Mortgage increase calculator: find out how much your bills could rise


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This tool shows how much a new mortgage deal will impact your monthly payments.

Enter the amount you have left to pay on your mortgage, the number of years you have left in which to pay it, your annual pre-tax income (you can enter your household income if more than one person contributes to the mortgage) and the interest rate on your current mortgage deal.

Then, using the slider, select the interest rate for your new mortgage deal.

The results will show you your current and future mortgage payments, the difference between and two, and the proportion of your take-home pay that will be taken up by these mortgage payments.

The calculator uses the information you provide about your remaining loan, mortgage term and interest rate to work out your monthly payments.

The difference between your old and new mortgage deal is picked out so you can see how much your bills will increase, and each figure is set against your monthly income to show how much is being taken up by mortgage bills alone.

This is useful for anyone who needs to remortgage and wants to know how their monthly bills will change. If your bills are set to change dramatically, you can at least start planning ahead of time.

If you’re trying to choose between more than one deal, you can easily change the information to see how your monthly payments would differ, and whether you could free up more of your take home pay.

After several months of steady declines, some mortgage lenders have recently increased rates. This is due to rising swap rates – the main pricing mechanism for home loans – in part due to nervousness following Labour’s Autumn Budget, as well as geopolitical tensions.

This is set to continue, especially since inflation is now back above the Bank of England’s 2pc target – the Consumer Prices Index (CPI) measure of inflation rose by 2.3pc in October, up from 1.7pc in September.

While the Bank of England reduced interest rates to 4.75pc earlier this month, rising inflation means there’s unlikely to be another cut at its next Monetary Policy Committee meeting on December 19. For more details, see our explainer on how the interest rate decision will affect your mortgage.



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