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Base Rate Calculator

Interest rates are predicted to rise in 2022. Find out how your mortgage repayments will be affected by recent changes to the Bank of England Bank Rate.

Use our calculator to see what the increases will mean for your household budget. Then read more in our detailed guide to rising mortgage rates.

Your mortgage

You can usually find the balance that you owe, your current interest rate and how many years are left either:
• In your online banking statement
• By phoning your bank
• Or by taking a look at the last annual statement you have been sent.
£
%
Fixed mortgages are the most common short-term deal offered by lenders. If you have remortgaged (i.e. moved to a new interest rate) within the last two years, there's a good chance you likely have a fixed rate deal - this means your rate can't be increased for a set period.

Your savings

£
%
You can find this in your online banking, by phoning your bank or on your monthly/annual statements
Fixed rate savings accounts pay you a set rate of interest for 1-5 years. They can be great to give you certainty of what you'll earn, but the rate won't increase (or decrease) during the fixed time period, meaning there is no benefit from a base rate rise.

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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 mortgage advice from our brokers.

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 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 increase. But you could be free to move to a different rate or even switch lender to lock into a lower - or fixed rate - deal. You can compare mortgage deals or get mortgage advice from our brokers.

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.

Find out how much your mortgage payments and savings interest will be affected by changes to the Bank of England Bank Rate in 2022.

If you have a mortgage, any increases to the Bank Rate could affect your monthly mortgage repayments – if you’re on a variable rate, discounted rate or tracker rate mortgage. Borrowers in fixed rate mortgage deals won’t be affected by changes to the Bank Rate.

Equally, increases to the Bank of England Bank Rate could lead to higher savings rates – so you could be better off this year if you have savings on deposit.

Here’s how to use the Bank Rate Calculator:

If you have a mortgage…

To find out how a change in Bank 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 Bank Rate change is likely to impact you.

If you have savings…

To find out how a change in Bank 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 Bank Rate change is likely to impact you.