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Discounted SVR Mortgages

See if you can save money
with one of our Discounted
SVR mortgage deals

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What are Discounted Standard Variable Rate Mortgages?

In simple terms a Discounted Standard Variable Rate (SVR) mortgage is a type of variable rate mortgage. A variable rate mortgage is a mortgage where the interest rate goes up and down according to a mortgage providers Standard Variable Rate. This is opposite to a fixed rate  mortgage, where the rate is the same throughout a set period.


Applying for a Discounted SVR mortgage

When you've found the right Discounted SVR mortgage from our range, follow these steps to start your mortgage application:


Check how much you could potentially borrow.

Before beginning an application, it’s important to check that how much you could borrow for a mortgage and what the cost could be we have a borrowing calculator  and a repayment calculator  to help you decide.

Takes approximately 2 minutes to complete


Obtain a lending decision (or ‘Approval in Principle’).

Our online Approval in Principle application  takes just 10 minutes to complete, after which we’ll be able to tell you whether or not we would be able to lend to you and how much we would be able to lend.

Takes approximately 10 minutes to complete


Complete a full mortgage application.

If you’ve acquired a successful lending decision and found a new property then you’re ready for the full mortgage application.  You can complete a mortgage application online  or if you’d like some advice, you can speak to a mortgage advisor in branch or talk to us by phone .

Takes approximately 15 minutes to complete


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How do Discounted SVR mortgages work?

Our Discounted SVR mortgage deals have their interest rate set at a specified ‘discount’ level below our Standard Variable Rate (currently 4.99%) for a specific initial deal period (typically 2 years).

If we offer a discount of 3% on a mortgage deal for 2 years, you would pay a rate of 1.99% (4.99% SVR – 3% discount)

If the SVR rose to 5.24%, the interest rate payable would increase to 2.24% (the new SVR of 5.24% - 3% discount)

If the SVR reduced to 4.49%, the interest rate payable would fall to 1.49% (4.49% SVR - 3% discount)

Are they right for me?

Things to consider

Alternatives to Discounted SVR mortgages


Fix your mortgage interest rate, so it won’t change over a set period of time, regardless of what is happening to interest rates elsewhere.



Use your savings to offset against the balance of your mortgage and reduce the interest you pay.



Before you apply

Before you get started on a mortgage application it’s a good idea to check our mortgage calculators to find out how much you could borrow and what the repayments would be.


Important information

  • Our mortgages have limited availability and may be withdrawn at any time
  • Applications subject to standard lending criteria and all loans subject to status
  • Not all mortgage products allow you to apply online

Need some help?

Visit us

You can visit us in branch to speak to a mortgage adviser.


Call us

Speak to one of our friendly mortgage advisers about your options

0345 166 9510*

  • 8.00am - 8.00pm, Mon-Fri
  • 9.00am - 1.00pm, Sat


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