What happens when your mortgage reverts to SVR?
Introductory mortgage deals are time-limited. Once they expire, your lender’s standard variable rate applies unless you take action.
SVRs are typically higher and can change at any time, meaning your payments may increase without warning.
How much difference can a better rate make?
Even a small reduction in interest rate can lead to meaningful monthly and long-term savings.
| Loan Amount | Interest Rate | Term | Monthly Payment |
|---|---|---|---|
| £180,000 | 4.5% (SVR) | 25 years | £1,000 (approx.) |
| £180,000 | 3.5% (New Deal) | 25 years | £901 (approx.) |
In this example, remortgaging to a lower rate saves approximately £99 per month — over £1,100 per year.
Interest rate isn’t the only factor
While online comparison tables often highlight the lowest rates available, they don’t always show the full picture.
Many low-rate remortgage products come with additional costs such as:
- Arrangement fees
- Valuation fees
- Legal or booking fees
For example, paying a large fee to secure a slightly lower rate may not be cost-effective if you are borrowing a smaller amount or plan to remortgage again in a short period.
Eligibility matters
Not everyone qualifies for the lowest rates advertised.
Factors such as your loan-to-value (LTV), income, employment status, and credit history all influence which remortgage products are available to you.
Applying for deals without checking eligibility can lead to unnecessary declines, wasted time, and additional credit searches.
How a broker helps you secure the right deal
Rather than focusing on headline rates alone, a mortgage broker looks at the full cost and suitability of each option.
- Identifying deals you are actually eligible for
- Comparing rates and fees together
- Matching products to how long you plan to keep them
- Managing the application process from start to finish
This approach helps ensure that remortgaging for a better rate genuinely improves your position rather than creating new problems.
If your mortgage deal is ending — or you’re already paying your lender’s variable rate — it may be time to review your options.
A short conversation with a mortgage adviser can quickly show whether switching to a better rate could save you money.