Mortgage borrowers are paying out less in interest than at any time in the past 20 years, even as UK house prices have soared and the total stock of home loans has continued to rise.

UK borrowers spent £31.6bn on mortgage interest in the 12 months to April, the lowest annualised monthly figure since the turn of the millennium, and less than half that paid in the year to October 2008, when the interest bill was at its peak. 

Savills, the estate agent, calculated the interest figure using Bank of England data and adjusted to exclude the impact of last year’s mortgage payment deferral scheme

In its recent credit report for April, the Bank said average mortgage interest rates had fallen to their lowest level on record, at

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