Standard variable mortgage (SVR):
This is a variable rate determined entirely at each Lender's discretion and commonly known as the Standard Variable Mortgage Rate.
It is usually the rate that customers revert to after any product such as a fixed, capped or discount period ends.
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This mortgage rate will change in line with the interest rate (rising and falling) in response to changes in the UK base rate. The base rate is set by the Bank of England and lenders are free to decide for themselves the amount that they will alter their own interest rates by in relation to these movements in base rate.
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