UK MORTGAGES: TIME TO SWITCH AND FIX TO SAVE UP TO £400 A MONTH – THE GUARDIAN

Average SVR at highest level for more than 15 years as number of home loan products available jump

The average standard variable rate (SVR) for mortgages has climbed to its highest level for more than 15 years, so many people sitting on one of these could save several hundred pounds a month by switching to a fixed-rate deal.

That was one of the key takeaways from data issued this week that also signalled that rates on new fixed-rate mortgage deals may start to rise again.

A series of Bank of England interest rate rises – 12 since December 2021 – and the chaos triggered by last September’s mini-budget from Liz Truss’s government mean it has been a stressful and costly time for millions of people with a mortgage or looking for one.

However, the financial data provider Moneyfacts says the home loans market “is showing positive signs of resilience and growth”. It pointed to the fact that the total number of mortgage products available has more than doubled since last October, jumping from 2,258 then to 5,264 this month.

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