What is an SVR mortgage?

The standard variable rate (SVR) is the default interest rate your lender moves you onto when a fixed or tracker deal ends. Lenders set it themselves, can change it at any time, and it is almost always well above the rates offered on new deals.

How much higher is the SVR than a fixed rate?

As of July 2026 the average UK SVR is around 7.1%, while typical new fixed deals range from roughly 4.2% to 5.5% depending on term and loan-to-value. On a £200,000 mortgage with 20 years remaining, that gap is around £300 a month.

Do I have to stay on the SVR?

No. There is usually no penalty for leaving an SVR at any time. You can take a new deal with your existing lender (a product transfer) or remortgage to another lender.

UK standard variable rates: what sitting on the SVR really costs

When your fixed deal ends and you do nothing, your lender moves you onto its standard variable rate. Here's where SVRs stand, and what the "do nothing" option costs per month.

Current SVRs by lender

Checked July 2026 against lender websites and rate trackers. Lenders change SVRs at any time — always confirm the current figure with the lender.

Lender	SVR	Monthly payment*	vs a 4.5% fix	Extra per year
Barclays	5.74%	£1,403	+£138/mo	+£1,653
HSBC	6.24%	£1,461	+£195/mo	+£2,345
Newcastle BS	6.31%	£1,469	+£204/mo	+£2,443
Nationwide	6.49%	£1,490	+£225/mo	+£2,696
NatWest	6.74%	£1,520	+£254/mo	+£3,051
Santander	7.00%	£1,551	+£285/mo	+£3,424
Market average	7.13%	£1,566	+£301/mo	+£3,611
Aldermore	8.38%	£1,720	+£455/mo	+£5,462

*Illustration: £200,000 repayment mortgage, 20 years remaining. A 4.5% fix on the same balance and term costs £1,265/month. Your own numbers will differ — that's what the calculator is for.

Run your own numbers — free calculator, no sign-up

What is an SVR?

The standard variable rate is your lender's default rate — the one your mortgage reverts to when a fixed, tracker or discount deal ends. Two things make it expensive:

The lender sets it freely. It loosely follows the Bank of England base rate, but lenders decide the margin — which is why the table above spans 5.74% to 8.38% on the same day.
It prices in inertia. SVRs are consistently 2–3 percentage points above new-customer deals. Lenders can charge that premium because a large share of borrowers never switch.

The one upside of an SVR

No early repayment charges. You can leave at any time, overpay without limit, or sit on it briefly while a house sale or a new deal completes. As a short deliberate parking spot it has its uses — as a default it's the most expensive mortgage most people will ever hold.

Getting off the SVR

Product transfer — new deal, same lender. Usually no affordability check, often done online in under an hour, new rate can start within days.
Remortgage — new lender. Takes 4–8 weeks with a full application, but the wider market often beats your lender's retention offer. See product transfer vs remortgage.

Either way, start with the size of your gap: the calculator shows the monthly difference between your current rate and a rate you could switch to. If the gap is small, relax. If it's three figures a month, that's your hourly rate for an afternoon of paperwork.