Variable Rate Mortgages

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  • Stafford Railway BS's logo'

    Stafford Railway BS Standard Variable Rate

    • Initial Rate
      2.95% Standard Variable Rate
    • APRC
      3.10%
    • Product Fee
      £0
    • Monthly Repayment
      £707.42
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  • Newcastle BS's logo'

    Newcastle BS Standard Variable Rate

    • Cashback Available
    • Initial Rate
      3.96% Standard Variable Rate
    • APRC
      4.00%
    • Product Fee
      £0
    • Monthly Repayment
      £788.45
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  • Bank of Ireland UK's logo'

    Bank of Ireland UK Standard Variable Rate

    • Initial Rate
      4.09% Standard Variable Rate
    • APRC
      4.20%
    • Product Fee
      £0
    • Monthly Repayment
      £799.23
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  • Post Office Money®'s logo'

    Post Office Money® Standard Variable Rate

    • Initial Rate
      4.09% Standard Variable Rate
    • APRC
      4.20%
    • Product Fee
      £0
    • Monthly Repayment
      £799.23
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  • Ecology Building Society's logo'

    Ecology Building Society Standard Variable Rate

    • Initial Rate
      4.15% Standard Variable Rate
    • APRC
      4.40%
    • Product Fee
      £799
    • Monthly Repayment
      £804.23
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  • Ecology Building Society's logo'

    Ecology Building Society Standard Variable Rate

    • Initial Rate
      4.15% Standard Variable Rate
    • APRC
      4.40%
    • Product Fee
      £799
    • Monthly Repayment
      £804.23
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  • Ecology Building Society's logo'

    Ecology Building Society Standard Variable Rate

    • Initial Rate
      4.15% Standard Variable Rate
    • APRC
      4.80%
    • Product Fee
      £300
    • Monthly Repayment
      £804.23
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  • Ecology Building Society's logo'

    Ecology Building Society Standard Variable Rate

    • Initial Rate
      4.15% Standard Variable Rate
    • APRC
      4.80%
    • Product Fee
      £300
    • Monthly Repayment
      £804.23
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  • Newcastle BS's logo'

    Newcastle BS 2 Year Variable

    • Initial Rate
      4.20% Variable to 31/12/2023
    • APRC
      4.10%
    • Product Fee
      £0
    • Monthly Repayment
      £808.41
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  • Clydesdale Bank's logo'

    Clydesdale Bank Standard Variable Rate

    • Offset
    • Initial Rate
      4.55% Standard Variable Rate
    • APRC
      4.80%
    • Product Fee
      £999
    • Monthly Repayment
      £838.01
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  • Yorkshire Bank's logo'

    Yorkshire Bank Standard Variable Rate

    • Offset
    • Initial Rate
      4.55% Standard Variable Rate
    • APRC
      4.80%
    • Product Fee
      £999
    • Monthly Repayment
      £838.01
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  • Penrith BS's logo'

    Penrith BS Standard Variable Rate

    • Initial Rate
      4.75% Standard Variable Rate
    • APRC
      5.00%
    • Product Fee
      £699
    • Monthly Repayment
      £855.18
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  • Penrith BS's logo'

    Penrith BS Standard Variable Rate

    • Initial Rate
      4.75% Standard Variable Rate
    • APRC
      5.00%
    • Product Fee
      £699
    • Monthly Repayment
      £855.18
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  • Cambridge BS's logo'

    Cambridge BS Standard Variable Rate

    • Initial Rate
      4.89% Standard Variable Rate
    • APRC
      5.00%
    • Product Fee
      £199
    • Monthly Repayment
      £867.30
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  • Earl Shilton BS's logo'

    Earl Shilton BS Standard Variable Rate

    • Initial Rate
      4.89% Standard Variable Rate (collared at 2.50%)
    • APRC
      5.10%
    • Product Fee
      £524
    • Monthly Repayment
      £867.30
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  • Earl Shilton BS's logo'

    Earl Shilton BS Standard Variable Rate

    • Initial Rate
      4.89% Standard Variable Rate (collared at 2.50%)
    • APRC
      5.10%
    • Product Fee
      £1,625
    • Monthly Repayment
      £867.30
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  • Bath BS's logo'

    Bath BS Standard Variable Rate

    • Initial Rate
      4.90% Standard Variable Rate
    • APRC
      6.40%
    • Product Fee
      £125
    • Monthly Repayment
      £868.17
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  • Beverley BS's logo'

    Beverley BS Standard Variable Rate

    • Initial Rate
      4.99% Standard Variable Rate
    • APRC
      5.20%
    • Product Fee
      £495
    • Monthly Repayment
      £876.01
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  • Chorley Building Society's logo'

