Give Your Mortgage a kick up the SVRs !

Give Your Mortgage a kick up the SVRs !

You may have previously read some of my blogs about SVR’s and I make no apology if this is a bit of repetition.


Because it’s soooo important.

AND because there are still way too many people who are paying multiple thousands of pounds needlessly…you could call it voluntarily giving money to the bank!

And we don’t want to do that!

So what exactly is an SVR?

SVR stands for Standard Variable Rate, and is normally the rate which you will revert to at the end of your normal fixed or tracker rate deal.

Lenders set their SVR at whatever rate they want.  Yep, you heard that correctly.  The SVR doesn’t normally track any base rate.  So, at any time, lenders can change their Standard Variable Rate.  If you want any sort of certainty in your monthly payment, probably not a good idea to be sitting here!

There are benefits to staying on an SVR (not many, but let’s give a balanced view)….

If you know you’re about to move, then probably best to stick with it until you do.  Erm….that’s the only generic one I can think of.

The thing with SVR’s is that many people think they have no alternative than to stick with it.  Or, that they will forfeit flexibility if they take a different deal.  Neither of which are necessarily the case.

The only reason I can possibly think of as to why so many people just sit on their Standard Variable Rate is if they don’t know that there is any alternative. So, I’m on a mission to change that assumption, hence this message.

The likelihood of you being able to move to something else, and save, potentially significantly!, is pretty high.

The best time to look at your Standard Variable Rate is….well….when it reverted to that rate.  OK, so if we’re not there, the second best time is now!

It costs nothing to find out if there may be an alternative!

Not taking action is tantamount to ripping tenner’s up and throwing them out of the window.

I know it probably doesn’t apply to you (you are, after all, reading this)….If it does apply, make that call.  If it doesn’t, tell someone who it may apply to – they will thank you for your new found knowledge. Promise.



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Written by John Thompson

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