Correct at 30/06/2023
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.
Lender | Previous SVR | Change | New SVR |
---|---|---|---|
Accord | 7.99 | 0.25 | 8.24 |
Aldermore | 9.48 | 0.25 | 9.73 |
Bank of Ireland | 7.79 | 0.25 | 8.04 |
Barclays | 8.49 | 0.25 | 8.74 |
Bath BS | 8.19 | 0.2 | 8.39 |
Beverley | 7.79 | 0.45 | 8.24 |
BM Solutions | 9.34 | 0.25 | 9.59 |
Buckinghamshire | 8.59 | 0.2 | 8.79 |
Cambridge | 8.29 | 0.25 | 8.54 |
Chelsea | 7.99 | 0.25 | 8.24 |
Chorley BS | 8.49 | 0.25 | 8.74 |
Clydesdale / Yorkshire Bank | 9.24 | 0.25 | 9.49 |
Co-op | 7.78 | 0.25 | 8.12 |
Coventry | 7.24 | 0.25 | 7.49 |
Cumberland | 8.24 | ||
Darlington | 7.84 | 0.25 | 8.09 |
Digital Mortgages (Atom Bank) | 6.99 | 0.15 | 7.14 |
Dudley | 8.14 | 0.5 | 8.54 |
Earl Shilton | 7.99 | 0.4 | 8.39 |
Ecology BS | 6.29 | ||
Family BS (National Counties) | 7.79 | 0.65 | 8.44 |
First Direct | 6.99 | ||
Furness | 8.49 | 0.2 | 8.69 |
Halifax / Lloyds | 8.49 | 0.25 | 8.74 |
Handlesbanken | 8.5 | 0.25 | 8.75 |
Hanley Economic | 7.99 | 0.5 | 8.49 |
Harpenden | 7.29 | 0.5 | 7.79 |
Hinckley & Rugby | 7.79 | 0.25 | 8.04 |
Hodge Lifetime | 8.1 | 0.25 | 8.35 |
HSBC | 6.99 | ||
Leeds | 7.99 | 0.25 | 8.24 |
Leek United | 7.99 | 0.25 | 8.24 |
Loughborough BS | 7.14 | 0.35 | 7.49 |
Mansfield | 8.49 | 0.4 | 8.89 |
Market Harborough | 8.24 | 0.15 | 8.39 |
Marsden | 8.99 | 0.2 | 9.19 |
Melton Mowbray | 8.44 | 0.25 | 8.69 |
Metro Bank | 8.5 | 0.25 | 8.75 |
Monmouthshire | 7.49 | 1 | 8.49 |
Nationwide | 7.99 | ||
NatWest / RBS | 7.74 | 0.5 | 8.24 |
Newbury | 6.75 | 0.25 | 7 |
Newcastle | 6.94 | ||
Nottingham | 8.45 | 0.25 | 8.7 |
Paragon | 9.35 | 0.25 | 9.6 |
Penrith | 7.99 | ||
Platform | 7.87 | 0.25 | 8.12 |
Post Office | 7.79 | 0.25 | 8.04 |
Principality | 7.45 | 0.15 | 7.6 |
Saffron BS | 7.79 | 1 | 8.79 |
Santander | 8.25 | 0.25 | 8.5 |
Scottish BS | 8.24 | ||
Scottish Widows | 8.49 | 0.25 | 8.74 |
Skipton | 6.79 | ||
Stafford Railway | 5.95 | 0.25 | 6.2 |
Suffolk BS | 8.69 | ||
Teachers BS | 8.54 | 0.25 | 8.79 |
The Mortgage Works | 8.49 | ||
Tipton & Coseley | 8.34 | 0.25 | 8.59 |
TSB | 8.49 | 0.25 | 8.74 |
Vernon BS | 8.1 | ||
Virgin Money | 9.24 | 0.25 | 9.49 |
West Brom BS | 6.49 | 0.25 | 6.74 |
Yorkshire BS | 7.99 | 0.25 | 8.24 |
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.
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.
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.
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.
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.
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
Choosing the right mortgage for you can be really tricky.
At L&C our expert advisers guide you through the process. Simple and efficient.
Call free from mobile or landline
Choosing the right mortgage for you can be really tricky.
At L&C our expert advisers guide you through the process. Simple and efficient.
Call free from mobile or landline