40% rise in 'mortgage prisoners'

AOL Money Staff
For sale signs
For sale signs

The number of homeowners trapped on a standard variable rate (SVR) mortgage has rocketed by 40% since last year to reach more than 800,000, research has found.

There are around 839,000 of these borrowers, making up 7.4% of the total mortgage market, and they will be unable to switch to a better deal unless their finances improve or house prices rise, said HSBC.