MORTGAGE RATES: PRICE GAP BETWEEN FIXED-RATE AND SVR MORTGAGES REACHES RECORD HIGH – WHICH?

Find out how standard variable rates compare among some of the biggest UK mortgage providers.

The average rate for a standard variable rate (SVR) mortgage has surpassed 7% for the first time since 2008 – giving further incentive for homeowners to avoid being transferred onto one.

Borrowers are automatically put onto their lender’s default SVR if they do not remortgage onto a new deal when their original term comes to an end.

In today’s climate, moving from a fixed-rate to a standard variable rate (otherwise known as revert rate) will likely result in hundreds of pounds being added to your monthly mortgage bill.

But, despite this major downside, can an SVR mortgage ever be beneficial?

Here, we analyse the best and worst revert rates offered by lenders, how to avoid being put onto them, and why they should be considered in some instances.

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