When an introductory mortgage deal (usually a fixed or discount/tracker) ends, most borrowers automatically roll onto their lender’s Standard Variable Rate (SVR). For many families, that “reversion” lifts monthly repayments noticeably — sometimes by hundreds of pounds — because SVRs are typically higher than new-customer “special” deals.
This guide explains what SVR is, why so many families end up on it, the latest SVR levels for major UK lenders in September 2025, and the practical steps to take if you’re on (or about to be on) an SVR.
What Families Should Know in 2025
SVR is the default your mortgage falls back to after your deal finishes. It’s “variable” (can rise or fall), is usually more expensive than a fresh fixed/discount product, and rarely has Early Repayment Charges (ERCs), making it easy to switch.
If you’re within six months of your deal ending — or already on SVR — you can usually lock a new product now for a future start date. That single action often trims payments quickly and stabilises your budget.
Key takeaways (brief):
- SVR = reversion rate after a fixed/discount/tracker ends; set by the lender and can change at any time.
- Typically 2–3 percentage points above the Bank of England base rate (directionally, not a rule).
- No ERCs in most cases, so switching to a new deal is usually penalty-free.
- Families often save £100–£300+/month by moving off SVR to a competitive fixed/discount deal (exact saving depends on balance/term).
Why Do Families End Up on SVRs?
Even well-organised households can slip onto SVR because life is busy. Common reasons:
- Deal end date drift: the notification letter arrives, but the month gets hectic (school terms, childcare, work travel).
- Decision paralysis: not sure whether to fix now or wait on rates.
- Eligibility concerns: income changes, self-employment, maternity/paternity leave make people hesitant to apply.
- Equity/valuation uncertainty: unsure what LTV band they’re now in.
Good news: you don’t need to wait. Many lenders allow rate reservations up to 6 months in advance, and if rates improve before completion, you can often switch to the better product (product-switch “reselections” vary by lender).
Current SVR Rates – September 2025
Below is the latest snapshot of UK lender Standard Variable Rates (SVR) and how they’ve moved since the previous update. Use it to benchmark your lender and gauge the urgency of switching.
| Lender | Current SVR | Previous SVR | Change |
|---|---|---|---|
| Accord | 7.24% | 7.24% | — |
| Aldermore | 8.83% | 8.83% | — |
| Atom Bank | 6.99% | 7.14% | −0.15% |
| Bank of Ireland | 7.44% | 7.44% | — |
| Barclays | 7.74% | 7.74% | — |
| Bath Building Society | 7.59% | 7.59% | — |
| BM Solutions | 8.59% | 8.84% | −0.25% |
| Buckinghamshire | 8.39% | 8.39% | — |
| Cambridge | 7.69% | 7.69% | — |
| Chelsea | 7.24% | 7.24% | — |
| Chorley Building Society | 8.29% | 8.29% | — |
| Clydesdale | 8.99% | 8.99% | N/A |
| Co-op | 6.87% | 7.12% | −0.25% |
| Coventry | 6.94% | 6.94% | — |
| Darlington | 7.84% | 7.84% | — |
| Family Building Society | 7.94% | 7.94% | — |
| First Direct | 6.74% | 6.74% | — |
| Furness | 8.24% | 8.24% | — |
| Halifax (Lloyds) | 7.49% | 7.74% | −0.25% |
| Handelsbanken | 7.24% | 7.24% | — |
| Harpenden | 7.64% | 7.64% | — |
| Hinckley & Rugby | 7.04% | 7.04% | — |
| HSBC | 6.74% | 6.74% | — |
| Leeds Building Society | 7.74% | 7.74% | — |
| Leek Building Society | 7.59% | 7.59% | — |
| Loughborough BS | 7.94% | 7.94% | — |
| Mansfield | 8.29% | 8.29% | — |
| Market Harborough | 7.59% | 7.59% | — |
| Marsden | 8.54% | 8.54% | — |
| Melton Mowbray | 8.44% | 8.44% | — |
| Metro Bank | 7.74% | 7.74% | — |
| Monmouthshire | 7.99% | 7.99% | — |
| Nationwide | 6.74% | 6.99% | −0.25% |
| NatWest (RBS) | 6.99% | 7.24% | −0.25% |
| Newbury | 6.30% | 6.30% | — |
| Newcastle BS | 6.50% | 6.50% | — |
| Nottingham BS | 7.85% | 7.95% | −0.10% |
| Paragon | 8.85% | 8.85% | — |
| Penrith | 7.49% | 7.49% | — |
| Platform | 7.37% | 7.37% | — |
| Post Office | 8.04% | 8.04% | — |
| Principality | 6.92% | 6.92% | — |
| Saffron Building Society | 8.29% | 8.29% | — |
| Santander | 6.75% | 6.75% | — |
| Scottish Widows | 7.99% | 7.99% | — |
| Skipton | 6.54% | 6.54% | — |
| Suffolk Building Society | 7.89% | 7.89% | — |
| Teachers BS | 8.24% | 8.24% | — |
| The Mortgage Works | 8.24% | 8.24% | — |
| Tipton & Coseley | 7.99% | 7.99% | — |
| TSB | 7.49% | 7.74% | −0.25% |
| Vernon Building Society | 7.49% | 7.70% | −0.25% |
| Virgin Money | 6.99% | 7.24% | −0.25% |
| West Brom BS | 6.49% | 6.49% | — |
| Yorkshire BS | 7.24% | 7.24% | — |
How Expensive Is SVR vs a New Deal?
