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This will vary from lender to lender and is the rate at which the lender really wants to lend you money. Normally if you take a mortgage deal (e.g. a two year fixed rate) then once the deal is up you will revert to a lenders’ standard variable rate. More often than not this rate will be higher than the deal you will have been on.
Although some lenders base their standard variable rate on the Bank of England base rate many do not and so a fall in the Bank of England rate may not necessarily lead to a fall in standard variable rate, conversely a rise in Bank of England rate will almost certainly lead to a rise in standard variable rate.
Generally if you are on the standard variable rate then there is every chance you could save money by switching your mortgage to another lender, for further details on how to do this please contact us here or call Richard on 0845 430 8676. 
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