This is a type of variable rate mortgage. A standard variable rate is a lender’s default rate with no deals or discounts. It can be a risk to stay on a lender’s standard variable rate as they can raise or lower their rate at any time. They tend to be influenced by changes in the Bank of England’s base rate. A lender can sometimes decide to change their rate while the base rate remains unchanged. If you are working to a tight budget and are hopeful of your standard variable rate remaining low you could find yourself in a vulnerable position. It is worth trying to remortgage if this is the case to get onto a fixed rate deal as they are offer more stability. Our expert advisors can inform you on the best option suited to your requirements.