SVRs are often the most expensive way to service a mortgage balance. For a typical £275,000 balance with 20 years remaining:
- At 7.49% (SVR) your monthly payment is ~£2,208.
- At 5.49% (new 5-yr fix, illustrative) your monthly payment is ~£1,893.
That’s a difference of ~£315/month (~£3,780/year). Over a two-year horizon, the gap can exceed £7,000 — even before you account for potential future SVR hikes.
(Illustration only; real quotes depend on LTV, credit, product fees, etc.)
Pros and Cons of Staying on SVR
Most families shouldn’t linger on SVR, but there are edge-cases.
Advantages (brief):
- Usually no ERCs, so you can switch freely.
- Useful as a short stop-gap while you decide (e.g., moving home soon).
- If you expect rates to drop imminently, you can wait without penalties.
Disadvantages:
- Higher rate than fixed/discount deals in most markets.
- Budgeting uncertainty (variable rate can change quickly).
- Opportunity cost: you could lock in lower payments today.
Should You Switch from SVR? A Simple Process
- Check your end date & current rate: confirm if you’re already on SVR (or when you will be).
- Assess LTV & property value: recent valuation or lender AVM can improve your product tier.
- Compare options: product transfer with current lender vs external remortgage quotes.
- Decide on term & fix length: balance flexibility (2-yr) vs stability (5-yr/7-yr+).
- Apply & lock a rate: most lenders let you secure a rate up to 6 months ahead.
If your situation is complex (self-employed, multiple income sources, higher LTV), specialist support can save time and money:
Explore self-employed cases: millionplus.com/self-employed-mortgages/
Complex income or structures: millionplus.com/unlocking-mortgages-for-complex-financial-situations/
High-value borrowing needs: millionplus.com/unlocking-large-mortgage-loans/
Private banking/HNW options:
Asset-backed structures: millionplus.com/asset-based-lending/
Broader real-estate financing: millionplus.com/financing/real-estate/
Case Study: Moving a Family Off SVR
Profile: Two-income household, £325,000 mortgage balance, 21 years left. Rolled to lender SVR at 7.59% after a 2-yr fix.
- On SVR: ~£2,562/month.
- Moved to a 5-yr fix at 5.39% (80% LTV, modest fee): ~£2,154/month.
- Monthly saving: ~£408 / Annual: ~£4,896.
Over 24 months, that’s ~£9,800 saved — even if rates fall a bit later, the household benefited immediately from stabilised, lower payments.
(Example only, for illustration.)
FAQs: Standard Variable Rates
Is “SVR” the same as “Standard Variable Rate”?
Yes — SVR is the industry shorthand.
How often do SVRs change?
There’s no fixed schedule. Lenders often react to Bank of England base rate moves and funding costs, but they’re not obliged to mirror the base rate.
What’s a “typical” SVR right now?
In September 2025, many large lenders cluster around ~6.5–7.0%, while some specialists/building societies are ~7.5–8.8%.
Can I lock a new deal before my SVR starts?
In most cases yes — up to 6 months early. If rates improve before your switch date, many lenders allow a like-for-like product reselection.
Should I wait for rates to fall?
Timing the market is risky. If a new fix today provides a meaningful saving and budget stability, many families prefer certainty over speculation.
Final Thoughts
SVR is a safety net — not a destination. It offers flexibility but typically at a higher cost. If you’re on an SVR (or nearing one), take a breath, review your LTV, and compare a product transfer vs remortgage. For families, the monthly savings and peace of mind from a well-chosen fix or discount deal can be substantial.
