Each lender has a Standard Variable Rate of interest, or SVR. It is typically 2 - 3% over the Bank of England base rate and is the basic rate on which all of their mortgage offers are based. Your lender is able to change their own SVR up or down to reflect the interest rate changes in the market.
Any 'introductory' mortgage offer, whether fixed, capped or discounted, will be based on this rate and once the introductory period has ended, your interest rate will generally revert to you lender's SVR, depending on the terms of your mortgage.
