What are UK interest rates and when will they fall?

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savings.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”The Bank’s Monetary Policy Committee meets eight times a year to decide what the base rate should be.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”The Bank’s Monetary Policy Committee meets eight times a year to decide what the base rate should be.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”It has a target to keep UK inflation at 2%. Inflation is the rate at which prices are rising across the economy as a whole.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”It has a target to keep UK inflation at 2%. Inflation “,”attributes”:[]}},{“type”:”urlLink”,”model”:{“text”:”is the rate at which prices are rising across the economy as a whole”,”locator”:”https://www.bbc.co.uk/news/business-12196322″,”blocks”:[{“type”:”fragment”,”model”:{“text”:”is the rate at which prices are rising across the economy as a whole”,”attributes”:[]}}]}},{“type”:”fragment”,”model”:{“text”:”.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”When inflation is going up, the Bank may decide to raise rates to encourage people to spend less. 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The idea is that this helps bring inflation down by dampening demand.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Once this starts to happen, the Bank may hold rates, or cut them.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Once this starts to happen, the Bank may hold rates, or cut them.”,”attributes”:[]}}]}}]}},{“type”:”image”,”model”:{“image”:{“alt”:”Inflation and interest rates graph”,”copyright”:null,”height”:1600,”width”:2048,”src”:”https://ichef.bbci.co.uk/news/2048/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png”,”srcSet”:”https://ichef.bbci.co.uk/news/240/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 240w, https://ichef.bbci.co.uk/news/320/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 320w, https://ichef.bbci.co.uk/news/480/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 480w, https://ichef.bbci.co.uk/news/624/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 624w, https://ichef.bbci.co.uk/news/800/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 800w, https://ichef.bbci.co.uk/news/976/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png.webp 976w”,”mimeType”:”image/webp”,”fallbackSrcSets”:[{“mimeType”:”image/png”,”srcSet”:”https://ichef.bbci.co.uk/news/240/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 240w, https://ichef.bbci.co.uk/news/320/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 320w, https://ichef.bbci.co.uk/news/480/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 480w, https://ichef.bbci.co.uk/news/624/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 624w, https://ichef.bbci.co.uk/news/800/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 800w, https://ichef.bbci.co.uk/news/976/cpsprodpb/9D14/production/_132521204_interest-inflation-nc.png 976w”}]}}},{“type”:”subheadline”,”model”:{“blocks”:[{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”How do interest rates affect me?”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”How do interest rates affect me?”,”attributes”:[]}}]}}]}}],”level”:2,”fontScale”:”headlineSmall”,”id”:”How-do-interest-rates-affect-me”,”isFocusable”:true}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Mortgages”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Mortgages”,”attributes”:[“bold”]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Just under a third of households have a mortgage, according to the government’s English Housing Survey.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Just under a third of households have a mortgage, according to “,”attributes”:[]}},{“type”:”urlLink”,”model”:{“text”:”the government’s English Housing Survey”,”locator”:”https://www.gov.uk/government/collections/english-housing-survey”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”the government’s English Housing Survey”,”attributes”:[]}}]}},{“type”:”fragment”,”model”:{“text”:”.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”When interest rates rise or fall, more than 1.4 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their monthly payments.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”When interest rates rise or fall, more than 1.4 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their monthly payments.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”About three-quarters of mortgage customers have fixed-rate deals. 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Their monthly payments aren’t immediately affected when the Bank changes rates, but future deals are. “,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Although mortgage rates have been lower recently, they are still much higher than they have been for much of the last decade.