Switch your home loan

THE gap between fixed-rate and standard variable rate mortgages is now at its widest in a decade.

The average standard variable rate rose from 4.72 pc in August to 4.85 pc this month, according to data analysts Moneyfacts.

Borrowers coming to an end of a two-year fix would have been paying an average of 2.44 pc.

It means they will see a 2.41 percentage point rise in their rate if they fail to switch to another cheap deal.

On a £150,000 mortgage taken over 25 years, borrowers would see their monthly repayments rise by an average of £196 a month, or £2,352 a year.