Rates & Products

A standard variable rate is an interest rate set by your lender that you are likely to revert to after you have finished your introductory fixed deal, discounted deal, capped deal, etc. You are not tied into the lender's standard variable rate and so you are able to repay your loan in full without penalties. In real terms, you do not want to stay on the lender's standard variable rate as it is usually much higher than initial introductory offers. This is however a good time to move home or look at your situation and plan for the next chapter of your life.  

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.