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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

Average SVR mortgage paid in UK tops 5% for first time since 2009

A 'for sale' sign on a street in London
Mortgage experts urged borrowers to explore their options as interest rates climb. Photograph: Dinendra Haria/Sopa Images/Rex/Shutterstock

The average standard variable rate paid by UK mortgage borrowers has topped 5% for the first time in more than 13 years, piling more pressure on households.

The financial data provider Moneyfacts said the typical SVR rose to 5.06% at the start of July and is at the highest level since January 2009, when it stood at 5.14%.

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