Standard Variable Rate Mortgage

Mellypoos

Hi all

I am looking to buy a house with my fiance but all the mortgage types are confusing me. I've been advised by my parents just to get a basic standard variable mortgage with no bells and whistles. But bearing in mind my parents took their mortgage out many years ago and it's paid off.

The SVR rates look pretty good and Nationwides rate is 3.99%. Is it possible to get one of these as a first time buyer? The only web page I can see that doesnt only give the option of tracker and fixed is the Scottish Building Society which offers discounted variable, fixed and svr on it's first time buyer page. But the rate is 5.29 which is a lot higher.

Thanks
Mel

ACG

SVR is a standard variable rate, its the rate deals revert to when finished. Not many lenders allow you to take that "deal" out, infact i cant think of any on residential mortgages.

As much as we all know someone that knows a little about whatever, if your unsure its always best to get professional advice. As you have found yourself getting an SVR deal is near impossible, which shows their knowledge is probably not upto the standard it should be to be making recommendations.