According to Mortgage Advice Bureau (MAB) 178,800 people, who took out mortgages in 2005, will face mortgage repayment increases of £185 a month as they come to the end of their fixed rate deals and move onto their lenders SVR rate this month - with a further increase should the base rate rise again this week...
On a typical £100,000 capital and interest repayment 25-year loan, the interest rate on people's loans will increase from typical fixed rates of 4.39 per cent (Moneyfacts 2 June 2005) to the current average SVR rate of 7.40 per cent (Moneyfacts correct as of 24 May 2007). This means that monthly repayments will increase by £185 or 33 per cent from £556 to £741, and represents a total cost for all 178,800 people of £33.08 million per month.
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Wednesday, 6 June 2007
178,800 borrowers, who took out mortgages in 2005, will face mortgage repayment increases of £185 a month
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