Liz Truss tax cuts mean interest rates of up to 7%CALCULATE THE COST TO YOU

Liz Truss's economic adviser, Patrick Minford, has recently told the Times that expensive mortgages were "part of the adjustment".

He said: “Hopefully out of this we’ll get to a more healthy economy with interest running at 3, 5, 7 per cent.”

So we've done the maths for you to calculate exactly how much a rise to 5% could end up costing you and your family.

HOW MUCH EXTRA WILL IT COST YOU?

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You'd face extra annual interest costs of...
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That means every month, you would pay an extra ...
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Your New Mortgage Bill

Outstanding Principal

£0.00

Current Interest Rate

1.75%

New Interest Rate

5.00%

Extra Annual Interest Rate Payments

£0.00

Extra Monthly Interest Payments

£0.00

YOU OWE

£X.XX

EXTRA IN INTEREST PAYMENTS THIS MONTH

Methodological note.  These estimates are based on the example of an interest-only floating-rate mortgage, assuming no capital repayments during the year, and further assumes that the applicable rate increases pari passu with the Bank of England base rate.  This tool is provided for illustrative purposes only and does not constitute financial advice.

You can use arrows to increase and decrees numbers.

Promoted by Lord Smith of Hindhead CBE on behalf of Rishi Sunak MP, both of 280 High Holborn, London, WC1V 7EE.

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BEAT INFLATION