Standard Variable

All lenders offer mortgages where the interest is charged at their standard variable rate (SVR), which goes up and down in line with interest rates in general. In terms of monthly mortgage payments, it is unlikely to be the cheapest deal available, but there is usually no penalty to pay if you decide to switch your mortgage. It's worth bearing in mind however, that the lender may not reduce (or may delay reducing) their variable rate even if the Bank of England rate goes down.