Standard Variable Rate Mortgages
ADVICE
Finding the best standard variable rate mortgage can often be stressful and confusing - that’s where Matrix Financial can help. Our team of mortgage advisers are based in Cambridge and help clients across the country. We are well positioned to provide standard variable rate mortgage advice based on our wealth of experience and product knowledge. We will first get to know your financial situation and then get to work scouring the market to find you the best deal.
WHAT IS A STANDARD VARIABLE RATE MORTGAGE?
In a Standard Variable Rate (SVR) mortgage, the borrower’s monthly repayments are based on the prevailing rates of interest their lender charges — not the Bank of England (BoE) base rate. In other words, it is entirely the lender’s decision on the rate of interest they charge the borrower.
Although the rate of interest charged in a SVR mortgage can be influenced by changes in BoE base rate, whenever the bank raises or lowers base rate, the lender can do the same, or ignore the change altogether. On occasions, the lender may increase or decrease their rates of interest even if the BoE has not changed theirs.
The rate of interest charged on SVR mortgages can range from 2% - 5% above base rate, or more.
Generally speaking, arrangement fees for SVR mortgages tend to be lower than for trackers or fixed rate deals and if the borrower pays off their mortgage sooner than planned, he or she may not incur an early repayment charge.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
CONTACT OUR MORTGAGE ADVISERS TODAY
If you’re looking for advice on standard rate variable mortgages, get in touch with our expert mortgage brokers based in Cambridge. We provide mortgage advice to clients in Cambridge, Bedford, Bury St Edmonds, Huntingdon, Saffron Walden and across the UK. Call us on 01223 365340 or 07773 793349 today or click on our mortgage enquiry form above to send us a message.
ADVICE
Finding the best standard variable rate mortgage can often be stressful and confusing - that’s where Matrix Financial can help. Our team of mortgage advisers are based in Cambridge and help clients across the country. We are well positioned to provide standard variable rate mortgage advice based on our wealth of experience and product knowledge. We will first get to know your financial situation and then get to work scouring the market to find you the best deal.
WHAT IS A STANDARD VARIABLE RATE MORTGAGE?
In a Standard Variable Rate (SVR) mortgage, the borrower’s monthly repayments are based on the prevailing rates of interest their lender charges — not the Bank of England (BoE) base rate. In other words, it is entirely the lender’s decision on the rate of interest they charge the borrower.
Although the rate of interest charged in a SVR mortgage can be influenced by changes in BoE base rate, whenever the bank raises or lowers base rate, the lender can do the same, or ignore the change altogether. On occasions, the lender may increase or decrease their rates of interest even if the BoE has not changed theirs.
The rate of interest charged on SVR mortgages can range from 2% - 5% above base rate, or more.
Generally speaking, arrangement fees for SVR mortgages tend to be lower than for trackers or fixed rate deals and if the borrower pays off their mortgage sooner than planned, he or she may not incur an early repayment charge.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
CONTACT OUR MORTGAGE ADVISERS TODAY
If you’re looking for advice on standard rate variable mortgages, get in touch with our expert mortgage brokers based in Cambridge. We provide mortgage advice to clients in Cambridge, Bedford, Bury St Edmonds, Huntingdon, Saffron Walden and across the UK. Call us on 01223 365340 or 07773 793349 today or click on our mortgage enquiry form above to send us a message.
