A new tool can help you work out how much your mortgage could increase by.
Our mortgage calculator can tell you how much your monthly repayments could go up after the market was rocked by another rise in interest rates by the Bank of England. Following a meeting of the bank's Monetary Policy Committee (MPC), it was announced that interest rates would rise by 0.75 percentage points to 3%, the biggest jump since 1989.
The move is set to impact an already turbulent mortgage market, which was rocked in September 2022 by former Chancellor Kwasi Kwarteng's now infamous 'mini-Budget'.
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A new tool can estimate how much your monthly bill could go up, with homeowners set to feel the pinch in an already difficult time plagued by rising energy costs.
Marcus Dixon, director of UK residential research at JLL, said while the rise is "uncomfortable for those not locked into fixed rates", it was "not unexpected".
He added: "This will of course impact the housing market, albeit this increase was likely already priced into new fixed rates deals and market forecasts.
"The MPC announcement does not change our outlook. JLL are forecasting that higher interest rates, combined with the winding down of the Help to Buy scheme, will mean we see a 30% fall in transactions in 2023 compared with 2022, around 300,000 fewer sales nationally."
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