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SVR hikes to push average mortgage payments up by £630

by: Julia Rampen
  • 11/04/2012
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SVR hikes to push average mortgage payments up by £630
Approximately 1m householders will have their mortgage repayments upped by an average of £630 a year after several lenders' increase their SVRs next month.

Lenders planning to increase the rate, including Halifax and RBS, justified the move as a reaction to higher funding costs, the Metro reported this morning.

Two-year fixed-rate deals have already risen to 4.15% from an average low of 3.82% in October.

According to the price comparison website, MoneySupermarket, a borrower with a £150, 000 mortgage agreeing a new deal will pay an average of £320 extra a year.

The Council of Mortgage Lenders predicted that 45,000 homes would be repossessed in 2012, a rise of 8,800 from the 36,200 repossessed last year.


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