Mortgage FAQs - interest

What interest rate will I be charged on my mortgage?
This is dependant on the type of mortgage you apply for. The rate you will pay will either be the Standard Variable Rate or the individual rate for the product chosen. If you are taking a discount, fixed rate or tracker mortgage, we will advise you of the rate you will be paying and how long that rate or discount will apply.

What is the standard variable rate?
The SVR is considered the basic rate of interest charged on a mortgage and is the rate of interest you will pay if you have not taken out a discount, fixed rate or other special mortgage product.

Financial institutions set their own SVR rate which will fluctuate depending on market conditions and movements in the Bank of England Base Rate.

Does the Cheshire charge interest daily or annually?
Interest is charged daily on the balance outstanding at the end of the previous day.