Standard Variable Rate
Understand more about your SVR mortgage
What is a Standard Variable Rate?
A Standard Variable Rate (SVR) is the interest rate a mortgage lender applies to its standard mortgage. It’s the lender’s usual rate without any discounts or deals. While changes to the Bank of England Base Rate can influence SVR, lenders don’t automatically change their SVR every time the base rate moves. SVR can go up or down at any time. Each lender reviews a variety of factors and decides when, or if, to make a change. Factors we consider are explained in our terms and conditions.
If your current mortgage deal ends and you haven’t chosen a new product or moved to another lender, your mortgage will automatically move onto the SVR. Principality’s SVR is currently 6.80%.
Options if you're on SVR
If you're currently on SVR you can usually switch at any time. Some of our other mortgage products offer lower interest rates that could reduce your monthly repayments.
If you'd like to review your options, you can choose whether to:
- Remain on SVR
- Switch to a new product
- Redeem your mortgage (repay in full)
- Move to a new lender
We understand that reviewing your options can feel ovewhelming, especially if your rate has changed. That’s why we offer a free, no‑obligation mortgage advice service. One of our friendly mortgage experts can talk you through your choices, explain our available products, and help you decide whether switching to a different deal is right for you.
And if you choose to switch to one of our fixed‑rate deals, you won’t need to complete any credit or affordability checks.
To speak to one of our experts, call us on 0330 333 4000
How does SVR work?
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SVR can change, which means your monthly payment can go up or down.
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When you're on SVR you can make unlimited overpayments or repay your mortgage early.
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You can usually stay on the SVR or move to a fixed‑rate, tracker, or discount mortgage at any time.
What you need to know if you're on SVR
Your payment can change for a few reasons, depending on the type of mortgage you have.
Changes to the Bank of England Base Rate often influence mortgage interest rates. However, the Standard Variable Rate (SVR) is set by the lender and may not change every time the Base Rate does.
Any changes to the SVR are made in line with our terms and conditions, and we’ll write to you at least 5 days before telling you about any change.
Your payment may also have changed if:
- You have a discount mortgage linked to our SVR, or your mortgage is already on SVR, and the SVR has changed.
If your discount mortgage has reached its lowest rate (sometimes called a floor rate), your payment will not change.
- Your fixed or special rate has come to an end and your mortgage has moved onto our SVR.
- You have a tracker mortgage linked to the Bank of England Base Rate, which has changed.
You can usually choose to stay on SVR or look at switching to another available rate at any point, typically without a charge.
Changes such as illness, bereavement, relationship breakdown or increased living costs can affect how manageable your mortgage feels. If your situation has changed, we can offer tailored support,
Call us: 0330 333 4020
Email: customersupportteam@principality.co.uk
Customer support opening hours: Monday to Friday: 9:30am - 5pm
In most cases, existing Members can switch to a new rate without credit checks, legal work or completion of any forms. We can usually confirm your switch to a fixed rate product over the phone.
If you’re finding it difficult to manage your payments, or your circumstances have changed, help is available.
You can find information by visiting our help with your mortgage repayments page.
Although the Bank of England Base Rate can influence mortgage rates, our SVR is set by us and may not change every time the Base Rate moves. The Base Rate is one factor we look at, alongside others, when deciding whether to change our SVR.
Any changes we make to our SVR are made in line with our terms and conditions, and you will receive a letter at least 5 days before informing you of any change.
Browse more information
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More about switching
Switch to a fixed rate deal
You can move to a fixed rate deal online or by speaking to one of our mortgage experts.
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Remortgage to Principality
Remortgage to a new lender
If you're on SVR you can usually switch to a new lender without paying an early repayment charge.
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Contact us today
Speak to an expert
If you aren't sure whether SVR is still right for you one of our morgage experts can provide you with personalised options.
