Interest rate rise mortgage calculator: How much will it cost you?

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

The latest move up was a 0.5 percentage point hike to the base rate, voted for at the February 2023 Monetary Policy Committee meeting 

The calculator lets you use your current mortgage rate and see how different levels of rate rises would increase interest and monthly payments. 

Enter a figure for the size of the rate rise, for example, 0.25, 0.50. or 0.75, or a negative value (eg -0.25) for a rate cut. 

> Check the best live mortgage rates you could apply for with our mortgage finder 

After more than a decade in the doldrums following the financial crisis, interest rates are rising rapidly.

The Bank of England’s base rate, officially known as Bank Rate, has rocketed up from 0.1 per cent in December to 4 per cent now. It is expected to rise again but analysts are divided on whether there will be one or two more rises.

Source of data and images: dailymail