Variable Rate (SVR)
A Variable rate (or the lenders Standard Variable Rate) is the rate you would revert to after any of the above incentives have expired. This is assuming that that you do not change to an alternative product.
There are generally NO early redemption charges.
The advantage: If interest rates fall, your monthly payment will go down. No early redemption charge.
The disadvantage: If interest rates rise, your monthly payment will go up. Lenders can change or review their SVR at any time.
