Interest rate rises since 2003 have seen mortgage repayments for homeowners on Standard Variable Rates jump by more than £750 a year, according to mform.co.uk
The online mortgage search firm also says more rises will increase payments further and encourages people to move to a mortgage deal with a lower rate. According to mform.co.uk, at the end of 2003 there were almost four million mortgages on SVRs. It claims since then, due to interest rates rises, many of those still on SVRs will have seen repayments rise £750 a year. Francis Ghiloni, mform.co.uk business development director, says: “SVRs with the major lenders are generally around 2% above the Bank of England base rate. “So, unless you need the flexibility offered through a SVR such as ...
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