Variable rate mortgages
The Standard Variable Mortgage Rate
The Standard Variable Mortgage Rate (SVMR) is currently 2.50%.
- • This is the rate you’ll move onto at the end of any mortgage deal you applied for before 1 June 2010, unless, when that
- deal ends, you decide switch to a new deal instead, subject to eligibility.
- • It’s a variable rate, so your payments can go up and down.
- • The SVMR is guaranteed to be no more than 2% above the Bank of England base rate.
- • The SVMR is available only when you get to the end of a deal, not at any other time, and only if the deal that’s ending
- was applied for before 1 June 2010.
- • If the SVMR is an option for you at the end of a deal that you’re currently on, if you choose not to move onto SVMR but
- to take out a new deal instead, then either the Homeowner Variable Rate or the Buy-to-Let Variable Rate will then apply
- at the end of this new deal.
If you move onto the SVMR at the end of a mortgage deal, it could be higher or lower than the rate you have been on and may vary over the remaining term of your mortgage.
The Homeowner Variable Rate and the Buy-to-Let Variable Rate
The Homeowner Variable Rate (HVR) is currently 3.99%.
The Buy-to-Let Variable Rate (BTLVR) is currently 4.84%.
- • These are the rates you’ll move onto at the end of any mortgage deal you applied for on or after 1 June 2010, unless,
- when that deal ends, you decide to switch to a new deal instead, subject to eligibility.
- • The Homeowner Variable Rate (HVR) is relevant to all types of C&G mortgage borrowing except buy-to-let borrowing.
- • These are variable rates, so your payments can go up and down.
- • Unlike the Standard Variable Mortgage Rate, the Homeowner Variable Rate and the Buy-to-Let Variable Rate are not
- guaranteed to be more than 2% above the Bank of England base rate.
- • There are no tie-ins (early repayment charges) with these rates, so you are free to repay all or part of your mortgage
- at any time.
- • They’re available only when you get to the end of a deal, not at any other time, and only if the deal that’s ending was
- applied for on or after 1 June 2010.
If you move onto the HVR or BTLVR at the end of a mortgage deal, they could be higher or lower than the rate you have been on and may vary over the remaining term of your mortgage.
