Why you should check the SVR on your mortgage

Millions of homeowners across the UK have no idea what interest rate they’re paying on their mortgage, according to research by Post Office Mortgages,

A poll by the lender found that while 35% of borrowers are currently on a standard variable rate (SVR) mortgage, 28% – around 3 million homeowners – don’t know what rate they’re paying.

The Post Office said many homeowners could be paying over the odds because they haven’t bothered to find out the rate they’re paying.

SVRs vary “significantly” between providers, so borrowers should not assume they’re on the best deal available.

Marco Hughes, Post Office spokesperson, said: “Some providers have increased their SVRs even though the Bank of England base rate has not moved.

“If you’re thinking about switching mortgage, now is the best time to do it, before rates rise further.”

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