With nearly 300,000 mortgages up for renewal in quarter three of 2024, some might be tempted to roll the dice by sticking to a Standard Variable Rate (SVR) in the hope that rates will come down dramatically in the months ahead.

However, homeowners should make sure they fully understand what an SVR entails. Research from Mortgage Advice Bureau found that one in four (27 percent) prospective buyers have heard of SVRs but don’t fully understand them.

An SVR mortgage is where the interest rate…