In the Bank of England’s example, a £130,000 repayment mortgage over 25 years costs £583 a month at 2.5% interest and £651 at 3.5%—£68 more each month after a one-percentage-point rise. That is an illustration, not a forecast or a quote. Your change depends on the balance still owed, remaining term, repayment type, the rates compared and the terms of your mortgage deal.
To estimate your own change, calculate the payment twice using the same outstanding balance, remaining term and mortgage type, changing only the interest rate. The rate increase may not reach your payment immediately: that depends in part on whether your mortgage is fixed, tracker or another variable-rate deal.
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What the Bank of England example shows
The Bank of England gives a standard repayment-mortgage illustration using a £130,000 loan over 25 years. Its published monthly payments are about £520 at 1.5%, £583 at 2.5% and £651 at 3.5%. The example’s publication year is not stated on the source page, so these figures should be treated as an illustration rather than current market rates or a current mortgage offer.
| Interest rate | Illustrative monthly payment | What the figure represents |
|---|---|---|
| 1.5% | About £520 | Bank of England example: £130,000 repayment mortgage over 25 years |
| 2.5% | £583 | Same balance, term and repayment type |
| 3.5% | £651 | Same balance, term and repayment type |
Moving from 2.5% to 3.5% is a rise of one percentage point, and in this example the monthly payment increases by £68 (£651 minus £583). Moving from 1.5% to 2.5% adds £63 using the same published figures. These differences are specific to the example; they are not a rule for what every borrower will pay.
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The example is for a repayment mortgage. It should not be applied directly to an interest-only mortgage or to a different balance or term. A lender’s actual payment is governed by the borrower’s mortgage terms and applicable rate.
Why the same rate rise can mean different monthly changes
The outstanding balance matters
A new calculation should start with what you still owe, not necessarily the amount originally borrowed. If some of the original loan has been repaid, using the original amount can misstate the payment for the remaining mortgage. MoneyHelper’s calculator guidance allows users to estimate payments using the outstanding balance or property price, alongside other inputs.
The remaining term matters
Use the number of years or months left on the mortgage, rather than automatically entering the original term. A mortgage with a shorter remaining term spreads repayment over less time than one with a longer remaining term, so the resulting payment will differ even when the balance and rate are the same.
Repayment and interest-only are not interchangeable
With a repayment mortgage, the monthly payment covers borrowed money as well as applicable interest. An interest-only estimate represents a different payment arrangement: the monthly amount does not represent the same repayment of the borrowed balance as a repayment-mortgage figure. MoneyHelper’s calculator guidance covers both types. Choose the type that matches your own mortgage before comparing scenarios.
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To isolate the effect of a rate change, keep the balance, remaining term and mortgage type constant. If you also change the term or choose a different repayment type, the second result no longer shows the effect of the rate alone. Label each result with the assumed rate and mortgage type so it remains clear what the estimate does—and does not—show.
When a rate change can affect your payment
Fixed-rate mortgages
A fixed-rate payment generally stays the same during the fixed period. A market-rate rise does not by itself change the fixed rate in your current deal. A different payment may become relevant when that fixed period ends and a new deal or the mortgage’s reversion rate applies. MoneyHelper says: “If you have a fixed-rate mortgage, your payments won’t change until your fixed-rate period ends and you move to your lender’s standard variable rate.” This is consumer guidance; individual mortgage terms control the actual outcome and timing.
Tracker mortgages
A tracker mortgage commonly follows an external reference rate, such as Bank Rate, with a margin set by the mortgage deal. The Financial Conduct Authority also describes tracker mortgages as linked to an external rate such as Bank Rate. If the reference rate changes, a tracker’s rate may move in line with its terms, which can affect the payment. Check the specific mortgage documents for how the tracker works and when a change takes effect.
Other variable-rate mortgages
Standard variable-rate and discounted variable-rate mortgages are also variable, but their rates do not necessarily move in the same way as a tracker. Changes are subject to the lender’s terms. Do not assume that every lender changes payments at the same time or by the same amount: the mortgage agreement and lender notice are the relevant sources for your account.
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How to estimate your own monthly increase
MoneyHelper provides a free mortgage repayment calculator for estimating monthly payments and considering how a rate change could affect a budget. A GOV.UK Algorithmic Transparency Record published on 16 December 2025 describes the tool as estimating monthly payments using inputs including mortgage type, outstanding balance or property price, term and interest rate. Use the same inputs in both scenarios except for the interest rate.
- Find your current outstanding balance. Check your latest mortgage statement or lender account. Use the amount still owed, not just the original borrowing.
- Note the remaining term. Use the time left on the mortgage. Keep it unchanged for both calculations.
