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Standard Variable Rate

From 1 September 2023, we are increasing the Standard Variable Rate (SVR) linked to some of our mortgage products.

What’s changing?

  • Residential and Buy to Let SVR is increasing from 5.94% to 6.94% for properties in England, Scotland, Wales and Northern Ireland
  • For properties in Gibraltar, SVR is increasing from 6.38% to 7.38%
  • For properties in Jersey, SVR is increasing from 6.49% to 7.49%
When is the SVR changing?

The new rates will be effective from 1 September 2023.

What is a SVR?

SVR is the interest rate normally charged once the initial product rate comes to an end. SVR means your mortgage payment can go up or down. Unlike base rate tracker mortgages, SVRs do not track the Bank of England base rate. Instead, the rate that you pay on a SVR mortgage will be set by your mortgage lender.

Our SVR currently remains one of the lowest SVRs in the market* offering our Members great value.

What does this mean if you have a SVR or SVR linked product?

The higher interest rate will mean that your monthly repayments increase from 1 September 2023. If you are affected by this, we will contact you in writing before 1 September 2023, to make you aware of your new monthly payment.

If you are on a fixed rate mortgage, you will be unaffected. If you aren’t sure about which type of mortgage product you have, please refer to your mortgage illustration or contact us.

I have a SVR mortgage - what do I need to do?

If you pay by Direct Debit then you don’t need to do anything and we will arrange collection of the revised monthly payment. If, however, you pay by Standing Order, then you will need to contact your bank to amend the monthly payment instruction. If you pay by any other method, please ensure the revised payment is made with effect from 1 September 2023.

Or, you may be able to switch to a new deal

All Members have access to our best mortgage deals. To find out what other deals are available to you, you can contact our Mortgage Advice team or visit Existing Mortgage Customers

Our Mortgage Advice team can be contacted on 0345 605 0022. Appointments are available from Monday to Friday, 8am to 8pm and Saturday, 9am to 3pm.

Do you need more help?

We know that the UK is facing a squeeze on household finances and you may be feeling the financial impact. We are here to help you and we encourage you to talk to us if you are concerned about your mortgage payments following this rate increase.

You can call us on our helpline on 0345 702 3083 or 0191 244 2257. We are available from Monday to Thursday, 9am to 6pm, and Friday 9am to 5pm. You can also contact us by email at

Our mortgage payment difficulties page also provides useful links to organisations such as MoneyHelper and PayPlan. We have also partnered with Citizens Advice Gateshead to create Helping Hand. This is a service for our Members where you can receive free, confidential and impartial advice on a range of financial issues.

The SVR is a variable rate, subject to ongoing review and may change in the future. For full details of the circumstances in which we may change our SVR, please refer to the Conditions associated with your mortgage.

If you would like to discuss how this affects you, we are here to help. Please call us on 0345 601 0014. Lines are open Monday to Friday 9am to 6pm.