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Mortgage Interest Rates


Interest Rates changes over 20 years The mortgage interest rate is based on the Bank of England Base Rate + between 1.5% and 2% Over the last 20 years there has been some wild fluctuation in the interest rate between 5% interest rate for the whole year in 2002 and 15.4% in 1990 What do these wild fluctuations mean to you as a borrower of a mortgage £100,000 mortgage ( repayment mortgage ) monthly repayments ( 25 years ) at 5% == £591.27 £100,000 mortgage ( repayment mortgage ) monthly repayments ( 25 years ) at 10% == £918.06 £100,000 mortgage ( repayment mortgage ) monthly repayments ( 25 years ) at 15.4% == £1320.10 The above explains why in 1990 there was a slump in UK house prices as people were having trouble keeping up with their mortgage. If nothing else this should highlight that you should remember that if interest rates change due to circumstances beyond your control. YOU WILL FIND SIGNIFICANT INCREASES IN MONTHLY PAYMENTS

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