Rate Change Calculator

Use our rate change calculator to get an idea of how much your monthly mortgage payment might change.

You can find your current mortgage details in your most recent annual mortgage statement.

If you have a fixed rate mortgage, any change to the Bank of England base rate will not affect the fixed interest rate during the fixed rate period.

Where your mortgage is made up of a number of variable rate sub-accounts or parts, you'll need to complete separate calculations for each one.

If your mortgage is affected by a rate change, we will always write to you, to let you know your new monthly payment ahead of it being taken.

Comparing fixed and variable rates 

There are different types of mortgage interest rates and each work in different ways. We’ve explained the differences below so you can choose the one best suited to your needs.

If you decide to take out a new fixed interest rate with us, we may charge you a fee, called a product fee. If you’re an existing customer, you won’t usually pay legal fees or need a new valuation, even if you switch when your current rate ends.

  • Fixed interest rate

    Variable interest rate - 

    Lender variable rate

    Variable interest rate - 

    Tracker rate

    Fixed interest rate

    What are the different types of rates?

    Variable interest rate - Lender variable rate

    Your interest rate stays the same for a set amount of time.

    At the end of the fixed rate period, we’ll change you to another rate. This is usually one of our variable rates. 

    Variable interest rate - Tracker rate

    We set our lender variable rate and we can change it, but it will only go up if there’s a:

    • change to our cost of lending or
    • change to laws and regulations. 

    Your interest rate is linked to the Bank of England base rate and changes if the base rate does.

    Your interest rate will be made up of the base rate plus or minus a percentage. 

    Fixed interest rate

    Can my interest rate change?

    Variable interest rate - Lender variable rate

    No, not during the fixed rate period. 

    Variable interest rate - Tracker rate

    Yes, your interest rate will go up or down if we change our lender variable rate.

    Yes, your interest rate will change if the base rate goes up or down.

    Fixed interest rate

    Can my monthly payments change? 

    Variable interest rate - Lender variable rate

    We may update your monthly payment amount each year to make sure your payment is on track. For example, if you’ve made an overpayment.

    Variable interest rate - Tracker rate

    Yes, your monthly payment can change if rates go up or down. If they go up, you could end up paying more than you budgeted for. 

    Yes, your monthly payment can change if rates go up or down. If they go up, you could end up paying more than you budgeted for. 

    Fixed interest rate

    Will I be charged if I overpay or pay my mortgage off early? 

    Variable interest rate - Lender variable rate

    You may be charged if you repay all or part of your mortgage before the fixed rate period ends. We call this an Early Repayment Charge.

    Variable interest rate - Tracker rate

    You won’t usually be charged if you repay all or part of your mortgage. 

    You may be charged if you repay all or part of your mortgage in a certain amount of time after you take out a new tracker. We call this an Early Repayment Charge. 

    We’ll let you know before making changes to your interest rate or monthly payments.

  • To help you work out which type of mortgage is right for you, here’s some things you might want to think about:

    • Would you like to know that your interest rate won’t change for a certain amount of time?
    • Could you afford to make higher monthly payments if interest rates go up?
    • Would you like to pay more than your usual monthly payment without being charged? You can find out more about early repayment charges

    If you need more information about these types of mortgage rates, you can call us on 0345 850 0842. We’re here Monday to Friday 8am to 8pm, and Saturday 9am to 4pm.  If you’d like some independent advice, you may want to talk to a financial adviser.
     

Calculate your mortgage payments

 

Current mortgage balance

You can find your mortgage balance in your most recent annual mortgage statement.

You'll need to take into account any payments made on your mortgage since the date of the statement. If you've fallen behind with your payments on any part of your mortgage that is a repayment mortgage, you'll need to take off the amount of arrears from the current balance.

Important: If you have a mortgage made up of part repayment and part interest only, you'll need to do a separate calculation for each.

£
Remaining term

The length of time you have left to pay back your mortgage.

You can find your remaining term details in your most recent annual mortgage statement.

Important: Please check the remaining term on your main account and each sub account.

Current interest rate

This is the interest rate for your sub account on the date shown.

You can find your interest rate details in your most recent annual mortgage statement.

Important: Please check the interest rate on your main account and each sub account.

Repayment type

This your current repayment method. It can be either Repayment or Interest Only. You can find your repayment details in your most recent annual mortgage statement.

Interest rate change

Use the + or - buttons to add and deduct amounts of 0.25%. Or just type in the rate change percentage you'd like to see illustrated.

Estimated monthly payment change

Based on your inputs, if the interest rate changed from ##currentinterestrate##% to ##newinterestrate##%, the approximate change to the monthly payment would be:

£##changerepayment## per month*

* The figure shown is for illustrative purposes only.

Based on your inputs, if the interest rate changed from ##currentinterestrate##% to ##newinterestrate##%, the approximate change to the monthly payment would be:

£##changeinterest## per month*

* The figure shown is for illustrative purposes only.

Why is the estimated payment change more/less than I expected?

The figure shown is for illustrative purposes only.

If your mortgage is affected by a rate change, we will always write to you, to let you know your new monthly payment ahead of it being taken.

Next steps

Switch to a new deal?

If you're on one of our lender variable rates and want the reassurance of a fixed rate, or if your current mortgage deal is ending. Whatever your situation we'll help you find a new deal.

Facing financial difficulties

Get in touch if you have concerns about paying your mortgage.

More information on base rate changes

Understand more about the Bank Base Rate and how changes to it could affect you.

You could lose your home if you don't keep up your mortgage repayments