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29 Mar 2024
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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
Rate

 

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.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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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

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