Standard variable mortgage

Standard variable mortgages are based on the lender's basic mortgage rate, this type of mortgage is also commonly known as the standard variable rate mortgage.

With a standard variable mortgage you are paying off the loan amount and the interest based on your monthly repayments. At the end of the mortgage term, the loan and all interest would have been paid in full.

The standard variable mortgage is usually the rate that customers revert to after a fixed, capped or discount period ends. The standard rate mortgage is regarded as the least complex mortgage type with the interest rate varying (rising and falling) in response to changes in the UK base rate, which is set by the Bank of England.

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