Average SVR paid by UK mortgage borrowers hits highest level in 13 years

Figures from the trade body UK Finance show at the end of 2021 just over 1 million borrowers were paying their lenders’ SVR and that the average outstanding mortgage for these customers was £76,499. Photograph: Dinendra Haria/SOPA Images/Rex/Shutterstock

The average standard variable rate paid by UK mortgage borrowers reached its highest level in 13 years this month, it was revealed on Monday, and last week’s increase in the Bank of England base rate is to push it up further.

The financial firm Moneyfacts said the average SVR had gone up to 4.91% at the start June, and was up by 0.51 percentage points on December 2021. It is now at its highest level since February 2009.