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Standard Variable Rate (SVR) is the interest rate a mortgage lender charges customers once their initial fixed rate or other mortgage deal ends. Each lender has their own SVR, and it can move up or down, usually depending on changes to the Bank of England base rate, but not always by the same amount or at the same time.
SVRs are typically higher than other rates, so when you get to the end of your mortgage deal, it’s worth having a look and speaking to your lender about switching to a better rate.
DSVR mortgages offer a discount on the lender’s SVR. This is usually based on your loan to value ratio (LTV).
Your DSVR can go up or down. That means that your monthly payments might vary over time, so it’s important to budget for some flexibility if you’re on these kinds of mortgages.
