Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Standard Variable Rate

What is a Standard Variable Rate (SVR)?

Standard Variable Rates (SVRs) are the normal lending rate charged by a bank or building society. It can change at the lenders discretion and generally changes more or less in line with the Bank of England Base Rate, although there are complaints that whilst lenders are quick to pass on any rate rises, lenders do not pass on full rate cuts to customers.

Some lenders link to LIBOR or Barclays base rate instead. Most mortgages are automatically transferred to a lender’s SVR after their fixed rate or discount period ends. As the SVR is often higher than fixed rate deals, most people try to fix a new mortgage deal before the end of their current deal.

Q: How is SVR calculated?

A: SVR is not calculated as much as it is agreed upon. Unlike a tracker mortgage which is the Bank of England base rate plus an additional percentage, the amount you pay for a standard variable rate mortgage can vary even if the base rate stays the same. It is however usually fairly close to base rate changes.

Q: How easy is it to get out of an SVR mortgage?

A: If you want to repay a chunk of your mortgage early, an SVR mortgage can make this easier as early repayment charges are often foregone on this type of payment. Even though your bank is obliged to tell you if you if the SVR changes on your mortgage, they may not tell you if their other products could work out as a better deal, so it’s important to check regularly and switch if necessary.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.