Glossary · Mortgages
Variable rate mortgage
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Definition: A mortgage where the interest rate can change at the lender's discretion (SVR) or in line with an external rate (tracker).
Standard Variable Rate (SVR) is set by the lender and can move at any time. Tracker rates follow the Bank of England Base Rate plus a margin. Variable-rate mortgages usually have no Early Repayment Charges, allowing unlimited overpayments.