Mortgage Meadow / Help / General mortgage help and mortgage types

With a Variable, or Standard Variable Rate (SVR) mortgage, the interest is set by the Mortgage Lender. The SVR varies from company to company and the difference in charging can be significant, usually Building Societies offer the lower SVRs. As the interest rate is set by the lender they can alter the rate as and when they decide and whilst they will almost certainly always pass on an increase in Bank of England Base Rate, they may not necessarily pass on a reduction and if they do, they often do not pass it on immediately.