Standard Variable Rate Mortgage

With a standard variable rate your payments will rise and fall with interest rates.


If, after advice, you believe interest rates will go down, you will gain as your payments will drop. If you feel the reverse it may be worth fixing or capping your rate that you pay.
There is not normally any early repayment charges.
If you wanted to make overpayments there are rarely penalties.


If rates rose you would have no control over your payments and would see your payments rise. Take good advice over this before taking a variable rate. Ensure it is an educated view rather than adviser comment. You may expect the firm to have an Economics graduate to assist in that view.

Standard Variable Rate with Cash Back

As per the standard variable rate mortgage but you will receive a cash back of a certain amount. If you try and pay off during a certain term there will normally be a penalty. Be wary of taking cash if it locks you in. One way or another you will always pay.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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