Rate rise 'to add £1,000 to SVR mortgages'

That is according to online mortgage firm mform.co.uk, which says people on fixed rate deals could see an annual increase of £1,021 if they then move on to their lender’s standard variable rate (SVR). Mform calculates that, in 2005, around 1.3 million fixed rate mortgages had been taken out on top of the 977,000 in 2004. It says the majority of these would have been for two and three year fixes with the market average rates for this type of mortgage being 5.18% in 2005 and 5.30% in 2004. According to mform, the average in February 2007 increased to 5.34% and the average SVR was 6.12% mea...