The Standard Variable Rate (SVR) is an interest rate you’ll often be moved onto after your current mortgage deal comes to an end, unless you switch to a new deal.
The Bank of England interest rate affects the SVR, meaning that you’ll likely end up paying fluctuating mortgage costs each month – which may see you paying more for your mortgage monthly if you don’t remortgage to another deal.
If you choose to stay on your SVR, you need to consider your financial situation, and whether you’ll be in a stable enough position to cover the costs of your SVR mortgage repayments.