If you’re one of the 1.2 million homeowners affected by the recent rises in lender Standard Variable Rates (SVRs), make sure you check to see what your new repayments will be. You may have been enjoying a low and stable interest rate for a while, but that is about to change and it’s important that your prepared for any rise in your mortgage costs. If you’re with another lender and your mortgage is on or linked to a Standard Variable Rate, use our rate change calculator to see how a rise in interest rates would affect your mortgage payments and your finances. These recent moves by Halifax, Royal Bank of Scotland, Bank of Ireland and Clydesdale highlight the fact that lenders can increase their SVRs at their own discretion, even when there’s been no change in the Bank of England Base Rate. If you’re looking to review your current mortgage rate or want to switch to a fixed rate mortgage, take a look at the latest deals available.
How would a mortgage rate rise affect your finances?