UK Finance has revealed that, ahead of the Bank of England’s Bank Rate decision tomorrow (7th November), there are 8,392,000 residential mortgages outstanding in the UK.
This includes 6,882,000 fixed rate mortgages (82%), 629,000 tracker mortgages (8%), and 693,000 standard variable rate (SVR) mortgages (8%).
Of the fixed rate deals, approximately 1.8 million are set to end next year.
Tracker mortgages have an average balance of £139,124, an interest rate of 6.44%, and an average monthly interest payment of £747.
SVR mortgages have an average balance of £82,438, an interest rate of 7.01%, and an average monthly interest payment of £482.
Fixed mortgages have an average balance of £165,363, an interest rate of 3.41%, and an average monthly interest payment of £470.
If the Bank Rate decreased by 0.25%, average monthly payments would drop by £28.98 for tracker mortgages and £17.17 for SVR mortgages.
If the Bank Rate increased by 0.25%, the payments would rise by £28.98 for tracker mortgages and £17.17 for SVR mortgages.
