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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 stressful, but proactive steps can help manage the increase. Plan ahead by contacting your lender or broker to understand your new repayments and review your budget to cut costs.
Consider restructuring your loan by extending the term to lower payments. For short-term relief, you could explore interest-only payments or, in extreme cases, a mortgage holiday. If you're struggling, free financial help is available from services like CAP, Debtfix, and MoneyTalks.
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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