    Chorley Building Society Standard Variable Rate

    • Initial Rate
      5.24% Standard Variable Rate
    • APRC
      5.40%
    • Product Fee
      £145
    • Monthly Repayment
      £897.99
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  • Chorley Building Society's logo'

    Chorley Building Society Standard Variable Rate

    • Initial Rate
      5.24% Standard Variable Rate
    • APRC
      5.50%
    • Product Fee
      £1,270
    • Monthly Repayment
      £897.99
    Continue on Fluent Mortgages' website + More info
  • Leeds BS's logo'

    Leeds BS Standard Variable Rate

    • Initial Rate
      5.29% Standard Variable Rate
    • APRC
      5.40%
    • Product Fee
      £0
    • Monthly Repayment
      £902.41
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  • Darlington BS's logo'

    Darlington BS Standard Variable Rate

    • Initial Rate
      5.30% Standard Variable Rate
    • APRC
      6.10%
    • Product Fee
      £120
    • Monthly Repayment
      £903.30
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  • Scottish BS's logo'

    Scottish BS 3 Year Variable

    • Initial Rate
      5.64% Variable for 3 years
    • APRC
      5.40%
    • Product Fee
      £1,249
    • Monthly Repayment
      £933.71
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  • Marsden BS's logo'

    Marsden BS Standard Variable Rate

    • Bad Credit
    • Initial Rate
      5.70% Standard Variable Rate
    • APRC
      5.90%
    • Product Fee
      £1,049
    • Monthly Repayment
      £939.13
    Continue on Fluent Mortgages' website + More info

Your home may be repossessed if you do not keep up repayments on your mortgage.

The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.

Our mortgage comparison service is partnered with Fluent Mortgages for selections made outside of our featured lenders. Featured lenders are firms with whom we have a direct commercial relationship.

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Last updated on 09 November 2020.

Variable Rate Mortgages FAQ

What are the different types of variable rate mortgage?

Variable rate mortgages come in the form of 'tracker' and 'standard rate' variable mortgages. While tracker mortgages follow the Bank of England base rate for interest, standard rate variable mortgages can be changed by the lender according to their conditions of the loan.

There are also discounted versions of standard variable, and tracker mortgages. Often, these mortgages include a discount on the current rate that lasts for a specific period. For instance, you might get a 1% discount over the first five years of your mortgage repayment plan.

What is a standard variable rate mortgage?

A standard variable rate mortgage or SVR mortgage is a type of variable rate mortgage that follows the default interest rate of your chosen lender, without any discounts or limited-term deals attached. When a discount, tracker, or fixed mortgage term ends, you will usually be transferred automatically onto the lender's SVR.

What is a 'mortgage collar'?

A mortgage collar sets a minimum on how low your variable rate will go. This often fixes the base rate amount on a mortgage to ensure that even if the Bank of England base rate falls below the collar, you will stay pay extra. A 'mortgage rate minimum' is similar, but it's set against the standard interest rate, rather than the base rate.

What are the risks of standard variable rate mortgages?

Paying into a standard rate variable mortgage can be a risky strategy, as there is no interest rate security. Lenders can increase their SVR at any time, and if you're on a tight budget, then you might be in a vulnerable position with repayments. Switching onto a fixed-rate deal may offer you more security.

What is a tracker mortgage?

A tracker mortgage is a form of variable rate mortgage that follows the base rate for interest set by the Bank of England. This means that your rate of interest on repayments will change according to UK rates as the Bank raises or lowers its base rate. Usually, however, a mortgage lender will charge slightly more than the base rate. A discount tracker mortgage, on the other hand, removes a percentage point or two from the standard variable rate (not the Bank of England base rate), for a certain period.

What are the risks of tracker mortgages?

A tracker mortgage, like any kind of variable mortgage, will not provide you with total security over your interest rate. If the Bank of England base rate changes, then the interest you pay will change too. If you need to know exactly how much your monthly mortgage repayments are going to be, a tracker mortgage might not be your best option. Instead, you may be better off considering a fixed-rate mortgage deal.

What are discounted Variable Rate mortgages?

Discounts can be given on variable rate mortgages that are like introductory offers. You will pay interest at a rate that is one or two per cent lower from the standard variable, or standard tracker rate. Usually, these discounts last for a period of one to five years.

Should I switch from my fixed rate mortgage deal?

If you're currently in a fixed-rate mortgage deal, you may find that it's worth considering switching into one with a variable rate, particularly when the variable interest rates available to you are extremely low.

Deciding whether to switch to a variable rate mortgage will mean considering whether you think it's worth paying any early repayment fees required for exiting your current mortgage, alongside new arrangement fees, to access a new deal.