What is an SVR?

Financewiz

Is there another dimension to this that might well come back to bite in certain circumstances?

Many people take out trackers pegged above the BoE base rate. Since Lehmans it seems some of the major high street lenders have subtly changed to trackers pegged above their own "base rate". Typically this has been the same as the BoE rate at the time but there is no guarantee they will remain the same at all.

We steered clear of a NW mortgage pegged to the NW base rate, particularly as the identical RBS mortgage was pegged to the BoE rate. It made no sense but I can imagine the spate of mis-selling claims should they vary rates away from the BoE rate in the future.

pinkteapot

Depends how clear the banks are making it that the base rate the mortgage is pegged to isn't that of the BoE...