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Standard Variable Rate

A standard variable rate, or SVR, is the interest rate normally charged once the initial product rate comes to an end. SVR means your mortgage payment can go up or down, however it allows you to switch to another mortgage product at any time with no early repayment charges.

SVR also allows you to overpay on your mortgage whenever and as much as you would like and therefore may be suitable for your current needs.

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.

If you don’t want to stay on a SVR mortgage then you may have the option to switch to a new deal or, if your with another mortgage provider, you can remortgage to us.

What is our SVR? 

  • Our Residential and Buy to Let SVR for properties in England, Scotland, Wales and Northern Ireland is 6.94%
  • For properties in Gibraltar our SVR is 7.38% 
  • For properties in Jersey our SVR is 7.49%

Do you need more help?

We know that the UK is facing a squeeze on household finances and you may be feeling the financial impact. We are here to help you and we 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 from Monday to Thursday, 9am to 6pm, and Friday 9am to 5pm. You can also contact us by email at

*Calls to 0345 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. We may monitor and record telephone calls for training and security purposes.

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.

If you would like to discuss how this affects you, we are here to help. Please call us on 0345 601 0014. Lines are open Monday to Friday 8am to 6pm.