The cost of your mortgage

Available for over a year

Just under a third of households have a mortgage in the UK. When interest rates rise, about two million people on tracker and variable rate deals see an immediate increase in their monthly payments. The Bank of England has warned interest rates could rise again after the value of the pound plummeted, following the government's decision to cut taxes and borrow more. In turn - that could have a big impact on the monthly cost of a mortgage. So - what do you need to know when it comes to rising mortgages rates? And what can you do if you're facing an increase? The BBC's Personal Finance correspondent Kevin Peachey answers 5 key questions on rising mortgage costs. Image Credit: Stuart Gleave via Getty Images