• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Average SVR paid by UK mortgage borrowers hits highest level in 13 years | Mortgages

June 23, 2022
in Business
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


The average standard variable rate paid by UK mortgage borrowers reached its highest level in 13 years this month, it was revealed on Monday, and last week’s increase in the Bank of England base rate is to push it up further.

The financial firm Moneyfacts said the average SVR had gone up to 4.91% at the start June, and was up by 0.51 percentage points on December 2021. It is now at its highest level since February 2009.

SVRs are typically paid by borrowers who have come to the end of a fixed or discount-rate deal and are set at the discretion of lenders.

Figures from the trade body UK Finance show at the end of 2021 just over 1 million borrowers were paying their lenders’ SVR and that the average outstanding mortgage for these customers was £76,499.

Each 0.25 percentage point increase in rates will add about £16 a month to their repayments.

The Bank of England has increased the base rate five times since December, taking it from a historic low of 0.1% to 1.25%.

Some lenders have passed on every increase so far, but others have opted not to.

After the most recent increase, last Thursday, Santander announced it would increase its SVR from the beginning of August. Skipton and Leeds building societies said they would not be increasing theirs.

Many of Santander’s customers are on a different rate – its follow-on rate (FoR) which is explicitly linked to the base rate and will rise by 0.25% at the start of July.

Moneyfacts’ figures were calculated before last week’s widely predicted rise.

Other mortgage rates have also increased in recent months as the cost of funding deals has risen.

Moneyfacts said the average cost of a two-year fixed-rate mortgage had risen for eight consecutive months and, at 3.25%, had reached its highest level since November 2014.

Five-year fixed-rate mortgages have also been increasing in cost, with the average rate at 3.37%.

Eleanor Williams, finance expert at Moneyfacts, said: “It’s only the 90% and 95% LTV tiers (so often favoured by first-time buyers) where the average two- and five-year fixed rates remain lower now than they were this time last year, which may give hope to those looking to take a step on to the property ladder.

“While many consumers are battling the ongoing cost of living crisis though, it remains to be seen how any further changes in the market will impact prospective mortgage borrowers.”

Tags: averageborrowersHighesthitsLevelmortgageMortgagesPaidSVRYears
Previous Post

Chelsea ace Kirby reflects on relief at earning Lionesses’ squad spot after battling against extreme fatigue

Next Post

‘My Big Fat Greek Wedding’ third movie is finally in production

Related Posts

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)
Business

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)

AnaBGD/iStock via Getty Images The...

Read more
VW’s ID. Aero is a new electric family car with a 385 mile range
Business

VW’s ID. Aero is a new electric family car with a 385 mile range

German car giant Volkswagen has...

Read more
‘Our customers expect it of us’: the children’s skincare brand with grown-up eco values | Green to grow your business
Business

‘Our customers expect it of us’: the children’s skincare brand with grown-up eco values | Green to grow your business

When Hannah Saunders’ son Etienne...

Read more
I’m a recent widow. I’m building a house on my son’s and daughter-in-law’s land. Do I have legal ownership? What if they decide to sell, divorce, or die before me?
Business

I’m a recent widow. I’m building a house on my son’s and daughter-in-law’s land. Do I have legal ownership? What if they decide to sell, divorce, or die before me?

Dear MarketWatch, My son and...

Read more
Carrols Restaurant Group: A High Risk Bet On The Restaurant Space (NASDAQ:TAST)
Business

Carrols Restaurant Group: A High Risk Bet On The Restaurant Space (NASDAQ:TAST)

sarayuth3390/iStock Editorial via Getty ImagesIt's...

Read more
Load More
Next Post

'My Big Fat Greek Wedding' third movie is finally in production

  • Trending
  • Comments
  • Latest
Model Christy Giles found dead on footpath after night out in LA

Model Christy Giles found dead on footpath after night out in LA

‘RHOBH’ Star Stormed Out of Kyle Richards’ House After ‘Big Fight’

‘RHOBH’ Star Stormed Out of Kyle Richards’ House After ‘Big Fight’

Ex-porn star Lana Rhoades flaunts 2.5st weight loss two weeks after giving birth

Ex-porn star Lana Rhoades flaunts 2.5st weight loss two weeks after giving birth

Six times actors really romped in sex scenes that make 365 DNI look tame

Six times actors really romped in sex scenes that make 365 DNI look tame

Impact of state abortion bans after Roe v. Wade is overturned

Hayden Panettiere reveals past battle with addiction

Hayden Panettiere reveals past battle with addiction

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)

Citi Open adds Andy Murray, Simona Halep to field

Citi Open adds Andy Murray, Simona Halep to field

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Impact of state abortion bans after Roe v. Wade is overturned

Hayden Panettiere reveals past battle with addiction

Hayden Panettiere reveals past battle with addiction

Impact of state abortion bans after Roe v. Wade is overturned

Hayden Panettiere reveals past battle with addiction

Hayden Panettiere reveals past battle with addiction

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)

BlackBerry Between Harsh Reality And Mirages (NYSE:BB)

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Posting....