The average mortgage period lasts 25 years, according to The Money Advice Service. Lower or discounted interest rates may be offered during the start of a mortgage, with these deals usually lasting for a certain amount of time - such as two or five years. Once the deal ends, it may be that the mortgage-holder is switched onto the lender’s Standard Variable Rate . The Money Advice Service advises that the SVR will usually be higher than other rates being offered on the market.
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