Standard variable rate (SVR)
The standard variable rate is a lender's default mortgage rate, which it can change at its discretion and which usually applies when a deal ends.
Also known as: SVR, standard variable rate
The SVR is often higher than the best available deals. Staying on it without comparing options can cost significantly more each month.
You can usually leave the SVR without penalty, so it is worth reviewing your mortgage before your deal ends and arranging a new one in advance.
An authorised mortgage adviser can explain how this applies to your circumstances, and MoneyHelper offers free guidance. Your home may be repossessed if you do not keep up repayments on your mortgage.
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