WILL MY MORTGAGE REPAYMENTS GO UP WITH RISING INTEREST RATES? – TIMES MONEY MENTOR

Will my mortgage repayments go up in price following the latest UK interest rate rise? If so, how much by and when will I notice a difference? Is it too late to do anything about it?

Interest rates are on the rise again — this week shooting up for the 12th consecutive time. But whether it affects your mortgage or not all depends on the type of home loan you have.

If you are on a fixed rate mortgage, you don’t have to panic as you are shielded for now.

But there are 1.5 million fixed-rate mortgage holders whose deals arescheduled to end in 2023. And they will likely face sharp price rises when they remortgage. That’s because the era of rock-bottom interest deals is over, for now.

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