Average standard variable-rate mortgage hits record high

Average standard variable mortgage rates (SVR) have reached a record high of 8.18% in October, according to Moneyfacts. In comparison, the average two-year fixed-rate mortgage was 6.47% and the average five-year fix was 5.97% at the start of October. According to Moneyfacts, a borrower paying back a £200,000 mortgage over 25 years would have made a typical monthly repayment of around £1,100 back in December 2021, when the average SVR was 4.40%, while at 8.18%, that monthly payment could now have jumped to around £1,567. 

The Independent (10/10/2023)