

For our advice services, the below fees will be charged as standard, however depending on the complexity of your case, the fee may vary:

• £497 for Purchase
• £997 for Self Build
• £297 for Remortgage
• £497 for Debt Consolidation
• £50 for Product Transfer/Rate Switch

These fees are payable for establishing your needs, undertaking research and making a recommendation.

Our fee becomes payable on completion of your mortgage.