Product Variable Rate (PVR)
If a PVR applies to your mortgage it will be set at a specific level above the Bank of England (BoE) base rate of interest. The level (or margin) above the BoE base rate will be stated in your mortgage conditions. Your PVR will change to follow any movements in the BoE base rate and can therefore rise or fall over time until the end of your current mortgage term.
Changes to a PVR will normally take effect from the first day of the month following any BoE rate change. We will write to you within 2 weeks of any change to the BoE base rate to inform you of any change to your monthly payment. The minimum interest rate that can be charged is 0.001%.