Page 8 - Standard Variable Rate News Today

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Mortgage repayments will likely soar for millions across Britain following the Bank of Englands latest rise in interest rates, while analysts fear it could increase to 6 per cent by next spring.

The three banking giants, along with Lloyds, which today also paused some of its products, account for around half of the mortgage market in Britain.

The number of available products in the residential sector fell by 517 over the month to leave just under 3,900 on offer for September. In addition, average rates continued to march upwards, with both the average overall two- and five-year fixed rates rising for the 11th consecutive month.

Suffolk expert Joanne Leek has warned of a 'worrying' trend in mortgage repayments after new data revealed they have more than doubled in the last decade.

Two and five-year fixed deals cost nearly £1,000 more

As providers continue to revise and re-price their product ranges, the average overall two- and five-year rates have increased sharply this month, according to the latest data from Moneyfacts. The latest Moneyfacts UK Mortgage Trends Treasury Report shows that both had experienced the largest month-on-month rises

As providers continue to revise and re-price their product ranges, data from the latest Moneyfacts UK Mortgage Trends Treasury Report shows that the average overall two- and five-year mortgage rates increased sharply this month. Both experienced the largest month-on-month rises on our records, which go back to 2007.

New research from Roy Morgan shows an estimated 762,000 mortgage holders (17.5%) were ‘At Risk’ of ‘mortgage stress’ in the three months to March 2022. This period encompassed the ‘Omicron wave’ of COVID-19 throughout Australia although interest rates in the first few months of 2022 were still at a record low level of only 0.10%.

Standard variable rate loans immediately pass on changes to borrowers