- Confirm the repayment type. Select repayment or interest-only to match your mortgage. Do not compare a repayment result with an interest-only result.
- Calculate the current-rate scenario. Enter the balance, remaining term, mortgage type and current rate. Record the estimated monthly payment.
- Calculate the higher-rate scenario. Keep the same balance, term and mortgage type, and change only the rate to the one you want to test. Record the second estimate.
- Subtract the first payment from the second. The difference is the estimated monthly change for those assumptions. State the rate change and mortgage type alongside it.
- Check the lender’s information. Treat the calculator result as a planning estimate. For the actual rate, payment and effective date, check your mortgage offer, account or lender’s notice.
For example, using the Bank of England illustration, subtracting £583 at 2.5% from £651 at 3.5% gives a £68 monthly difference. Repeating that arithmetic with your own figures is useful only if both calculations use the same balance, term and repayment type.
How to use the estimate for budgeting
A calculator result helps quantify a scenario; it does not confirm that a lender will offer that rate or that your payment will change by exactly that amount. Rates, deal terms, the balance and the date a change applies all matter. If a rate increase would strain your budget, use the scenario as a prompt to review what the lender has actually told you and when the change could take effect.
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- Write down the current estimated payment and the assumed future payment separately.
- Record the balance, remaining term, repayment type and rates used, so you can reproduce or update the calculation.
- Distinguish a hypothetical rate test from a lender-confirmed payment. The former is for planning; the latter depends on your mortgage terms.
- If the mortgage is fixed, identify when the fixed period ends before treating a higher-rate scenario as an immediate change.
- If the mortgage is variable, check the terms and any lender notice rather than assuming a rate movement applies on a particular date.
MoneyHelper describes the purpose of this kind of calculation as helping you “find out how much extra you’ll need to pay.” Keep the estimate connected to its assumptions: a difference between two calculator results is not a lender-confirmed bill, and a hypothetical rate is not an offer available to you.
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If your fixed-rate deal is nearing its end
MoneyHelper advises borrowers approaching the end of a fixed deal to explore a new rate and seek mortgage advice. Before switching, check any fees and whether an early repayment charge applies. Those costs and the specific deal terms can affect whether a prospective change is suitable; a monthly-payment calculation alone does not settle that decision.
Compare any new-payment estimate using the balance and remaining term expected when the new deal would begin. Then check the proposed rate, payment and start date against the lender’s offer. If the deal has not been confirmed, keep the result labelled as an estimate rather than presenting it as the payment you will definitely owe.
What a monthly estimate can—and cannot—tell you
A two-scenario calculation answers a narrow question: how would the estimated monthly payment differ if the rate changed and the other inputs stayed the same? It helps you see the scale of a possible change and consider it in your budget. It does not tell you when a lender will apply a rate change, what rate a lender will offer when a fixed deal ends, or whether switching is worthwhile after any charges.
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Frequently Asked Questions
How much will my mortgage go up if interest rates rise?
There is no single amount for every borrower. In the Bank of England’s example, a £130,000 repayment mortgage over 25 years costs £583 a month at 2.5% and £651 at 3.5%, a £68 increase. Your result depends on your outstanding balance, remaining term, repayment type, rates and mortgage terms.
Will a rate rise change my fixed-rate mortgage payment straight away?
Generally, no: a fixed-rate payment stays the same during the fixed period. You may face a different payment when the deal ends and a new rate or reversion rate applies. Check your mortgage terms and lender information for the timing that applies to you.
How do I calculate the effect of a rate rise on my own mortgage?
Use a repayment calculator with your outstanding balance, remaining term and mortgage type. Calculate once at your current rate and again at the rate you want to test, keeping all the other inputs the same. Subtract the first monthly payment from the second and treat the result as an estimate.
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Does the Bank of England’s £68 example apply to an interest-only mortgage?
No. The £130,000, 25-year illustration is for a repayment mortgage. Repayment and interest-only payments work differently, so select the type that matches your mortgage and do not apply the example directly to a different arrangement.
What should I check before switching when my fixed deal ends?
MoneyHelper advises exploring a new deal and seeking mortgage advice. Check the proposed rate, payment and start date, as well as fees and any early repayment charge, before committing. A calculator estimate alone does not establish whether a switch is suitable.
The Bottom Line
In the Bank of England’s £130,000, 25-year repayment example, moving from 2.5% to 3.5% adds £68 a month. To estimate your own change, compare two payments using the same outstanding balance, remaining term and mortgage type, changing only the rate. Treat the result as a planning estimate and check your lender’s terms for the actual payment and timing.
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