According to Moneyfacts.co.uk, the average SVR is now 5.06%, an increase from the 4.40% recorded in December 2021. The site said that SVR is above 5% for the first time since 2009.

The increase follows a series of increases in the Bank of England base rate.

However, people looking to move from their SVR and switch to a less expensive deal, will discover that fixed mortgage rates are generally rising. The average, two-year, fixed-rate mortgage on the market is 3.74% which is the highest rate recorded since May 2013.

The average, five-year, fixed-rate mortgage being offered is 3.89%, which is the highest on Moneyfacts’ records since November 2014. The average two-year tracker mortgage rate has climbed to 2.74%, which is the highest recorded since June 2014.

Eleanor Williams, finance expert at Moneyfacts, said: “We have seen some providers pull selected products, while others have withdrawn whole sectors of, or indeed their entire ranges, from the market temporarily.

“Compared to last month, total availability has reduced by a notable 431 deals to leave 4,556 mortgage products on offer to borrowers this month.”

“As might be expected following the recent base rate rises from the Bank of England, the average SVR has also risen and at 5.06% is now above 5% for the first time since January 2009.”

She added: “Although the difference between this rate and the average fixed rates has reduced in recent months, for eligible borrowers about to fall on to a revert rate, the incentive to lock into a new, fixed deal is still clear.

“Those switching from the average SVR to the current, average, two-year fixed-rate might be able to make monthly savings of nearly £150 – based on a mortgage balance of £200,000 over a 25-year term. While we remain in a cost-of-living crisis, it’s vital prospective borrowers explore their options and are not disheartened by recent rate rises.”