As your rates are fixed, the payments or interest won't change in the short term.
However, check when your fixed term ends, and be prepared to switch to the best deals available. You can compare mortgage deals or get mortgage advice from our brokers.
Your base rate results
Good news! Overall, you are likely to be around £333 better off over the next year as a result of the Bank of England's decision to increase its base rate by 0.25%
Unfortunately, it looks like the Bank of England's decision to increase its base rate by 0.25% could leave you £333 worse off over the next year
The change in base rate doesn't actually mean anything for you. It's not going to leave you any better or worse off.
Your mortgage costs will not increase over the following year as your mortgage is fixed
Your mortgage costs could increase by around £333 per year, with new monthly payments of £2003
The interest you earn from your savings will not change over the following year as your interest rate is fixed
You could earn around £0more in savings interest per year. You can earn up to £1000 a year in savings interest without paying tax (£500 if you're a higher rate taxpayer). If you earn more than that, please note that the excess will be subject to your normal income tax rate.
Your savings won't be affected by the change in the base rate.
If you’re looking for information about your current mortgage or what you might be able to borrow, you may be looking for a calculator to help you find out that information. There are many different types of calculator and it can get confusing as to which does what – here’s a quick guide.
Mortgage Base Rate Calculator
Changes in the Bank of England Base Rate will impact your mortgage payments, either increasing or decreasing them. Using an interest rate calculator for a mortgage will help you understand what your payments will be taking those changes into account.
A mortgage calculator on the other hand gives you a rough idea as to what you may be able to borrow. This doesn’t have anything to do with the base rate but is calculated based on what equity you have to put into the purchase and your income.
Interest Rate Calculator on Savings
If you’re looking to find out what return you can expect on your money if you invest it into a particular account, then you may be looking for an interest rate calculator. To find one of these, search for terms such as:
interest rate calculator in the UK
interest rate calculator UK savings
A repayment calculator will enable you to work out what your monthly repayments are likely to be on a mortgage. You’ll need to provide quite a bit of information in order to build as accurate a picture as possible so the calculator will ask about earnings, other debts, and over how long you want to repay your mortgage.
Paying off your mortgage early is a goal for many people. It can be surprising to see how much making even a small overpayment on your mortgage can have over time. This calculator will allow you to see what that difference might be.