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Although mortgage rates have been lower recently, they are still much higher than they have been for much of the last decade.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”This means homebuyers and those remortgaging will have to pay a lot more than if they had taken out the same mortgage a few years ago. “,”blocks”:[{“type”:”fragment”,”model”:{“text”:”This means homebuyers and those remortgaging will have to pay a lot more than if they had taken out the same mortgage a few years ago. “,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”You can see how your mortgage may be affected by interest rate changes by using our calculator:”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”You can see how your mortgage may be affected by interest rate changes by using our calculator:”,”attributes”:[]}}]}}]}},{“type”:”include”,”model”:{“type”:”vj”,”href”:”/include/newsspec/34996-mortgage-calculator/english/app?responsive=true&newsapps=true&app-image=https://news.files.bbci.co.uk/include/vjassets/img/app-launcher.png&app-clickable=true&amp-clickable=true&amp-image-height=360&amp-image-width=640&amp-image=https://news.files.bbci.co.uk/include/vjassets/img/app-launcher.png&app-image-alt-text=Click%20or%20tap%20here%20to%20see%20interactive%20content”,”html”:”\u003cscript>\n window.vjConfigObject = window.vjConfigObject || {};\n window.vjConfigObject[‘newsspec-34996-mortgage-calculator-app’] = {\”js\”:true,\”output\”:{\”wrapper\”:\”embed\”},\”name\”:\”newsspec-34996-mortgage-calculator\”,\”version\”:\”1.0.202401050908\”,\”urlToOutputDir\”:\”https://news.files.bbci.co.uk/include/newsspec/34996-mortgage-calculator\”,\”assetsPath\”:\”https://news.files.bbci.co.uk/include/newsspec/34996-mortgage-calculator/assets/app-project-assets\”,\”includeName\”:\”app\”,\”language\”:\”english\”,\”languageCode\”:\”en\”,\”brandingVersion\”:\”3.1\”,\”brandingExtension\”:\”svg\”,\”loremText\”:[\”Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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If not, enter the total you are looking to borrow.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_1\”\n name=\”form_input_1\” \n type=\”number\”\n value=\”160000\”\n min=\”0\” \n max=\”10000000\”\n data-default=\”160000\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_1\” aria-label=\”increase £\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_1\” aria-label=\”decrease £\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>£\u003c/span>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_2\”>How long will you take to pay it back?\u003c/label>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-2\” aria-label=\”More info on repayment periods\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-2\”>\n \u003cdiv class=\”info-box__text info-button-2\”>If you have an existing mortgage enter the total number of years remaining. If not, enter the total number of years you are looking to borrow over.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_2\”\n name=\”form_input_2\” \n type=\”number\”\n value=\”20\”\n min=\”1\” \n max=\”50\”\n data-default=\”20\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_2\” aria-label=\”increase years\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_2\” aria-label=\”decrease years\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>years\u003c/span>\n \u003c/div>\n \u003cdiv class=\”radio__container\”>\n \u003cfieldset>\n \u003cdiv class=\”label__container\”>\n \u003clegend class=\”label__input\”>What is your current…\u003c/legend>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-3\” aria-label=\”More info on interest rates\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-3\”>\n \u003cdiv class=\”info-box__text\”>For those with a mortgage enter the rate for your current fixed term. For those without a mortgage enter an interest rate from another source, such as a bank's mortgage rate calculator.\u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”radio__group\”>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”interest\” name=\”format-selector\” value=\”interest\” checked=\”true\”>\n \u003clabel for=\”interest\”>interest rate\u003c/label>\n \u003c/div>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”monthly\” name=\”format-selector\” value=\”monthly\”>\n \u003clabel for=\”monthly\”>monthly payment\u003c/label>\n \u003c/div>\n \u003c/div>\n \u003c/fieldset>\n \n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input off-screen\” for=\”form_radio_input_1\”>interest rate\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container input__container–radio\”>\n \u003cinput id=\”form_radio_input_1\”\n name=\”form_radio_input_1\” \n type=\”number\”\n value=\”2.00\”\n min=\”0.50\” \n max=\”10.50\”\n