Standard Variable Rate (SVR)
Lender's default rate after a fix ends; almost always uncompetitive.
Full definition
The default rate your mortgage reverts to after a fixed or discount deal ends. Set by the lender at their discretion. UK SVRs in 2026 typically sit between 7% and 9% - significantly higher than competitive fixed rates. Letting your mortgage roll onto SVR is one of the most expensive financial mistakes UK borrowers make. Remortgage before your fix ends to avoid the SVR trap.
How this affects you
Whether standard variable rate (svr) is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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