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Standard Variable Rate (SVR)
The SVR mortgage is pretty much the old fashioned mortgage where your interest payments are charged at the lender's standard interest rate, which will fluctuate each time the Bank of England changes its base rate.
Advantages: Great if you expect the Bank of England to keep dropping the base rate but who can predict that?
Dis-advantages: If interest rates go up then so do your mortgage repayments, making it difficult to budget.
Tracker Mortgage
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