What would a rate rise mean for homeowners? It would mean higher monthly bills for millions of people with variable rate and base rate tracker mortgages. Those on fixed-rate mortgage deals would be protected from any increase, but only until the end of their deal’s fixed term. The average UK standard variable mortgage rate (SVR) is 4.6%, according to financial data provider Moneyfacts. Those on a variable rate should ensure they have a buffer in place so they can cope with an increase to their rate.

Source: The Guardian September 15, 2017 13:18 UTC