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Use our mortgage interest calculator to find out how much extra you'd pay if your mortgage rate increased by between 0.25% and 3%. Just enter your current interest rate, mortgage term and outstanding loan and we'll do the rest.
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If you're on a variable-rate deal such as a discount or tracker mortgage, changes to the Bank of England base rate or your bank's standard variable rate will have an immediate impact on how much you're paying each month.
If this happens, it's worth investigating whether you could save money by remortgaging.
A rate rise can also hit you hard when you reach the end of an initial deal period - for example, if you've reached the end of your fixed-rate mortgage's introductory period, which might be two or five years.
When this period runs out, you'll usually revert to your lender's standard variable rate (SVR), which is likely to be a lot higher.
In most cases, you'll be able to get a better deal if you remortgage your home at this point, as you'll have built up more equity in your property (unless you had an interest-only mortgage) and introductory rates on new deals are usually cheaper than your current lender's SVR.
See our full list of mortgage calculators for more help crunching the numbers.
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