Base Rate Calculator
Find out how much your mortgage payments and savings will be affected by the change in the Bank of England base rate.
Your mortgage
• In your online banking statement
• By phoning your bank
• Or by taking a look at the last annual statement you have been sent.
Your savings
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The interest rate you've entered looks to be a bit high.
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Your base rate results
As your rates are fixed, the payments or interest won't change in the short term.
However, check when your fixed term ends, and be prepared to switch to the best deals available. You can compare mortgage deals or get fee-free mortgage advice at any time.
Your base rate results
Good news! Overall, you are likely to be around £ better off over the next year as a result of the Bank of England's decision to its base rate by %
Unfortunately, it looks like the Bank of England's decision to its base rate by % could leave you
£ worse off over the next year
The change in base rate doesn't actually mean anything for you. It's not going to leave you any better or worse off.
In detail...
Your mortgage
Your mortgage costs will not over the following year as your mortgage is fixed
Your mortgage costs could by around £ per year, with new monthly payments of £
Your savings
The interest you earn from your savings will not change over the following year as your interest rate is fixed
You could earn around £ in savings interest per year.You can earn up to £1000 a year in savings interest without paying tax (£500 if you're a higher rate taxpayer). If you earn more than that, please note that the excess will be subject to your normal income tax rate.
Your savings won't be affected by the change in the base rate.
So what next?
You may be able to increase the amount of interest you earn on your savings. Take a look at the Top Savings Accounts.
As your mortgage isn't fixed, it's likely your monthly payments will decrease. It's also likely that you're free to move to a different rate or even change lender to lock in a lower rate. You can compare mortgage deals or get fee-free mortgage advice.
Your rates are fixed, so while you won't be affected by recent changes to the base rate, it doesn't mean you can't save money.
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How much can I borrow?
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Repayment calculator
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Overpayment calculator
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Find out how much your mortgage payments and savings will be affected by the decrease in the Bank of England base rate from 0.25% to 0.1% on 19 March 2020.
If you have a mortgage, the decrease could affect your monthly mortgage payments. Equally, if you have savings that are earning interest, a change to the Bank of England’s base rate will be big news for you.
If you’re wondering how changes to the Bank of England base rate may affect you, our simple base rate calculator will give you an idea of how much better or worse off you’ll be.
It assumes that banks will pass on the exact 0.15% rate fall, but on many accounts it is actually up to the bank what they do - so it's unlikely the answer will be 100% accurate. View it more as a rough guide to if you're likely to be better or worse off.
Here’s how to use it, whether you have a mortgage or savings.
If you have a mortgage…
To find out how a change in base rate could affect your mortgage, tell us how much you owe on your mortgage (the original loan, minus what you’ve paid off so far), your current rate of interest (which will be on your statement or loan agreement) and how many years left you have on your mortgage.
Finally, simply tell us whether or not your mortgage rate is fixed (i.e. it won’t change for the next 12 months).
Click ‘show my results’ and we’ll tell you how the base rate change is likely to impact you.
If you have savings…
To find out how a change in base rate could affect your savings, tell us the amount you have in savings, your current rate of interest and whether or not your savings rate is fixed.
Click ‘show my results’ and we’ll tell you how the base rate change is likely to impact you.