Mortgage Amount £
Interest rate (%)
While you may be able to afford the monthly repayments now, what happens if interest rates rise? Consider whether you would still be able to afford the repayments if rates went up. With some mortgages the interest rate is fixed or capped for a period of time.
This can help you budget. But do check what happens at the end of the fixed or capped period, as often the interest rate will rise. Will you still be able to afford the monthly repayments then?
Use these calculators to help you get your head around the impact of a rise in interest rates on your pocket.