Variable Rate Mortgages
Rolled onto your lender’s SVR? You are almost certainly paying more than you need to.
Why variable rate?
A variable rate mortgage has an interest rate that can move up or down during the term, so your monthly payments can rise or fall with it. Two types are the most common. The standard variable rate (SVR) is the default rate your lender sets, and a discount rate mortgage gives you a reduction below that SVR for a set period.
Most people land on their lender’s SVR when an initial fixed or tracker deal comes to an end. Because the SVR usually sits well above introductory rates, most borrowers [remortgage](/mortgage-types/remortgage-mortgages) before that point. A discount rate mortgage is a different thing: a deliberate choice you make at the outset for a rate below the SVR, with some added flexibility.
At Clearview Mortgage Solutions, we walk you through the variable rate options and whether any of them fit your circumstances. We compare deals across 90+ UK lenders, so you can weigh a variable rate mortgage against a [fixed rate](/mortgage-types/fixed-rate-mortgages) or [tracker deal](/mortgage-types/tracker-mortgages) and see which one suits you.
Key facts
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Your next moves.
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Read the guides.
Explainers covering deposits, schemes, the application, and what lenders actually look for.
Guides about Variable Rate mortgages
A guide to variable rate mortgages
A full overview of variable rate mortgages in the UK, covering the SVR, discount rate deals, and when they might be the right choice.
ReadStandard variable rate explained
What a standard variable rate is, why it matters, and how to avoid paying your lender’s default rate for longer than you need to.
ReadDiscount rate mortgages
How discount rate mortgages work, where they beat other variable rates, and the sort of borrower they tend to suit.
Read
Frequently asked.
Usually not. An SVR tends to sit well above introductory rates, and staying on one can cost you hundreds of pounds a month in interest you could avoid. It is worth remortgaging to a new deal unless you genuinely need the freedom that comes with no early repayment charges. A mortgage adviser can check what better options you qualify for.
Talk to a specialist.
variable rate mortgages have their own quirks. Our CeMAP-qualified advisers compare 90+ UK lenders and explain how each one applies to you — no obligation.
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