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UK: Could another interest rate rise make your mortgage payments unaffordable?

Jul 29th, 2007 01:15
Taksh Verdhan, Raju Mishra, Public Angel www.publicangel.com


HOMEOWNERS can work out how another rise in interest rates will affect 
their mortgage payments, with a new online calculator launched today.
The Loan Calculator on http://www.publicangel.com has been launched in 
time for this Thursday's meeting of the Bank of England monetary policy 
committee.
If the committee doesn't put interest rates up this week, many analysts 
expect a rise in the New Year.
Public Angel's Nilesh Gohil said everyone with a mortgage should work 
out how bad their repayments could get.
He said: "With another interest rate rise potentially coming up, it's 
definitely worth knowing the worst case scenario of any increase. 
"This calculator helps people work out now if they can afford to stay 
with their current mortgage, or change to one with lower monthly 
repayments. All you need to do is enter how much you've borrowing and 
at what interest rate. Then you can increase the interest rate to 
estimate what your new repayments will be. 
http://www.frontgatemortgagecompany.com/
There are several new calculators on the website, which allow 
homebuyers to answer these questions:
 Can you afford to buy the house?
 Can you afford the mortgage payments? 
 If the interest rates increases, can you still afford the mortgage? 
 How much Stamp Duty will you need to pay?
 How much deposit do you need to find?
The calculators are available at 
http://www.publicangel.com/calculators.