The SVMR (Base Rate) only applies at the natural end of a fixed-rate, tracker or other special deal period – not if you come off a deal early. This is what my lender (Cheltenham&Gloucester) says. Ask your lender first.

Is it as simple as that or do you have to go through all the lending criteria again?

If you are happy to stay with your existing lender and pay the early repayment charge, just ask them to switch you over and either pay the ERC or add it to your loan. The Money Policy Committee have again today voted to keep interest rates on hold, most economists think rates will remain low for some time to come - but it isn't guaranteed. You need to weigh up the cost of the ERC with how much you will save per month.

I am on a fixed rate mortgage for another 3 years.

The Variable Rate for the Bank I am with is a lot less and would make a significant difference to my monthly payment.

I would like to get out of my fixed rate and am willing to pay the early repayment charge.

I was wondering about ways in which I could revert to the variable rate.

Any ideas?