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These are example costs when borrowing £200,000 over 25 years, not including any fees:
| Average rate | Monthly payment | Difference compared to 2021/ month | Difference compared to 2021/ year |
|---|---|---|---|
| Average 5 year fix in Oct 2021: 2.55% | £902 | ||
| Average 5 year fix today: 5.95% | £1,282 | £380 | £4,560 |
| Average SVR today: 7.13% | £1,430 | £528 | £6,336 |
If your deal is ending soon, see Should I remortgage now? for the main things to consider before switching.
But it’s not just those coming off a cheap deal who could face repayments rising sharply if they go onto their lender’s SVR instead of taking out a new mortgage deal.
The average 2 year fixed rate mortgage in October 2024 was 5.40%, compared to today’s 2 year average fixed rate of 5.94%.
Homeowners could still face paying hundreds of pounds more per year in some cases if they roll onto their lender’s SVR instead of taking out a new deal.
These are example costs when borrowing £200,000 over 25 years, not including any fees:
| Average Rate | Monthly payment | Difference compared to 2024 / month | Difference compared to 2024 / year |
|---|---|---|---|
| Average 2 year fix in Oct 2024: 5.40% | £1,216 | ||
| Average 2 year fix today: 5.94% | £1,281 | £65 | £780 |
| Average SVR today: 7.13% | £1,430 | £214 | £2,568 |
In this example, moving onto the average SVR rather than the average 2 year fixed rate today would cost an extra £149 each month, or £1,788 per year. Actual costs will depend on the mortgage available to you and any fees or charges.
These examples are based on fixed mortgage rates but the most suitable mortgage will depend on your individual circumstances.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage. Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
If your current mortgage deal expires in the next 6 months, it’s a good idea to start exploring your remortgage options now. That way you could lock in a mortgage rate and keep it under review in case a better deal comes up before you need to switch. See our latest guide on Mortgage rate predictions 2026 for experts’ views on what could happen to rates next.
When you’re comparing your remortgage options, remember to consider the overall cost, including the rate and any fees that may apply.
If you’re thinking of switching before your current deal ends, see Can you remortgage early? to understand when early repayment charges may apply.
If you’re using a fee-free mortgage broker, they can help you compare suitable mortgage options and their overall costs.
Our Mortgage Expert Sarah Tucker says:
“Households are busy in the run up to Christmas and organising your new mortgage deal can slip to the bottom of the to-do list. But if you don’t act promptly, there’s also a risk you slip onto your lender’s SVR. This could cost you hundreds of pounds more at what is already a very expensive time of year – and that really would be ‘a nightmare before Christmas’ So check your deal and speak to a broker today.”
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
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