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Standard variable rate
Find out what to expect if your mortgage moves to a standard variable rate (SVR). Whether you’ve just moved to an SVR or your mortgage deal ends soon, learn what it means for you.
What is a standard variable rate?
Good to know
Moving on to a standard variable rate?
If your current mortgage deal is coming to an end and you haven’t yet switched or remortgaged, you’ll likely move to an SVR.
Already have a Lloyds mortgage?
Don’t have a Lloyds mortgage?
Remortgaging to Lloyds
If you have a mortgage with a different lender, you may be able to save money by remortgaging to Lloyds.
You could lose your home if you don’t keep up your mortgage repayments
Frequently asked questions
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Whether it’s best to stay on an SVR or switch will depend on your circumstances and the mortgage deals you can choose from. SVRs are usually higher than the interest rate on fixed deals. But early repayment charges don’t normally apply on SVRs, which can be handy if you want to overpay. Compare the SVR against fixed and tracker rates, to see which one could be best for you.
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Yes an SVR can go down. Your lender can reduce the rate for any reason. Whenever there is a change with your rate and payment, your lender will notify you about those changes before they happen.
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SVRs have no end date so can run until the end of your mortgage term. There are usually no early repayment charges, so you can choose a new deal when the time’s right for you.
Getting started online
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Remortgage calculator
Use the calculator to see if you could save by moving your mortgage to Lloyds.
