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Interest Rates
If a fixed interest rate applies to your mortgage, it will not change until you get to the end of the agreed fixed rate term. You will then usually revert to one of the variable rates detailed below. We will write to you to inform you of your new interest rate and payment at least 14 days before your interest rate and payment changes.
A tracker rate will track at a set percentage above or below another rate (often the Bank of England base rate) for a specified term. Your Terms and Conditions will state details of which rate your mortgage is tracking against.
A discounted rate offers a set discount off either a Product Variable Rate (PVR) or a Standard Variable Rate (SVR) for a specific, initial term. Once the discounted rate period ends, you will then usually revert to one of the variable rates detailed below. The minimum interest rate that can be charged is 0.001%.
Our SVR is an interest rate set by us in accordance with the Terms & Conditions of your loan. It’s not linked to the Bank of England base rate. You can check if your loan is linked to our SVR by calling us or checking your Offer of Loan or credit agreement.
Whenever we change our SVR we will write to you to confirm both the date when the new interest rate will apply and the specific impact on your monthly payment.
The Landmark Mortgages Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet all of the following criteria:
- you are an existing residential Landmark Mortgages mortgage customer and have held your mortgage with us on the same property for 7 years
- you do not currently benefit from a special rate (such as a fixed or tracker rate)
- you are not currently within an Early Repayment Charge (ERC) period
- you do not have a together mortgage