What is the Standard Variable Rate (SVR) and why should I avoid it?

The Standard Variable Rate (SVR) is your lender's default rate — the rate you automatically roll onto when your fixed or tracker deal ends. SVRs are typically 2–3% higher than the best available deals and can be changed by the lender at any time. Falling onto the SVR is the most common and easily avoidable cause of higher mortgage payments.

How far in advance should I remortgage?

We recommend starting the process 3–6 months before your current deal ends. Most remortgage offers are valid for 3–6 months, meaning you can lock in a rate today and have it ready to activate when your current deal expires. This protects you against rate rises and eliminates any SVR period.

What are early repayment charges (ERCs) and when do they apply?

Early repayment charges are penalties charged by your lender if you repay your mortgage (or switch deals) before the end of your fixed term. They're typically 1–5% of the outstanding balance and taper down each year. ERCs usually don't apply in the last few months of your deal — we'll check your exact terms. In some cases, the saving from remortgaging early outweighs the ERC — we'll calculate this for you.

Can I remortgage during a fixed rate?

Yes, but you'll usually face an early repayment charge. However, there are scenarios where remortgaging during a fixed period makes financial sense — for example, if rates have dropped significantly, your property value has increased (unlocking a better LTV tier), or you need to release equity urgently. We run the full cost-benefit analysis before recommending this.

What if my property value has changed since I last mortgaged?

Property value changes affect your loan-to-value (LTV) ratio, which directly affects the rates available to you. If your property has risen in value, you may now qualify for a lower LTV tier (e.g., moving from 80% to 75% LTV) which can unlock materially better rates. We factor in current valuations when comparing deals for you.

Timing Is Everything

When Is the Best Time to Remortgage?

Get the timing wrong and you'll either pay costly early repayment charges or drift onto the SVR and overpay every month. Get it right and you save thousands. Here's exactly when to act.

The average SVR in the UK is currently 7–8%. If you're on a 4–5% fixed rate, falling onto the SVR costs £200–£400/month more on a typical mortgage.

Start your review 6 months before your deal ends
Lock in rates 3–6 months early — no SVR gap
We calculate whether early remortgage beats ERC
Track your LTV as property values change
We monitor rates and alert you when to act
Free review — no fees, no obligation

Book Free Review Call 0161 000 0000

Your home may be repossessed if you do not keep up repayments on your mortgage. MortgageReady is authorised and regulated by the FCA.

Find Out If Now Is Right

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The Ideal Timeline

The Perfect Remortgage Timeline

Start early, lock in your rate, and switch seamlessly with zero SVR exposure.

6 months before

Start your review

We search the market and compare rates. Identify the best deal available.

3–5 months before

Lock in your rate

Most offers are valid for 3–6 months. Secure your rate today against the risk of rises.

1 month before

Final checks

Solicitor instructed, documents in order, lender notified.

Deal end date

Seamless switch

New deal activates. You're on the best rate — zero SVR exposure.

The SVR Trap

What Happens If You Do Nothing?

When your fixed rate ends, your mortgage automatically moves to your lender's Standard Variable Rate (SVR). This is one of the most expensive rates on the market — and lenders can raise it whenever they choose.

The average SVR is 2–3% above the best available 2-year fix. On a £200,000 mortgage, that's an extra £200–£350 per month — for doing nothing.

The Cost of Inaction

Best 2-year fix

~4.5%

£200k mortgage ≈ £1,111/mo

Typical SVR

~7.5%

£200k mortgage ≈ £1,469/mo

Monthly overpayment on SVR

£358/mo

Illustrative figures only

When Early Remortgage Makes Sense

Rates Have Dropped

If market rates have fallen significantly since you fixed, remortgaging early could save more than the ERC costs. We calculate the exact breakeven point.

Your LTV Has Improved

If your property has risen in value, you may qualify for a much better LTV tier — unlocking lower rates that weren't available before.

Your Final Year

ERCs typically fall to 1% in the final year of a deal. Remortgaging 6+ months early often costs less than one month of SVR.

Remortgage Timing — Your Questions Answered

Not sure if now is the right time? Call 0161 000 0000 for a free, honest review.

When Does Your Deal End?

Tell us your deal end date and we'll tell you exactly when to act — and what rate you could be getting. Takes 5 minutes. Completely free.

Book Free Review

Your home may be repossessed if you do not keep up repayments on a mortgage.

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