Standard Variable Rate
A Standard Variable Rate (SVR) is a rate of interest that is determined by your lender. The rate can increase or decrease at any time, which means your payments could also fluctuate.
Most mortgage deals revert to SVR when your current fixed or tracker deal comes to an end.
How much will it cost?
Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.