Standard variable rate

On a fixed rate, your monthly payments stay the same for a set amount of time.

With a variable rate, your monthly payments can go up or down as your lender updates it - usually in line with Bank of England base rate changes.

And, tracker rate goes up and down in line with the base rate so your payments will also go up and down to.

Our mortgage rates and types guide has more details.

The SVR doesn’t change on a set schedule. Your lender can change it at any time. It is often changed when the Bank of England base rate changes.

The Bank of England (BOE) base rate is the interest rate the Bank of England sets. It affects how much it costs banks to borrow money, and can affect mortgage rates.

• If you have a tracker mortgage, your rate moves up or down when the base rate changes.
• If you have a variable or SVR rate mortgage, your lender may change your rate when the base rate changes, but they don’t have to.
• If you have a fixed rate mortgage, your rate stays the same until your deal ends, even if the base rate changes.

Details of the current base rate can be found on the Bank of England base rate web page.

It depends on you and your situation.

Fixing your rate means your payments stay the same for a set time. If you choose a variable or tracker rate, your payments can go up or down. Doing a bit of research can help you choose what’s best for you.

Learn more about the different mortgage types

Yes, you can, but you might pay an early repayment charge.

Most lenders let you choose your next rate within a few months of your deal ending without a fee. If you're remortgaging, you'll need to complete your new mortgage on or after the date your deal ends, otherwise you may incur a fee.

If you have a tracker mortgage, you may be able to move to a fixed rate at any time. Contact your lender to find out

If you're on the SVR you can check your mortgage statement. I your mortgage is with us, you can log into your mortgage to see your rate.

Alternatively, speak to your lender.