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Standard variable rate

The Standard Variable Rate (SVR) is the rate you might go onto after your current deal ends.

Online mortgages are provided by NatWest which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Royal Bank of Scotland may receive a fee based on a percentage of any mortgage entered into for this referral. NatWest and Royal Bank of Scotland mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

What is the standard variable rate?

The Standard Variable Rate (SVR) is an interest rate your lender can change at any time, which means your monthly payments might go up or down. When your mortgage deal ends, you could move onto the SVR, but you don’t have to stay on it - many people switch to a new deal because it’s often cheaper. If you’re unsure what’s best for you, give us a call and we’ll help you understand your options.

I'm on standard variable rate, what can I do?

If you're already on or about to go onto the standard variable rate, you have 3 options.

Select a new mortgage rate

Switching to a new deal could be the right choice if:

  • You want to save money - other deals often have lower interest rates.
  • You prefer steady monthly payments — fixing your rate will keep your payments the same.
  • You're not planning to move home within the next 2 years.
Switch to a new deal Open in new window

Remortgage to a new lender

When your mortgage is on SVR, you usually won’t pay an early repayment fee when you move your mortgage to a new lender. This is known as remortgaging and lets you:

  • Take advantage of the best rates available from all lenders.
  • Explore additional borrowing to consolidate debts or free up money for home improvements.

Find out more about the benefits of remortgaging to Royal Bank of Scotland.

Remortgage to Royal Bank Open in new window

Stay on standard variable rate

Staying on the SVR might make sense if:

  • You’re planning to pay off your mortgage soon, and don’t want to be tied into a new deal.
  • You have less than £10,000 left on your mortgage, and switching might not be possible.
  • You want flexibility - for example, you might be thinking about selling your home or moving soon.
  • You’re unsure about your next steps and want to keep your options open.

Key facts about the standard variable rate

On the standard variable rate:

  • You can usually pay off your mortgage early or overpay without a fee.
  • A lender can change the SVR at any time. And, it often changes when the Bank of England base rate changes.
  • If the SVR goes down,  your monthly payments usually go down.
  • If the SVR goes up, your monthly payments usually go up. If you then look for a new deal, those rates might have gone up as well.
  • You’ll usually pay more, as the SVR is often higher than other available rates.
  • If you have less than £10,000 left on your mortgage, you may have to stay on the SVR. You can contact us to check.

Do I have to stay on standard variable rate?

No, you don’t have to stay on the SVR. With a RoyalBank mortgage, you can choose a new deal up to 4 months before your current one ends. This means your new rate will start as soon as your current deal finishes, so you won’t move on to SVR at all.

Check with your current lender about when you can switch to a new deal or remortgage to a new lender.

If you're on SVR, you can get a new deal or move to a new lender at any time.

Need some help?

Call us

We're on hand to arrange a phone or video call with one of our qualified mortgage professionals. We can also help with any general queries about the process. 

Call us on ${dn-0800 056 0567} 

Relay UK: 18001 0800 056 0567

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