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UK: Another interest rate rise could make UK mortgage payments unaffordable
The Loan Calculator on http://www.publicangel.com has been launched in time for this Thursday’s meeting of the Bank of England monetary policy committee.
If the committee doesn’t put interest rates up this week, many analysts expect a rise in the New Year.
Public Angel’s Nilesh Gohil said everyone with a mortgage should work out how bad their repayments could get.
He said: "With another interest rate rise potentially coming up, it’s definitely worth knowing the worst case scenario of any increase.
"This calculator helps people work out now if they can afford to stay with their current mortgage, or change to one with lower monthly repayments. All you need to do is enter how much you’ve borrowing and at what interest rate. Then you can increase the interest rate to estimate what your new repayments will be.
There are several new calculators on the website, which allow homebuyers to answer these questions:
• Can you afford to buy the house?
• Can you afford the mortgage payments?
• If the interest rates increases, can you still afford the mortgage?
• How much Stamp Duty will you need to pay?
• How much deposit do you need to find?
The calculators are available at http://www.publicangel.com/calculators.
ENDS
NOTES TO EDITORS
• For any further information, quotes or interviews, a Public Angel spokesman is available
• Please email publicangel@publicityheaven.com or call 08452 303049.
• A website factfile is available online at http://www.publicangel.com/press/pressroom.html
• Find out more at http://www.publicangel.com
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