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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

UK mortgages: time to switch and fix to save up to £400 a month

United Kingdom CompareMarket Moneyfacts
House key on a house-shaped silver keyring in the lock of a door
In May 2021 the average new two-year fixed mortgage rate stood at 2.57%, and is now more than double that. Photograph: Brian A Jackson/Getty Images/iStockphoto

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.

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