SVR stands for 'standard variable rate'
At Molo, we refer to the SVR as our follow-on interest rates that your mortgage will switch to once your initial fixed rate mortgage deal finishes.
All of our mortgage products will switch to a follow-on interest rate when your initial deal finishes. Our follow-on rate follows the GBP 3 Month Libor Rate. At Molo, we update the Libor rate you’ll be charged once every three months. This will be on the 15th March, June, September and December.
Once following the Libor rate, there’s a chance that your monthly payments could vary every three months. If the 3-month Libor rate has fallen, so will your payments. If, however, the 3-month Libor rate has risen, your monthly payments will increase.