Difference between fixed and standard variable mortgages now at its widest in a decade
Money Mail Reporter for daily mail
The gap between mortgages with a fixed and standard floating rate is now the largest in a decade
The gap between mortgages with a fixed and standard floating rate is now the largest in a decade.
The average standard floating rate rose from 4.72 percent in August to 4.85 percent this month, according to data analysts Moneyfacts.
Borrowers who come to the end of a two-year fix would have paid an average of 2.44 percent.
It means that they will see an increase of 2.41 percent if they do not switch to another cheap deal.
On a £ 150,000 mortgage contracted 25 years ago, borrowers would see their monthly repayments rise by an average of £ 196 per month, or £ 2,352 per year.