- Types of Mortgage Explained
- Which Mortgage Type Is Right For Me?
- Mortgage Repayment Guide
- Remortgage Guide
- First Time Buyer Mortgages
- House Price Comparison
- How Much Can I Borrow
- Joint Ownership
Specialist UK Mortgages...
Bank of England increases base rate to 5.25 per cent
The Bank of England's Monetary Policy Committee has raised the base rate to 5.25 per cent, surprising a number of commentators.
After the Bank of England base rate rise the guide below shows the effect on a typical variable rate mortgage.
Base |
Increase
|
||||
Mortgage £110K |
|||||
Repayment |
Monthly increase |
Interest only |
Monthly increase |
||
5.00% |
0.00% |
£643.05 |
N/A |
£458.33 |
N/A |
5.25% |
0.25% |
£659.17 |
£16.12 |
£481.25 |
£22.92 |
5.50% |
0.50% |
£675.50 |
£32.45 |
£504.17 |
£45.84 |
5.75% |
0.75% |
£692.02 |
£48.97 |
£527.08 |
£68.75 |
6.00% |
1% |
£708.73 |
£65.68 |
£550.00 |
£91.67 |
|
|
Mortgage £150K |
|||
|
|
Repayment |
Monthly increase |
Interest only |
Monthly increase |
5.00% |
0.00% |
£876.89 |
N/A |
£625.00 |
N/A |
5.25% |
0.25% |
£898.87 |
£21.98 |
£656.25 |
£31.25 |
5.50% |
0.50% |
£921.13 |
£44.24 |
£687.50 |
£62.50 |
5.75% |
0.75% |
£943.66 |
£66.77 |
£718.75 |
£93.75 |
6.00% |
1% |
£966.45 |
£89.56 |
£750.00 |
£125.00 |
|
|
Mortgage £200K |
|||
|
|
Repayment |
Monthly increase |
Interest only |
Monthly increase |
5.00% |
0.00% |
£1169.18 |
N/A |
£833.33 |
N/A |
5.25% |
0.25% |
£1,198.50 |
£29.32 |
£875.00 |
£41.67 |
5.50% |
0.50% |
£1,228.17 |
£58.99 |
£916.67 |
£83.34 |
5.75% |
0.75% |
£1,258.21 |
£89.03 |
£958.33 |
£125.00 |
6.00% |
1% |
£1,288.60 |
£119.42 |
£1,000.00 |
£166.67 |
Source: www.moneyfacts.co.uk 11 Jan 2007
Figures based on mortgage with a 25-year term.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349