Scott Jarvis

---

Mortgage Interest rates have seen a sharp rise over The Past few months after years of historic lows.

As higher Interest rates will mean higher monthly mortgage payments, experts have warned of an increased risk of people falling into debt or losing their homes.

You can see how your mortgage may be affected by rising rates with our calculator Below .

A modern browser with JavaScript and a stable internet connection is required to view this Interactive .

How much could my mortgage go up by? How much are you borrowing? If you have an existing mortgage enter The outstanding balance left to pay. If not, enter The Total you are looking to borrow. £ How long will you take to pay it back? If you have an existing mortgage enter The Total number of years remaining. If not, enter The Total number of years you are looking to borrow over. years What is your Current . . For those with a mortgage enter The rate for your Current fixed term. For those without a mortgage enter an Interest rate from another source, such as a bank's mortgage rate calculator. Interest rate monthly payment % Choose an Interest rate to compare with… %

At this rate, your payments could change by…

monthly change

to

monthly Total

The Information you provided on your monthly payments would not be sufficient to pay off your mortgage within The Number of years Given .

This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on The mortgage size and length and a fixed Interest rate. It should be used as a guide only and does not represent The suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

Interest rates fluctuate based on The Bank of England's base rate and market Conditions .

More on mortgagesAbout The data

This mortgage calculator uses a standard mortgage repayment formula to estimate The monthly payments or Interest rate based on The amount borrowed and The length of a mortgage.

The calculator assumes a single, fixed, Interest rate which stays The same over The term of The mortgage and Interest is charged monthly.

Why is my monthly payment estimate different to what I actually pay?

This might be down to:

If there is a difference you can enter your Current monthly payment instead of The Interest rate.

What if I have a variable rate mortgage?

This calculator assumes that The Interest rate stays The same over The term of The mortgage so is not suitable for variable rate mortgages.

What if I have an Interest only mortgage?

This calculator only works for repayment mortgages.

What if I have More Than one mortgage?

This calculator only works for a single mortgage at a time.

What if I don't know what my Interest rate or monthly payments are or would be?

You can use mortgage comparison tools on official mortgage lender's websites to see what a likely Interest rate or monthly payment would be for The amount you were looking to borrow.

What are The values already in The calculator based on?

The value of £150,000 is based on The average loan amount in 2021, according to The Office for National Statistics House Price Index.

The value of 20 years is based on The average outstanding term for a fixed rate mortgage as of June 2022, according to Uk Finance .

The value of 2% is based on The latest effective Interest rate for outstanding mortgages, according to The Bank of England.

The value of £759 is based on The estimated payments made at 2% based on a mortgage of £150,000 over 20 years.

The value of 6% is based on research from Moneyfacts. co. uk, who recently reported The average rate for two-year fixed rate loan.

Source of news: bbc.com