data-default=\”2.00\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_radio_input_1\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_radio_input_1\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_3\”>Choose an interest rate to compare with…\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_3\”\n name=\”form_input_3\” \n type=\”number\”\n value=\”5.80\”\n min=\”0.10\” \n max=\”100.00\”\n data-default=\”5.80\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_3\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_3\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003cinput class=\”submit-btn\” type=\”submit\” value=\”Calculate\” />\n \u003c/form>\n \u003cdiv class=\”results__container–figures\” aria-hidden=\”true\”>\n \u003cdiv class=\”width-restrict\”>\n \u003cp class=\”results__para\”>At this rate, your payments could change by…\u003c/p>\n \u003cdiv class=\”results__figures\”>\n \u003cp class=\”results__figure results__figure–monthly-increase\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly change\u003c/p>\n \u003cp class=\”results__figure–to\”>to\u003c/p>\n \u003cp class=\”results__figure results__figure–monthly-total\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly total\u003c/p>\n \u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cp class=\”results–off-screen off-screen\”>\u003c/p>\n \u003cdiv class=\”results__container–repayment-estimate\”>\n \u003cp class=\”results__estimate width-restrict\”>\u003c/p>\n \u003c/div>\n \u003cdiv class=\”results__container–error\”>\n \u003cp class=\”results__error\”>The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”disclaimer\”>\n \u003cp class=\”disclaimer-para\”>This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. 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This would be a monthly total of {{var2}} pounds.\”,\”info_input_1\”:\”If you have an existing mortgage enter the outstanding balance left to pay. If not, enter the total you are looking to borrow.\”,\”info_input_2\”:\”If you have an existing mortgage enter the total number of years remaining. If not, enter the total number of years you are looking to borrow over.\”,\”info_radio_interest\”:\”For those with a mortgage enter the rate for your current fixed term. For those without a mortgage enter an interest rate from another source, such as a bank’s mortgage rate calculator.\”,\”info_radio_monthly\”:\”For those with a mortgage enter the amount you pay for per month. For those without a mortgage enter the amount you would be paying.\”,\”disclaimer_1\”:\”This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on the mortgage size and length and a fixed interest rate. 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If not, enter the total you are looking to borrow.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_1\”\n name=\”form_input_1\” \n type=\”number\”\n value=\”160000\”\n min=\”0\” \n max=\”10000000\”\n data-default=\”160000\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_1\” aria-label=\”increase £\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_1\” aria-label=\”decrease £\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>£\u003c/span>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_2\”>How long will you take to pay it back?\u003c/label>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-2\” aria-label=\”More info on repayment periods\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-2\”>\n \u003cdiv class=\”info-box__text info-button-2\”>If you have an existing mortgage enter the total number of years remaining. If not, enter the total number of years you are looking to borrow over.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_2\”\n name=\”form_input_2\” \n type=\”number\”\n value=\”20\”\n min=\”1\” \n max=\”50\”\n data-default=\”20\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_2\” aria-label=\”increase years\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_2\” aria-label=\”decrease years\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>years\u003c/span>\n \u003c/div>\n \u003cdiv class=\”radio__container\”>\n \u003cfieldset>\n \u003cdiv class=\”label__container\”>\n \u003clegend class=\”label__input\”>What is your current…\u003c/legend>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-3\” aria-label=\”More info on interest rates\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-3\”>\n \u003cdiv class=\”info-box__text\”>For those with a mortgage enter the rate for your current fixed term. For those without a mortgage enter an interest rate from another source, such as a bank's mortgage rate calculator.