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What if mortgage rates go up? How to cope with rising home loan costs
Rising mortgage rates can be difficult to deal with but there are ways you can make it easier
AI summary
Rising mortgage rates can be managed with proactive steps. Homeowners should contact their lender early to understand new repayment amounts and review their budget, using tools like Pocketsmith to identify savings.
Options to lower payments include restructuring your loan by extending the term or using an offset account. For short-term relief, discuss interest-only periods or a mortgage holiday with your bank. If struggling, free services like CAP, Debtfix, and MoneyTalks offer professional help and guidance.
How to cope with rising interest rates
Find out what your new rate and repayment amount will be
Understand and control your spending
Restructing your loan can make repayments easier.
Restructure your loan
Try interest only or take a mortgage holiday
There is help available if you're struggling with your mortgage.
Get help when you need it
When will interest rates go down?
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