When interest are moving, usually there is a reason for the move. Whether its part of the government fiscal policy or the banks passing on higher lending costs. There will always be movement in interest (variable) rates and we need to be prepared for any possible future rate rises by knowing how they may impact our repayments.

Below is a table of how the increase will impact your monthly repayment

How do you manage a rate rise? Here are some tips to manage your cashflow next time interest rates rise