\u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”radio__group\”>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”interest\” name=\”format-selector\” value=\”interest\” checked=\”true\”>\n \u003clabel for=\”interest\”>interest rate\u003c/label>\n \u003c/div>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”monthly\” name=\”format-selector\” value=\”monthly\”>\n \u003clabel for=\”monthly\”>monthly payment\u003c/label>\n \u003c/div>\n \u003c/div>\n \u003c/fieldset>\n \n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input off-screen\” for=\”form_radio_input_1\”>interest rate\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container input__container–radio\”>\n \u003cinput id=\”form_radio_input_1\”\n name=\”form_radio_input_1\” \n type=\”number\”\n value=\”2.00\”\n min=\”0.50\” \n max=\”10.50\”\n data-default=\”2.00\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_radio_input_1\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_radio_input_1\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_3\”>Choose an interest rate to compare with…\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_3\”\n name=\”form_input_3\” \n type=\”number\”\n value=\”5.80\”\n min=\”0.10\” \n max=\”100.00\”\n data-default=\”5.80\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_3\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_3\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003cinput class=\”submit-btn\” type=\”submit\” value=\”Calculate\” />\n \u003c/form>\n \u003cdiv class=\”results__container–figures\” aria-hidden=\”true\”>\n \u003cdiv class=\”width-restrict\”>\n \u003cp class=\”results__para\”>At this rate, your payments could change by…\u003c/p>\n \u003cdiv class=\”results__figures\”>\n \u003cp class=\”results__figure results__figure–monthly-increase\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly change\u003c/p>\n \u003cp class=\”results__figure–to\”>to\u003c/p>\n \u003cp class=\”results__figure results__figure–monthly-total\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly total\u003c/p>\n \u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cp class=\”results–off-screen off-screen\”>\u003c/p>\n \u003cdiv class=\”results__container–repayment-estimate\”>\n \u003cp class=\”results__estimate width-restrict\”>\u003c/p>\n \u003c/div>\n \u003cdiv class=\”results__container–error\”>\n \u003cp class=\”results__error\”>The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”disclaimer\”>\n \u003cp class=\”disclaimer-para\”>This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. 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Their monthly payments aren’t immediately affected when the Bank changes rates, but future deals are. “,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Although mortgage rates have been lower recently, they are still much higher than they have been for much of the last decade.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Although mortgage rates have been lower recently, they are still much higher than they have been for much of the last decade.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”This means homebuyers and those remortgaging will have to pay a lot more than if they had taken out the same mortgage a few years ago. “,”blocks”:[{“type”:”fragment”,”model”:{“text”:”This means homebuyers and those remortgaging will have to pay a lot more than if they had taken out the same mortgage a few years ago. “,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”You can see how your mortgage may be affected by interest rate changes by using our calculator:”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”You can see how your mortgage may be affected by interest rate changes by using our calculator:”,”attributes”:[]}}]}}]}},{“type”:”include”,”model”:{“type”:”vj”,”href”:”/include/newsspec/34996-mortgage-calculator/english/app?responsive=true&newsapps=true&app-image=https://news.files.bbci.co.uk/include/vjassets/img/app-launcher.png&app-clickable=true&amp-clickable=true&amp-image-height=360&amp-image-width=640&amp-image=https://news.files.bbci.co.uk/include/vjassets/img/app-launcher.png&app-image-alt-text=Click%20or%20tap%20here%20to%20see%20interactive%20content”,”html”:”\u003cscript>\n window.vjConfigObject = window.vjConfigObject || {};\n window.vjConfigObject[‘newsspec-34996-mortgage-calculator-app’] = {\”js\”:true,\”output\”:{\”wrapper\”:\”embed\”},\”name\”:\”newsspec-34996-mortgage-calculator\”,\”version\”:\”1.0.202401050908\”,\”urlToOutputDir\”:\”https://news.files.bbci.co.uk/include/newsspec/34996-mortgage-calculator\”,\”assetsPath\”:\”https://news.files.bbci.co.uk/include/newsspec/34996-mortgage-calculator/assets/app-project-assets\”,\”includeName\”:\”app\”,\”language\”:\”english\”,\”languageCode\”:\”en\”,\”brandingVersion\”:\”3.1\”,\”brandingExtension\”:\”svg\”,\”loremText\”:[\”Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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If not, enter the total you are looking to borrow.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_1\”\n name=\”form_input_1\” \n type=\”number\”\n value=\”160000\”\n min=\”0\” \n max=\”10000000\”\n data-default=\”160000\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_1\” aria-label=\”increase £\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_1\” aria-label=\”decrease £\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>£\u003c/span>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_2\”>How long will you take to pay it back?