What would a base rate rise to 2% mean for your mortgage?

Bank rate rise could cost average homebuyer an extra £138 each month on £175,00 mortgageInterest rate rises may be gradual but they will not be glacial, Michael Saunders, a member of the Bank of England’s rate-setting committee has said, hinting that homebuyers could see the base rate rise to 2% before long. So what would happen to your mortgage (and savings) if and when rates are hiked?The base rate is currently 0.5%, so a rise to 2% implies an extra 1.5 percentage points on y