What is the difference between an SVR and a Tracker Mortgage?
A tracker mortgage is a variable mortgage which tracks the Bank of England Base Rate (BBR). This means rates rise or fall in line with any changes to the BBR.
A Standard Variable Rate (SVR) is set by the Bank of Ireland Group and can change at any time throughout the year.
- How will I know if the SVR changes?
- What happens to my payment if SVR changes?
- What should I do if the SVR increases and makes my new payment unaffordable?
When it comes to mortgages, there can be lots to think about. That’s why we’ve pulled together a list of our most frequently asked questions, to help you stay on top of things.