Average SVR mortgage paid in UK tops 5% for first time since 2009

Typical amount borrowers pay rises to highest level in 13 years at 5.06% after successive interest rate rises

The average standard variable rate paid by UK mortgage borrowers has topped 5% for the first time in more than 13 years, piling more pressure on households.

The financial data provider Moneyfacts said the typical SVR rose to 5.06% at the start of July and is at the highest level since January 2009, when it stood at 5.14%.