Mortgage repayments could jump by at least £400 every year if interest rates rise by 1%, a think tank warned.
The Resolution Foundation gave indications of how changes in mortgage rates could impact on repayments.
- A rate of 3.2%, which corresponds with current average mortgage rates, means someone with a 25-year mortgage of £150,000 pays £727 a month.
- But if this rate increases to 3.7%, the monthly cost is £767, amounting to around £480 a year more.
- If the rate jumps another percentage point, to 4.7%, the monthly cost is £851 and the mortgage holder pays in the region of £1,488 more a year than they would on a rate of 3.2%.
- Moving the mortgage rate up to 5.7% means the mortgage holder pays £939 a month, or around £2,544 a year more than on a rate of 3.2%.
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