Standard variable mortgage
A standard variable mortgage is based on the lender's basic mortgage rate, commonly known as the Standard Variable Mortgage Rate.
It is usually the rate that customers revert to after a fixed, capped or discount period ends.
This mortgage is regarded by some as the least complex mortgage type with the interest rate varying (rising and falling) in response to changes in the UK base rate. The base rate is set by the Bank of England and lenders are free to decide for themselves the amount that they will alter their own interest rates by in relation to these movements in base rate.
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alexander hall associates limited is authorised and regulated by the Financial Services Authority for pure protection, residential mortgages and general insurance business. We do not charge a fee for residential mortgage advice; however there is an administration fee for processing each of your standard residential mortgage contracts. The typical administration fee is £499. For impaired credit lending the typical fee is 1% of the mortgage loan. For Buy to Let and Commercial Mortgages a fee of 0.5% of the mortgage loan size applies of which £500 is payable on application with the balance payable on completion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Types of mortgage
