A 'mortgage' is a loan secured against your home. 'Secured' means that if you do not keep up the payments, the lender can sell your home to get its money back.

Remember: Your home may be repossessed if you do not keep up repayments on your mortgage.

What if interest rates rise?

Mortgage payment calculators

When setting up a mortgage or re-mortgaging it is tempting to consider only what you will be paying per month at current rates of interest. If interest rates rise your payments will go up and over the full term of the mortgage you could end up paying a great deal more than you expected.

It is also worth bearing in mind that some of the fixed rate interest deals look more expensive now, but they may turn out to be cheaper in the long run if interest rates rise above the fixed rate.

These calculators give you the chance to work out what the effect of various interest rates will be on your payments.

If you have a repayment mortgage, see what effect interest rates will have on your payments Go to repayment mortgage calculator

If you have an interest-only mortgage, see what effect interest rates will have on your payments Go to interest-only mortgage calculator

The two calculators are provided by the FSA and are links directly accessing the FSA website. General information about financial services is available from the Financial Services Authority (FSA). The FSA is an independent watchdog set up by the government to regulate financial services and protect your rights. It provides free and independent information about financial matters on it's website at www.fsa.gov.uk

Your home may be repossessed if you do not keep up repayments on your mortgage.
We do not typically charge a fee for mortgage advice, however,
a fee option of 1% of the loan amount is available, if required.