A Guide to Mortgage Applications during Covid-19

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What is an SVR ?

Halifax

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Halifax Mortgages use the term 'Homeowner Variable Rate' (instead of the notation SVR or Standard Variable Rate after an initial deal ends)

Barclays

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Barclays Mortgages use the term 'Follow on Rate' (as well as using SVR or Standard Variable Rate to describe mortgage rates after the initial deal ends)

Natwest

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Natwest Mortgages uses the term SVR or Standard Variable Rate after an initial deal ends.

Santander

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Santander Mortgages offer two different rates for mortgage deals depending on when a mortgage was taken out.

For Santander mortgages taken out AFTER 23rd January 2018 - Santander will apply a 'Follow on Rate' of 3.35% after an initial deal ends.

Nationwide

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Nationwide Mortgages use the term 'Standard Mortgage Rate' or SMR (instead of the term SVR or Standard Variable Rate after an initial deal ends)

Virgin Money

SVR stands for 'Standard Variable Rate' Mortgage. This is the rate of interest you will pay after any initial deal ends.

Virgin Money Mortgages use the term 'Standard Variable Rate' or SVR to describe the rate after an initial deal ends.

Bank	Current SVR
Halifax	3.59%
Nationwide	3.59%
Barclays	3.59%
Leeds BS	5.69%
Santander	3.35%
Virgin Money	4.34%