Scottish families paying £5,000 more a year on mortgages than in 2021
dailyrecord.co.ukScottish families are paying £5,000 more a year on mortgages than they were in late 2021, SNP-commissioned analysis has shown.
The figures show that a typical Scottish family on an average two-year fixed mortgage rate would be paying £5,268 more in interest than they were two years ago.The analysis shows that a typical family in Scotland on an average two-year fixed-rate mortgage of 6.85 per cent, would be paying around £1,130 a month.
This comes after the Bank of England raised interest rates to 5.25 per cent on August 3.That is £439 more in interest per month and £5,268 more a year than that same family would have paid for a two-year fixed-rate mortgage in November 2021.
In total, the monthly cost of an average £166,431 two-year fixed-rate mortgage in Scotland has risen by almost two thirds - some 63 per cent - from £691 a month to £1,130.In November 2021, the average two-year fix was 2.29 per cent but it is 6.85 per cent after the Bank of England raised interest rates for the fourteenth consecutive time.
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