Mortgage Increase Calculator
Get an instant estimate of how a new mortgage deal could affect your monthly payments.
How to Use:
1. Enter your outstanding mortgage balance
2. Indicate the remaining term (in years)
3. Provide your annual pre-tax income
4. Enter your current mortgage interest rate
5. Adjust the slider to select a new interest rate
Results:
The calculator displays:
* Current and projected mortgage payments
* Difference in payments
* Percentage of your income dedicated to mortgage expenses
How It Works:
The calculator utilizes your input data to determine your current mortgage payments. It then calculates the difference between your current and prospective mortgage deals, highlighting the potential increase in your monthly expenses. These figures are then compared to your income to estimate the proportion of your take-home pay that will be allocated to mortgage payments.
Benefits of Using the Calculator:
* Estimate potential impacts of remortgaging on monthly expenses
* Allow for advanced financial planning in case of significant payment changes
* Compare multiple mortgage deals to identify the most cost-effective option
Current Mortgage Rate Environment:
* Bank of England's February interest rate cut to 4.5%
* Further rate reductions anticipated in 2023
* UK inflation remains a concern, potentially offsetting rate cuts
Additional Insights:
* Check our website for the latest mortgage rate updates
* Review our comprehensive guide to remortgaging
* Consult with a financial advisor for personalized guidance