\u003c/label>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-2\” aria-label=\”More info on repayment periods\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-2\”>\n \u003cdiv class=\”info-box__text info-button-2\”>If you have an existing mortgage enter the total number of years remaining. If not, enter the total number of years you are looking to borrow over.\u003c/div>\n \u003c/div>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_2\”\n name=\”form_input_2\” \n type=\”number\”\n value=\”20\”\n min=\”1\” \n max=\”50\”\n data-default=\”20\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_2\” aria-label=\”increase years\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_2\” aria-label=\”decrease years\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>years\u003c/span>\n \u003c/div>\n \u003cdiv class=\”radio__container\”>\n \u003cfieldset>\n \u003cdiv class=\”label__container\”>\n \u003clegend class=\”label__input\”>What is your current…\u003c/legend>\n \u003cbutton class=\”label__info-btn\” data-id=\”info-button-3\” aria-label=\”More info on interest rates\”>\u003c/button>\n \u003cdiv class=\”info-box info-button-3\”>\n \u003cdiv class=\”info-box__text\”>For those with a mortgage enter the rate for your current fixed term. For those without a mortgage enter an interest rate from another source, such as a bank's mortgage rate calculator.\u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”radio__group\”>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”interest\” name=\”format-selector\” value=\”interest\” checked=\”true\”>\n \u003clabel for=\”interest\”>interest rate\u003c/label>\n \u003c/div>\n \u003cdiv class=\”input-container\”>\n \u003cinput class=\”radio-input\” type=\”radio\” id=\”monthly\” name=\”format-selector\” value=\”monthly\”>\n \u003clabel for=\”monthly\”>monthly payment\u003c/label>\n \u003c/div>\n \u003c/div>\n \u003c/fieldset>\n \n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input off-screen\” for=\”form_radio_input_1\”>interest rate\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container input__container–radio\”>\n \u003cinput id=\”form_radio_input_1\”\n name=\”form_radio_input_1\” \n type=\”number\”\n value=\”2.00\”\n min=\”0.50\” \n max=\”10.50\”\n data-default=\”2.00\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_radio_input_1\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_radio_input_1\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003c/div>\n \u003cdiv class=\”label__container\”>\n \u003clabel class=\”label__input \” for=\”form_input_3\”>Choose an interest rate to compare with…\u003c/label>\n \u003c/div>\n \n \u003cdiv class=\”input__container \”>\n \u003cinput id=\”form_input_3\”\n name=\”form_input_3\” \n type=\”number\”\n value=\”5.80\”\n min=\”0.10\” \n max=\”100.00\”\n data-default=\”5.80\”\n step=\”any\”\n required=\”required\”\n >\n \n \u003cdiv class=\”input__btn-container\”>\n \u003cbutton class=\”input__btn-increment\” data-direction=\”increment\” data-key=\”form_input_3\” aria-label=\”increase %\”>\u003c/button>\n \u003cbutton class=\”input__btn-decrement\” data-direction=\”decrement\” data-key=\”form_input_3\” aria-label=\”decrease %\”>\u003c/button>\n \u003c/div>\n \u003cspan class=\”input__number-format\” aria-hidden=\”true\”>%\u003c/span>\n \u003c/div>\n \u003cinput class=\”submit-btn\” type=\”submit\” value=\”Calculate\” />\n \u003c/form>\n \u003cdiv class=\”results__container–figures\” aria-hidden=\”true\”>\n \u003cdiv class=\”width-restrict\”>\n \u003cp class=\”results__para\”>At this rate, your payments could change by…\u003c/p>\n \u003cdiv class=\”results__figures\”>\n \u003cp class=\”results__figure results__figure–monthly-increase\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly change\u003c/p>\n \u003cp class=\”results__figure–to\”>to\u003c/p>\n \u003cp class=\”results__figure results__figure–monthly-total\”>\u003cspan class=\”figure\”>\u003c/span>\n monthly total\u003c/p>\n \u003c/div>\n \u003c/div>\n \u003c/div>\n \u003cp class=\”results–off-screen off-screen\”>\u003c/p>\n \u003cdiv class=\”results__container–repayment-estimate\”>\n \u003cp class=\”results__estimate width-restrict\”>\u003c/p>\n \u003c/div>\n \u003cdiv class=\”results__container–error\”>\n \u003cp class=\”results__error\”>The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”disclaimer\”>\n \u003cp class=\”disclaimer-para\”>This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula based on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. 