SVR Watch

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Correct at 31/12/2023

SVR Watch - Updated 20th February 2024

The Bank of England held the base rate in its September meeting, having increased it by 0.25 percentage points in August to 5.25%.

Here’s our rundown of how lenders have been reacting, so you can see where your mortgage lender's Standard Variable Rate stands today. Remember that if you’re currently paying your lender’s SVR, the chances are you could substantially reduce your monthly mortgage costs by switching to a cheaper deal. Our remortgage calculator shows you the potential cost of staying on the SVR.

Review your rate and check our best buys to see today’s top deals. If you’re wondering if you should stick with your current lender or move to a new one when you remortgage, our Mortgage Finder can help you work it out. Simply enter some details and you’ll be able to compare your potential savings if you move onto your current lender’s best deal against your best deal with a new lender. And remember, our expert advisers are on hand if you want to talk through the mortgage options available to you.

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Here's the latest SVRs - updated 20th February 2024

LenderPrevious SVRChangeNew SVR
Bank of Ireland7.790.258.04
Bath BS8.190.28.39
BM Solutions9.340.259.59
Chorley BS8.490.258.74
Clydesdale / Yorkshire Bank9.240.259.49
Digital Mortgages (Atom Bank)6.990.157.14
Earl Shilton7.990.48.39
Ecology BS6.29
Family BS (National Counties)7.790.658.44
First Direct6.99
Halifax / Lloyds8.490.258.74
Hanley Economic7.990.58.49
Hinckley & Rugby7.790.258.04
Hodge Lifetime8.350.58.85
Leek United7.990.258.24
Loughborough BS7.140.357.49
Market Harborough8.240.158.39
Melton Mowbray8.440.258.69
Metro Bank8.50.258.75
NatWest / RBS7.740.58.24
Post Office7.790.258.04
Saffron BS7.7918.79
Scottish BS8.24
Scottish Widows8.490.258.74
Stafford Railway5.950.256.2
Suffolk BS8.69
Teachers BS8.540.258.79
The Mortgage Works8.49
Tipton & Coseley8.340.258.59
Vernon BS8.1
Virgin Money9.240.259.49
West Brom BS6.490.256.74
Yorkshire BS7.990.258.24

Frequently Asked Questions

What is an SVR?

SVR stands for Standard Variable Rate, and this is the rate you usually move on to once your initial mortgage rate finishes, unless you remortgage to another mortgage deal.

How does an SVR work?

An SVR is a variable rate, which means it can move up and down over time. It isn’t tied to the Bank of England base rate, so lenders may or may not change the SVR when the base rate moves.

How often do SVRs change?

Although SVRs often move up or down in line with changes to the Bank of England base rate, it’s entirely up to your lender. They could pass on any increase or decrease in base rate in full, partially or make no change at all. That means your SVR could change at any time, and not just when the Bank of England raises or lowers the base rate.

Should I stay on my SVR?

The SVR is usually more expensive than other mortgage rates, but there may be some circumstances when it might be beneficial to stay on your SVR, for example, if you’re planning to pay off your mortgage soon or if you only have a very small balance remaining.

What are the disadvantages of being on my lender’s SVR?

The main disadvantage of staying on your lender’s SVR is that they tend to be much higher than other mortgage rates, so you could end up paying hundreds - or even thousands - of pounds more in interest every year compared to if you were on a different mortgage deal. Another downside of staying on your lender’s SVR is that it’s entirely up to their discretion how high or low this rate goes, which can make it difficult to budget with any certainty.

Are there any advantages of staying on my lender’s SVR?

The main benefit of SVRs is that there aren’t generally any Early Repayment Charges, so if you want to pay off your mortgage in full, or move to a different deal, you can do so without incurring any additional cost. It also means that you can usually make overpayments of any size whenever you want. Other mortgage deals may cap the amount you can overpay each year, and if you exceed this limit, you may have to pay early repayment charges