This will cost the average homeowner with a £75,000 repayment mortgage over 25 years an extra £11.80 a month.
Monthly payments on a 25 year repayment standard variable rate mortgage:
Loan Amount New SVR 6.79% Extra amount required per month
£50,000 £346.72 £7.87
£75,000 £520.08 £11.80
£100,000 £693.44 £15.73
£150,000 £1,040.16 £23.60
£200,000 £1,386.88 £31.46
In addition the Barclays Tracker and Woolwich Branch Saver accounts increased on August 5, 2004 by 0.25 per cent in line with the Bank of England base rate. Both accounts track base rate immediately unlike the majority of tracker accounts in the market. The Barclays Reward Saver account also guarantees to track base rate upwards until the end of 2004. All other savings rates will be announced later this month.
