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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 planning. Contact your lender early to understand your new repayments and review your budget to cut costs.
For more significant relief, consider restructuring your loan by extending its term. In cases of financial hardship, interest-only payments or a mortgage holiday offer short-term solutions, though they have long-term costs.
If you're struggling, free services like Debtfix and MoneyTalks can provide professional support 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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