Cash point

People with mortgages who end up on their lender’s standard variable rate when a deal ends are overpaying by up to £1,800 a year. Analysis from data firm Experian shows an average home loan of £151,955 on a typical SVR of 4.39% will be costing £822.41 per month. Switch that to the average mortgage deal available at 2.38% and repayments drop to £672.55 a month – £149.86 a month less and saving £1,798.32 over a year.

Uncertainty around Brexit and a shaky economic outlook has meant 80% searching for mortgage loans in November wanted fixed-rate deals. No wonder when you can get a five-year fixed rate at less than 2%.

Yorkshire Building Society offers 1.96% with £995 fee for those with 25% deposits. Metro Bank has 2.04% with £499 fee on 20% deposits and First Direct is offering 2.25% with £490 fee on 90% deposits.