Opened 8 months ago
#1606 new defect
How much more will I pay on my mortgage?
| Reported by: | anonymous | Owned by: | somebody |
|---|---|---|---|
| Priority: | major | Milestone: | |
| Component: | component1 | Version: | |
| Keywords: | Cc: |
Description
How much more will I pay on my mortgage?
Most people who have a mortgage are on a fixed-rate arrangement, meaning the price they pay will not change until their deal ends.
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But that’s not the case for everyone.
If rates are raised by 0.5% to 2.25%, those on a typical tracker mortgage would have to pay about £49 more a month. Those on standard variable rate mortgages would see a £31 increase.
If the interest rate rises by 0.75% to 2.5% people with a tracker mortgage will see their monthly payments rise by around £73 while those on a standard variable rate will shell out £46 more.
And that comes on top of all the other rate rises since December.
