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.
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-upThe 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:
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.
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.