Interest Rate Calculator

When interest rates change, your monthly payments will change if you have a variable rate mortgage or when your fixed rate period ends. A 1% increase in interest rate typically adds about £50 per month per £100,000 of mortgage balance, though the exact amount depends on your remaining term.

When your fixed rate period ends, your mortgage will typically move to your lender's Standard Variable Rate (SVR), which is usually higher. It's important to plan ahead and consider remortgaging to a new fixed rate deal before your current rate expires.

Fixing your interest rate provides certainty in your monthly payments and protection against further rate rises. However, the decision should be based on your circumstances, including how long you plan to stay in the property and your attitude to risk. Use our calculator to compare different scenarios.

You can prepare by building a savings buffer, understanding when your current rate expires, staying informed about market trends, and using our calculator to model different scenarios. Consider overpaying your mortgage while rates are lower to reduce the impact of future increases.

Yes, you may be able to remortgage to a fixed rate deal to protect against rate increases. However, this might involve early repayment charges if you're still in your current deal period. Calculate the costs and savings carefully before making a decision.