Interest rate rise of 1% would cost average UK homeowner £930 a year

A Bank of England rate change would add 10bn to UK mortgage bill, Savills says

A 1% rise in interest rates would add around 10bn to the UK's mortgage bill, according to analysis from estate agent Savills.

The increase would equate to adding 930 a year to the cost of servicing the average mortgage. Borrowers on variable rate deals influenced by movements in the Bank of England base rate would be the first to feel the pain, putting the annual mortgage bill up by 4.3bn immediately, Savills said.