Essex Mortgages - mortgage & remortgage advice for Essex and the rest of the UK.

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Standard Variable Rate Mortgages

With a standard variable rate (SVR) mortgage, the interest rate may go up or down during the course of the loan. Sometimes, the rate will remain unchanged for months at a time, but at other times it may fluctuate from one month to the next.

The SVR charged by mortgage lenders is determined mainly by the Bank of England Base Rate, which is reviewed once a month. When the Bank of England changes the Base Rate, mortgages lenders will usually adjust their SVR up or down accordingly.

A few years ago, variable rates hit at an all time low of around 4%. However, in the past there have been periods where they were much higher – up to 15% or more.

It is therefore important to bear in mind the effects of any future rise in interest rates when opting for a variable rate mortgage.

If you would like more information on any aspect of mortgages or remortgages, we would be happy to hear from you. Just complete our online enquiry form and a mortgage consultant will contact you to discuss your requirements and provide you with a free personalised quotation.

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