UK mortgages: time to switch and fix to save up to £400 a month

Average SVR at highest level for more than 15 years as number of home loan products available jump

The average standard variable rate (SVR) for mortgages has climbed to its highest level for more than 15 years, so many people sitting on one of these could save several hundred pounds a month by switching to a fixed-rate deal.

That was one of the key takeaways from data issued this week that also signalled that rates on new fixed-rate mortgage deals may start to rise again.