Variable Rate Mortgages

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What is a variable rate mortgage?

There are different types of variable mortgage available, including Standard Variable Rate, Discounted and Tracker. 

A standard variable rate mortgage (also known as SVR) is a mortgage on the lender's default rate of interest, meaning that no deals or discounts are attached.

Most borrowers will find themselves on this type of mortgage when their fixed-rate deal or introductory period has come to an end. 

It can be risky to stay on a SVR, as they can be lowered or raised at any time.  The rates are based upon the Bank of England's base rate, however are actually set by the lender.  Even if the base rate remains the same, SVR rates can be changed at the lender's discretion.

Discounted Rate Mortgage

A discounted mortgage offers a rate at a set percentage below the SVR.  If you are offered a discounted rate of 1% and the SVR is currently 5%, you will pay 4% either for an introductory period or for the term of the mortgage.

Tracker Mortgage

A Tracker Mortgage tracks the Bank of England base rate and remains at a set margin above or below the current rate.   This can be offered for a set introductory period or for the life of the mortgage.


Remortgaging your home to get a batter rate? Use our remortgage comparison tool to find a competitive mortgage.


First Time Buyer

Buying your first home? We can help you to find a low rate mortgage deal that will give you a start on the property ladder.


Buy to Let

Buying a property to let out to tenants? Use our comparison tables to find a low rate mortgage deal to suit you.


Useful tools and calculators

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So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.

Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.

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