A standard variable rate mortgage (also known as an SVR or reversion rate mortgage) is a type of variable rate mortgage. The SVR is a lender’s ‘default’ rate – without any limited-term deals or discounts attached.
When a fixed, tracker or discount mortgage deal comes to an end, you will usually be transferred automatically onto your lender’s SVR.
A lender can raise or lower its SVR at any time – and as a borrower you have no control over what happens to it.
In certain circumstances an SVR can be the best option – usually where a mortgage is required without a product fee or an early repayment charge. However, in the majority of cases better rates can be obtained. If you are currently on your Lenders Standard Variable Rate contact us for an immediate review.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
We will charge a broker fee of between 0.5% and 1.5% of the loan amount, payable on completion. For instance for a £100,000 mortgage the fee will be between £500 and £1,500.The amount we will charge is dependent on the amount of research and administration that is required.