Confused about interest rate rises

langold

Nothing really . If it goes up by 2.5 or to 2.5 percent how much extra will I pay

R_P_W

langold wrote: »

Nothing really . If it goes up by 2.5 or to 2.5 percent how much extra will I pay

Find one of the money mortgage calculators and it will tell you

Thrugelmir

langold wrote: »

Nothing really . If it goes up by 2.5 or to 2.5 percent how much extra will I pay

Is your mortgage repayment or interest only?

How much do you currently owe and what's the remaining term of the mortgage?

langold

It's a repayment. I think if it goes up to 7.4% as their standard is 4.9 % it will be around £45 a month more . Which to us us quite a lot but hopefully will manage

langold

Owe 58k 15 years left

MoMoneyMoProblem

Just go onto a mortgage calculator.

The unfortunate situation here though is that if £45/month is make or break for you then buying a home may not have been wise.

Yorkie1

You appear to be confusing the BoS SVR with the recent media reports about the Bank of England saying its base rate may go up by about 2% to about 2.5% in the long term.

The 2 are not directly linked so a rise of 2% in the BoE does not necessarily mean your SVR will go up to 7%.

In any event, if you keep your credit record clean there is no reason why you couldn't get a better rate with this or another lender in 2 years' time.

Unless there is something you haven't mentioned yet, I really do think you are getting yourself into a state probably unnecessarily and definitely prematurely.