Some consider this to be the simplest and most straightforward mortgage option.

Virtually every single lender offers a Standard Variable Rate (SVR) which historically tends to follow the Bank of England interest rate.

SVRs are generally a couple of percentage points higher than the Bank's base rate.  As the base rate shifts up and down due to the Bank Of England's fiscal adjustments, so mortgage lenders adjust their Standard Variable Rates (although not always by the same amount).

Pros: Relatively simple to understand.  Wide acceptance criteria and usually no application fees or early repayment penalties.

Cons: You'll pay much more interest than a competitive Fixed Rate, Discount or Tracker deal.  Furthermore, SVR mortgages are risky in a climate where the base rate is expected to climb over the coming months and years. In addition, there is no guarantee you will get the full benefit of all rate changes, e.g. if the base rate goes down by 0.25% then the mortgage lender will not necessarily reduce your % immediately or even by the same amount.

NB: Alongside mortgage lenders' Standard Variable Rates, banks and building societies offer a whole range of other mortgages. Most are introductory offers which last for a set period of time, after which lenders move customers back to the SVR where they hope they will stay for a while.