Standard variable rate
Overview
With a standard variable rate mortgage the interest rate charged will rise and fall in accordance with market conditions during the mortgage term. Your monthly payment will, however, only change once a year under our annual review procedure.
Key features
- Available to first time buyers, customers moving house or remortgaging from another lender
- You can borrow up to 90% of our mortgage valuation of the property or the purchase price (if applicable), whichever is lower, unless stated otherwise on the interest rates schedule
- Tiered income multiples apply - see how much you could borrow
- Payment holidays and underpayment facility once you have made sufficient overpayments to cover the payment holiday or underpayment(s)
- A fee of £25 will be charged if you do not arrange your buildings insurance through us or if you arrange it through us and subsequently cancel the policy before it expires.
| Variable rate payable for whole of mortgage | The overall cost for comparison is | |
|---|---|---|
| 6.75% | 7.00% APR | |