Mortgage interest rates calculator - what will happen if rates change?

If you are about to, or have just purchased a property you may be wondering what effect a change in interest rate could have on your mortgage. Whilst interest rates are notoriously difficult to forecast, it can be useful to understand what would happen to your payments if rates do change in the future.

We might not be able to definitively say when interest rates will fall or rise, but we can give you an accurate figure as to what a change would do to your monthly mortgage payments. This calculator will help you work out how changes in interest rates affect your monthly mortgage payments and what impact it would have on your finances. This is especially relevant if you have or are thinking about taking out a variable rate mortgage.

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What will happen if interest rates rise or fall?

Enter the values above to calculate how your mortgage payments will change if rates rise or fall

What next?

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Latest mortgage best buys

Based on a mortgage of £125,000 at 50% LTV

Provider and details	Initial rate	Overall cost for comparison
	1.29% then 5.79% (variable)	5.2% APRC Learn more
	1.39% then 4.19% (variable)	3.8% APRC Learn more
	1.39% then 4.00% (variable)	3.2% APRC Learn more

Furness
1.29% then 5.79% (variable)	5.2% APR Overall cost for comparison More
HSBC
1.39% then 4.19% (variable)	3.8% APR Overall cost for comparison More
Santander
1.39% then 4.00% (variable)	3.2% APR Overall cost for comparison More

See all mortgage best buys

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Important information

If you are worried about your mortgage payments going up you could considering fixing your rate, although you wouldn't benefit from any drops in interest rate whilst you are on a fixed deal and you would also most likely have an early repayment charge during the fixed period. To get the right advice on what's best for you speak to one of our advisers who will find you the most suitable deal for your circumstances.

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Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

We're here to offer our customers excellent fee free mortgage advice. Our expert advisers will help you secure the best mortgage deal whether you're a first time buyer, remortgaging your home, buying to let or moving up the property ladder. We'll help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest, mortgage advice.

Representative example A mortgage of £187,972 payable over 22 years, initially on a fixed rate until 30/06/24 at 3.03% and then on a variable rate of 4.24% for the remaining 17 years would require 62 payments of £976.37 and 202 payments of £1,070.20. The total amount payable would be £276,745 made up of the loan amount plus interest (£88,742) and fees (£30). The overall cost for comparison is 3.8% APRC representative.

London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath, BA2 3BA is a company limited by shares. Our Companies House number is 1988608. We are also authorised and regulated by the Financial Conduct Authority. Our FCA number is 143002. The FCA does not regulate most Buy to Let mortgages.