To not have many options re mortgage

I'm going to start making a note of posters doing this and then will remind them.

I don't bullshit.

The end is nigh!

Agree with this. ‘DH said’ rings alarm bells. Both partners should be aware of the reality of their financial situation.

I think help might turn up from the government. At the moment the housing market isn't just slow it's static. Our house is on the market at lower than valuation and in the last 3 months our estate agent hadca handful of people look at any of their properties. Not just the 4 bed we have for sale but all of them .

You won’t be paying that much

No.

I suggest you actually read the newspapers and listen to Andy Burnham's comments today about the economy before trying to be smart.

There are too many factors going on for the BoE to not seriously consider interest rate rates because of the situation.

Might you be better suited to the house price crash forum? They’ve been doom mongering like this for decades 😆

Some people just can't be helped!

Your issue isn't sick leave!

Your issue is you have more income than intelligence!

There's a pot of money and it can't cover everything you want it life. You have to improve your money management and live within your means.

You need to adjust your attitude and lifestyle. This comment says a hell of a lot about your inability to budget and understand your own finances.

That's it.

i might be wrong here but at 5% over 25 years it would be approx 3200.

current rates are about 4.5.

would have to go up to 10% to be 5k

There are online calcuators, would recommend finding a mortgage broker who can start looking for you in advance.

I agree I mean it shows that making 200k a year means you don’t have to be smart

It sounds ike you are haemorrhaging money and you have no idea what you spend on anything.

Sit down with DP and work out your joint income.
Work out your monthly outgoings - everything, bills,. shopping, DC costs.
Work out how much you need to put away each month to cover your travel/holidays

With £10-12 THOUSAND a month you need a better grip on your finances.

It sounds like neither of you have a clue.

The biggest financial worry here is all the “DH said”

start looking and understanding you finances. I bet you’ll suddenly realise a whole lot more …. Women who don’t have a grasp on what they really have, or don’t have, will always be at the mercy of their husbands versions of events and financial takes,

You’re in £200k joint income now though, you could pay that mortgage off quite quickly and could definitely afford the higher payments.

He may have said that as you might revert automatically to an un- preferential rate unless you change.

You won’t qualify for interest only as you don’t have enough equity in the house.

If you earn decent money and have a substantial mortgage how are you this will fully ignorant
about something so important?

You mortgage will go up no doubt about that.

Best guess is that mortgage rates won’t fall in the next 12 months since inflation isn’t getting to target.

You earn £200k a year between you? You’ll be fine.

OP, this is absolutely crazy.

Neither you or your partner appear to be able to do basic maths.
You are panicking over inaccurate assumptions firstly
You already have a term of 35 years - which is well above the average amd are considering extending it.
Your looking at interest only because of holidays!!!
Interest only is ridicilous when the problem is caused by holidays.
It also typically means that your way out is downsizing/sale of property.
What if there's a property crash?
You earn far too much to have such a poor understanding of your finances.

It appears that you over extended your life style if a couple earning £200k can't comfortable service this debt.

You can't have it all in life - the house you want, all the holidays you want etc.

This really is a case of your diamond shoes being too tight.

1. reoeatedly make the same bad suggestion.
2. tell OP she needs to pay for financial advice to save her from bad suggestions 😂

OP, start by running the numbers properly. Then think about whether it’s affordable if you make savings elsewhere or increase income. Discuss what you want to do longer term in the round (taking account of rates, the market generally, family plans etc). Talk to a broker as early as possible and lock in the best rate at the time (you can switch if rates drop, but this is unlikely). No need to pay for advice on a completely run of the mill situation.

We have an interest only mortgage and invest the difference between that & repayment (and more than that). Our repayment vehicle is sale of property (even though we are saving, the banks only count savings you have not what you might have!).

The criteria we met for Halifax were at least one salary over 100k, at least £250k of equity and no more than 50% LTV on interest only. Thing is, unless you’re going to invest the difference then I don’t think it makes sense - no one will really want to be forced to sell their home in 20 years time!

This.

£550k mortgage at 5% (so higher interest rates than currently available) over 30 years, so your original 35 year term minus the 5 years you've already paid, works out at under £3k pm. Someone has said your monthly income would be about £10k, which sounds reasonable, so you'll still have what most people would consider to be a huge disposable income left over for bills, food, spending and saving. Nothing to be scared about.

But you definitely need to educate yourself about personal finance, otherwise you're at risk of going along with what your DP says, and tbh, he sounds either as clueless as you, or deceptive in some way.

Why can’t you afford £4k a month on that household income? Massive childcare costs or something?

OP needs to know all the possible options - we have the bare bones of her finances plus some dodgy calculations. That’s why she needs to seek some proper financial advice, which is why I said I wasn’t a financial advisor but maybe I should have been more explicit and said: don’t take any financial advice from a random on MN who doesn’t know anything about your circumstances.
OP’s medium term plan is to downsize, presumably to a cheaper property so all that needs to be factored in.