The threat of rising interest rates is enough to make any homeowner feel worried. But there are things you can do to prepare. If you are worried about how you will cope, Shelter can help.
Top tips for being prepared for a rise in interest rates
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1
Talk to your lender
They can help you in lots of ways if you are in difficulty and must treat you fairly. Options could include reducing your monthly payments or switching to an interest-only mortgage for a while.
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2
Get free advice
Get advice from Shelter online, by phone or in person, or find out about other sources of free, independent advice.
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3
Find out about Government help
There are several schemes that could help you. See our page on Government help for homeowners.
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4
Work out your incomings and outgoings
This will help you understand what you can afford and get on top of your money worries - use Shelter’s budgeting downloads or you can download a budget planner from the Debt Advice Foundation or Money made clear to help you start.
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5
Act as soon as possible
It’s never too late but there are more options available if you tackle the problem early on.
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6
Do not borrow more to manage in the short term
Using credit cards to pay debt is just storing up problems for the long term. Get advice on how to manage your debts.
Mortgage calculator
See how a rise in interest rates will affect you with our mortgage calculator.
Budgeting tips
Free local advice
Find local advice services near you.
Related page
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Interest options
Find out more about your interest options.
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Charity number 263710 (England & Wales); SC002327 (Scotland)
88 Old Street London EC1V 9HU