Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

SURVEY - OK I know I am harping on today but humour me - IF mortgage rates hit 15% again would you be able to pay the mortgage and still pay bills, food etc.

(83 Posts)
CountessDracula Wed 17-Sep-08 14:53:24

yes or no would do

Calculator here

Not asking for any figures of course

artichokes Wed 17-Sep-08 14:54:14

yes (as our rate is fixed for next 3 years).

CountessDracula Wed 17-Sep-08 14:54:35

You could say what %age of your income your payments would represent if you like

TheFallenMadonna Wed 17-Sep-08 14:54:35

Only with us both working I think.

CountessDracula Wed 17-Sep-08 14:55:03

nonono
ignore fixed rate
hypothetically if it happened tomorrow and you had to be on that rate

CountessDracula Wed 17-Sep-08 14:55:56

BASED on your CURRENT circumstances

Assume no new jobs to be had

WideWebWitch Wed 17-Sep-08 14:57:05

You're obsessed CD! If rates hit 15% and our rent stays the same, we'd be fine. If our rent went up by 15% we'd be fine. If our rent doubled, we'd be fine (not on one salary though).

mrspink27 Wed 17-Sep-08 14:57:26

er that would be a big fat NO and I would definitely have to go back to work full time, which would cause a huge strain!

TheFallenMadonna Wed 17-Sep-08 14:57:34

Well, I have already secured a job to start in November. Will you let me off. Contracts signed and everything!

artichokes Wed 17-Sep-08 14:57:44

Yes we couls as long as I go back to work fulltime after maternity leave.

abouteve Wed 17-Sep-08 14:58:50

Could probably just manage it, but there would be nothing left for luxuries. That's providing I find another job as I'm losing half a week being made redundant. sad

Twiglett Wed 17-Sep-08 15:00:05

for a few months yes, but not as an ongoing thing ..

MadamAnt Wed 17-Sep-08 15:02:16

Only by dipping into (meagre) savings

lilymolly Wed 17-Sep-08 15:02:46

Good God no way
It would go up to £2622 a month shock

conniedescending Wed 17-Sep-08 15:03:03

yes but that would be 100% of our income including child benefit so we couldnt eat or pay anything else

i already work p/t

i could theoretically work f/t nights and then look after my children in the day

thats assuming there would be any night jobs ofcourse and i imagine if interest rates are at 15% then there will be crappola economy and no night shifts to be had

we have house on market and hope to sell asap then we plan on renting the smallest cheapest place available and saving like mad so as never to be in this gawd awful position again

Umlellala Wed 17-Sep-08 15:03:40

no
we'd prob have to move (have big mortgage in london) - we do have cardiff in mind if we had to...

StealthPolarBear Wed 17-Sep-08 15:03:41

yes, just

masalachameleon Wed 17-Sep-08 15:03:43

Message withdrawn at poster's request.

masalachameleon Wed 17-Sep-08 15:04:48

Message withdrawn at poster's request.

MadameCastafiore Wed 17-Sep-08 15:06:21

Yes - we have budgeted that we can survive for a year even if DH gets laid off. (actually I havw no idea about money - DH has budgeted I should say!)

forevercleaning Wed 17-Sep-08 15:06:44

not at £4,324 a month (well we wouldnt be eating thats for sure)

PeppermintPatty Wed 17-Sep-08 15:06:48

No. We would be destitute sad

forevercleaning Wed 17-Sep-08 15:07:24

the 4324 is what it would be, not what is now soz

Gobbledigook Wed 17-Sep-08 15:07:41

OMG that is terrifying - ours would more than double.

We'd manage but it wouldn't be any fun and there would be lots of adjustments to be made.

We do not have the equivalent of the extra that would be just sitting around in our account at the end of the month, put it that way!

I would adjust absolutely everything I could before I'd lose my house.

lucykate Wed 17-Sep-08 15:11:08

no, but there are options, rent out a room, switch to interest only, sell stuff, sell the kids, sell dh, every little counts!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now