Are you curious about how a new mortgage deal will affect your monthly payments? Use this mortgage increase calculator tool to find out.

To use the calculator, input the remaining amount left on your mortgage, the number of years to pay it off, your annual pre-tax income (or household income), and the interest rate of your current mortgage. Then, adjust the slider to select the interest rate for your new mortgage deal.

The results will display your current and future mortgage payments, show the difference between them, and indicate the percentage of your take-home pay that will cover these mortgage payments.

This calculator uses the details you provide to calculate your monthly payments based on your remaining loan amount, mortgage duration, and interest rate. It highlights the contrast between your old and new mortgage deals to help you see how your expenses will rise, comparing these figures with your monthly income.

This tool is beneficial for individuals planning to remortgage who want to understand the potential changes in their monthly bills. By comparing multiple deals, you can analyze how your payments would vary and explore opportunities to increase your disposable income.

Although the Bank of England recently set interest rates at 4.5pc in February and maintained them in March, further rate cuts are anticipated this year. However, these reductions may be counteracted by the UK's persistent inflation issue, with the Consumer Prices Index (CPI) at 2.8pc in February, above the Bank's 2pc target.

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