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“,”attributes”:[]}},{“type”:”urlLink”,”model”:{“text”:”running at 17% in November 1979″,”locator”:”https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”running at 17% in November 1979″,”attributes”:[]}}]}},{“type”:”fragment”,”model”:{“text”:”.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”After the latest meeting of policymakers, there were plenty of questions about why interest rates have not been cut, with the rate of inflation dropping sharply.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”After the latest meeting of policymakers, there were plenty of questions about why interest rates have not been cut, with the rate of inflation dropping sharply.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Inflation was running at 4% in January 2024. While that was down from apeak of 11.1% in October 2022, it was still twice the Bank’s target.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Inflation “,”attributes”:[]}},{“type”:”urlLink”,”model”:{“text”:”was running at 4% in January 2024″,”locator”:”https://www.bbc.co.uk/news/business-68285819″,”blocks”:[{“type”:”fragment”,”model”:{“text”:”was running at 4% in January 2024″,”attributes”:[]}}]}},{“type”:”fragment”,”model”:{“text”:”. “,”attributes”:[“bold”]}},{“type”:”fragment”,”model”:{“text”:”While that was down from a”,”attributes”:[]}},{“type”:”fragment”,”model”:{“text”:”peak of 11.1% in October 2022, it was still twice the Bank’s target.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Governor Andrew Bailey said it would wait for firm evidence that inflation was under control before it goes further to cut rates.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Governor Andrew Bailey said it would wait for firm evidence that inflation was under control before it goes further to cut rates.”,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”The Bank has to balance the need to slow price rises against the risk of damaging the economy – which has shown little sign of growth – by keeping rates high. “,”blocks”:[{“type”:”fragment”,”model”:{“text”:”The Bank has to balance the need to slow price rises against the risk of damaging the economy – which has shown little sign of growth – by keeping rates high. “,”attributes”:[]}}]}}]}},{“type”:”unorderedList”,”model”:{“blocks”:[{“type”:”listItem”,”model”:{“blocks”:[{“type”:”urlLink”,”model”:{“text”:”When will the Bank of England start to cut interest rates?”,”locator”:”https://www.bbc.co.uk/news/business-68106731″,”blocks”:[{“type”:”fragment”,”model”:{“text”:”When will the Bank of England start to cut interest rates?”,”attributes”:[]}}]}}]}}]}},{“type”:”subheadline”,”model”:{“blocks”:[{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Are other countries raising their interest rates?”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Are other countries raising their interest rates?”,”attributes”:[]}}]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”Interest rates have also been increasing across the world. “,”blocks”:[{“type”:”fragment”,”model”:{“text”:”Interest rates have also been increasing across the world. “,”attributes”:[]}}]}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”However, in recent months, other central banks – including the US Federal Reserve and the European Central Bank – have also paused their rate rises.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”However, in recent months, other central banks – including the US Federal Reserve and the European Central Bank – have also paused their rate rises.”,”attributes”:[]}}]}}]}},{“type”:”image”,”model”:{“blocks”:[{“type”:”altText”,”model”:{“blocks”:[{“type”:”text”,”model”:{“blocks”:[{“type”:”fragment”,”model”:{“text”:”Line chart showing interest rates in the UK, US and eurozone”,”attributes”:[]}}]}}]}},{“type”:”rawImage”,”model”:{“height”:1500,”width”:1920,”locator”:”25FA/production/_132522790_1a61a2b9-5732-420c-9efd-169bcd5c7c84.jpg”,”originCode”:”cpsprodpb”,”copyrightHolder”:”BBC”}}]}},{“type”:”text”,”model”:{“blocks”:[{“type”:”paragraph”,”model”:{“text”:”The UK has had one of the highest interest rates in the G7 – the group representing the world’s seven largest so-called \”advanced\” economies.”,”blocks”:[{“type”:”fragment”,”model”:{“text”:”The UK has had one of the highest interest rates in the G7 – the group representing the world’s seven largest so-called \”advanced\” economies.”,”attributes”:[]}}]}}]}},{“type”:”unorderedList”,”model”:{“blocks”:[{“type”:”listItem”,”model”:{“blocks”:[{“type”:”urlLink”,”model”:{“text”:”How will the UK economy compare to other countries in 2024?”,”locator”:”https://www.bbc.co.uk/news/business-66269947″,”blocks”:[{“type”:”fragment”,”model”:{“text”:”How will the UK economy compare to other countries in 2024?”,”attributes”:[]}}]}}]}}]}}]},”product-navigation”:{“assetUri”:”/news/business-57764601″},”bbcAccount”:{“signInPrompt”:{“show”:false,”userOrigin”:null,”ptrt”:null},”pageType”:”content”}},”route”:”/news/:id”}”;

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