Standard Variable Rate
This is based on the Lenders basic mortgage rate and, as the name suggests, the
rate fluctuates depending on the Bank of England base rate. Mortgage Lenders are
entitled to decide whether to follow the Bank of England base rate and alter their
own interest rate accordingly.
As a result, a potential Borrower should be aware that with this type of mortgage,
any increase in the Lender’s interest rate will result in an increase in your monthly
repayments. Conversely, a decline in the interest rate may lead to a fall in your
repayments (Lenders do not always pass on reductions/increases to borrowers).
It must be noted that YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON YOUR MORTGAGE.