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Base rate rise could cost borrowers almost £300m

Egg warns that today’s 0.25% increase in the Bank of England’s base rate could cost borrowers £292m.

It says the eight million people with standard variable rate mortgages could collectively be paying substantially more a month more on their mortgages, or on average around £35.92 each.

However, Egg says that many people could actually reduce their mortgage repayment by shopping around to find a more competitive mortgage.

Egg research shows that the average rates for a two-year fixed rate mortgage and a two-year discounted rate mortgage are 5.48 per cent and 5.16 per cent respectively, but the average rates for the top 25 per cent most competitive fixed and discounted rates are 4.92 per cent and 4.43 per cent respectively.

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