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.
There are a number of criteria that must be taken in to account when calculating exactly. These could include but are not limited to:
Your monthly outgoings or regular commitments
Whether your income is a basic salary or includes bonus, commision or overtime
Whether you are self employed
The amount of deposit you have
Your age and whether you are borrowing past your retirement date
The lender however has the final input in to determining how much you can borrow. Each lender has their own criteria and as a broker we are perfectly placed to match you to the right lender for your borrowing requirements.
The calculators do not have the final say in how much you can borrw, your repayments etc., but this is where our expertise and experience in the field come in to play. We can sometimes make available a higher borrowing by taking your personal circumstances in to account.
*all potential borrowing is subject to affordability checks and credit status.
