Mortgage calculator

The Bank of England is raising interest rates and this is driving up mortgage rates, our calculator lets you work out what this could cost you.

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Mortgage borrowers face another increase in their monthly repayments as the Bank of England has increased the base interest rate to three percent today.

They are best suited to help you to find a more affordable deal for the coming months.” “However, remortgaging before your current deal ends could mean you’ll need to pay early repayment charges (ERC). However, you’ll often find that mortgage rates rise before the base rate has increased. “It will put you in a much better place when you remortgage as this will help you save interest, cut years off your mortgage but also increase the chances of securing a cheaper interest rate when the time comes for you to switch deals by reducing your loan to value (LTV).” “A Standard Variable Rate (also called a reversion rate) is the highest rate from a mortgage lender and is what you’ll fall onto once your fixed rate deal is up." The user will then be given a set of results, including an estimate of their monthly repayment, the overall cost of the mortgage and the cost of the interest.

Financial experts predict the hike could add between £1,100 and £3,000 per year to mortgage bills. Homeowners with variable rate mortgages, around two million ...

After that you can change the annual interest rates to see how it will affect your bills. This is because base rate is factored int to the price of mortgages. Interest rates have risen from 2.25 to 3 per cent - but how will this affect your mortgage repayments? The calculator will show you how much your mortgage will cost a month and how much interest you will pay over the term of the loan. [to fall into its longest ever recession.](https://www.birminghammail.co.uk/news/midlands-news/bank-england-warns-uk-fall-25424780) [Bank of England warns UK will fall into its longest ever recession](https://www.birminghammail.co.uk/news/midlands-news/bank-england-warns-uk-fall-25424780)

This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers ...

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