Staying on a Standard Variable Rate – the disadvantages

Staying on a Standard Variable Rate – the disadvantages

Have you thought about your re-mortgage options?

Recent consumer research carried out by Legal & General Mortgage Club, found that 41% of respondents were considering not re-mortgaging, and instead staying with their existing lender and accepting the switch to a Standard Variable Rate (SVR).

So why are people opting to stay? The research uncovered these reasons:

  • Having debt
  • Being financially impacted by Covid-19
  • Worried about lenders scrutinising their finances
  • Economic uncertainty

But did you know that switching to an SVR could mean facing up to a £2,500 annual increase in repayments?*

As an adviser I can help you find the right mortgage deal for your circumstances.

And, I can potentially save you £1,000s in unnecessary repayments.

There are plenty of great fixed rate deals available, including furlough-friendly mortgages and specialist lenders who can help borrowers with more complex needs.

If you’d like advice about your re-mortgage – please call me on 0161 711 1720 or email You can also visit my website at:

* Example based on a borrower taking out a 90% mortgage at Which?’s average 2019 fixed rate (Best mortgage rates at 95% LTV revealed – Which? News) on the UK’s average house price in May 2019 of £230,049 and a current average market SVR of 4.51%