What is a Variable Rate Mortgage?
A variable rate mortgage has an interest rate that can change. A rate change could be based upon a change to the Bank of England base rate, or simply becuase your lender has elected to change their Stndard Variable Rate.
Each lender has their own Standard Variable Rate (or SVR). This is often the default rate that a borrower will move onto when their existing product comes to an end. For example, at the end of a 2 Year Fixed Rate period.
The lender is at liberty to change their Standard Variable Rate (SVR) at any time which is why it is always advisable to seek professional advice prior to your when your existing rate expires.