Mark Harris, chief executive of mortgage broker SPF Private Clients, explained that most mortgages track a lender's standard variable rate, or the base rate, so most are not directly affected by Libor.

BBC: Libor scandal: Who might have lost?

Floating-rate mortgages last year reduced many borrowers' payment burden as the Bank of England dropped its base rate to 0.5% and lenders adjusted their standard variable rates downward in response.

ECONOMIST: Houses and prices