Standard Variable Rate

Your payment can change for a few reasons, depending on the type of mortgage you have.

Changes to the Bank of England Base Rate often influence mortgage interest rates. However, the Standard Variable Rate (SVR) is set by the lender and may not change every time the Base Rate does. 

Any changes to the SVR are made in line with our terms and conditions, and we’ll write to you at least 5 days before telling you about any change.

Your payment may also have changed if:

• You have a discount mortgage linked to our SVR, or your mortgage is already on SVR, and the SVR has changed.
  If your discount mortgage has reached its lowest rate (sometimes called a floor rate), your payment will not change.

• Your fixed or special rate has come to an end and your mortgage has moved onto our SVR.
• You have a tracker mortgage linked to the Bank of England Base Rate, which has changed.

You can usually choose to stay on SVR or look at switching to another available rate at any point, typically without a charge.

Changes such as illness, bereavement, relationship breakdown or increased living costs can affect how manageable your mortgage feels. If your situation has changed, we can offer tailored support,

Call us: 0330 333 4020

Email: customersupportteam@principality.co.uk

Customer support opening hours: Monday to Friday: 9:30am - 5pm

In most cases, existing Members can switch to a new rate without credit checks, legal work or completion of any forms. We can usually confirm your switch to a fixed rate product over the phone.

If you’re finding it difficult to manage your payments, or your circumstances have changed, help is available.

You can find information by visiting our help with your mortgage repayments page.

Although the Bank of England Base Rate can influence mortgage rates, our SVR is set by us and may not change every time the Base Rate moves. The Base Rate is one factor we look at, alongside others, when deciding whether to change our SVR.

Any changes we make to our SVR are made in line with our terms and conditions, and you will receive a letter at least 5 days before informing you of any change.