Standard Variable Rate  

Millions of homeowners can't cope with just 0.25% rate rise

“The message I am giving to people is now is the time to review it. A lot of people have been sitting on SVRs not having to make a decision. 

“Unfortunately, we are slipping back into a spending culture. Base rates have been so low and people are spending again like before the recession.

“What I try to do is encourage people to live their lifestyle not around their mortgage being 1.89 per cent but 4 to 5 per cent and over-pay the difference. People should not live as though interest rates are always going to be so low.”

simon.allin@ft.com