Standard Variable Rate

From 1 April 2025, we are reducing the Standard Variable Rate (SVR) linked to some of our mortgage products.

What’s changing?

• Residential and Buy to Let SVR is reducing from 6.94% to 6.75% for properties in England, Scotland, Wales and Northern Ireland
• For properties in Gibraltar, SVR is reducing from 7.38% to 7.19%

When is the SVR changing?

The new rates will be effective from 1 April 2025.

What is a SVR?

SVR is the interest rate normally charged once the initial product rate comes to an end. SVR is a variable rate, meaning your mortgage payment can go up or down. Unlike base rate tracker mortgages, SVRs do not track the Bank of England base rate. Instead, the rate that you pay on a SVR mortgage will be set by your mortgage lender.

What does this mean if you have a SVR or SVR linked product?

The lower interest rate will mean that your monthly repayments reduce from 1 April 2025. If you are affected by this, we will contact you in writing before 1 April 2025, to make you aware of your new monthly payment.

If you are on a fixed-rate mortgage, you will be unaffected. If you aren’t sure about which type of mortgage product you have, please refer to your mortgage illustration or contact us.

I have a SVR mortgage - what do I need to do?

If you pay by Direct Debit then you don’t need to do anything and we will arrange collection of the new monthly payment. If, however, you pay by Standing Order, then you will need to contact your bank to change the monthly payment. If you pay by any other method, please ensure the new payment is made with effect from 1 April 2025.

Or, you may be able to switch to a new deal

SVR is typically a more expensive rate, but it also provides flexibility to switch deals in the future with no charges or to make unlimited overpayments. If you would prefer the peace of mind of fixed monthly payments, a fixed-rate mortgage may be more suitable for you.

To find out what other deals are available to you (subject to your terms and conditions), you can contact our Mortgage Advice team or visit www.newcastle.co.uk/existing-customers

Our Mortgage Advice team can be contacted on 0345 605 0022 Monday to Friday, 8am to 6pm to discuss your mortgage or to book an appointment with a Mortgage Adviser.

Mortgage advice appointments are available Monday to Friday, 8am to 8pm and Saturday, 9am to 3pm.

Do you need more help?

We are here to help you and encourage you to talk to us if you are concerned about your mortgage payments.

You can call us on our helpline on 0345 702 3083. We are available Monday to Thursday, 9am to 6pm, and Friday 9am to 5pm. You can also contact us by email at mortgage.support@newcastle.co.uk. Calls to 03 numbers, cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile. Calls from landlines and mobiles are included in any bundled minutes or free call packages. The actual cost you are charged will depend on your landline or mobile provider. Please contact them to get information about the cost of the call.

Our mortgage payment difficulties page also provides useful links to organisations such as MoneyHelper and PayPlan. We have also partnered with Citizens Advice Gateshead to create Helping Hand. This is a service for our Members where you can receive free, confidential and impartial advice on a range of financial issues.

The SVR is a variable rate, subject to ongoing review and may change in the future. For full details of the circumstances in which we may change our SVR, please refer to the Conditions associated with your mortgage.