Standard Variable Mortgage Rate

The Standard Variable Mortgage Rate is currently 2.50%.

• Only applies at the natural end of a mortgage deal if you applied for your deal before 1 June 2010*
• Guaranteed to be no more than 2% above the Bank of England bank rate**.
• It's a variable rate, so your payments can go up and down.

If the Standard Variable Mortgage Rate is available to you at the end of your deal, you can choose not to move onto it but to switch to a new deal instead. If you decide to switch, you will go onto either the Homeowner Variable Rate or Buy-to-Let Variable Rate at the end of that new deal depending on the mortgage you take out, and it will not be possible for you to return to the Standard Variable Mortgage Rate in the future.

If you are currently on a Fixed-Rate or Tracker mortgage, then when your deal ends in most cases your interest rate will switch to the Standard Variable Mortgage Rate, which could be higher or lower than the rate you have been paying and may vary over the remaining term of your mortgage.

* The Standard Variable Mortgage Rate only applies at the natural end of a fixed-rate, tracker or other special deal period - not if you come off a deal early. If you applied for a mortgage on or after 1 June 2010, different variable rates will apply.
Learn more about our variable rates

** If a change in the bank rate means that the Standard Variable Mortgage Rate needs to change in order to fulfil the guarantee, then it will be changed within 30 days of the change to the bank rate.

This guarantee does not apply to the Homeowner Variable Rate or the Buy-to-Let Variable Rate. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE