To not have many options re mortgage

I don't see the point in going interest only, the debt will still be there. You must be taking home a combined £10k or £12k per month, no? I think you all need to accept that your mortgage payment on this house will be £3k or £4k per month, and make savings elsewhere if necessary, or move house. In my opinion, circa 5% interest rates are not a temporary blip.

Is your husband worried about paying 4-5k per month based on his calcs? If he isn’t, and he thinks it is affordable, why don’t you start overpaying now so as when you come to remortgage you have less that you need to borrow?

Is your DH trying to get you to get a handle on your finances and spending by scaring you with big numbers or do you think he's just got it wrong.

Times are likely to be tough for a while (undefined amount...), if you have uncontrolled or unclear spending now is the time to look at that especially if you've got to look at mortgage affordability.

I'm out of touch with fixed mortgages, is there any ability to fix again now with your existing lender ahead of likely rate increases? Would that get you a better longer time rate than you might see next year? It would be a gamble and you'd have up work through the numbers if it is even possible.

Good luck, I'm sorry some posters aren't very nice!

Have you considered an Offset mortgage? This links your current and savings account to your mortgage meaning you only pay interest on the outstanding balance. The downside is you don’t gain interest on the linked accounts but it saves you paying tax on interest and means you can pay off your mortgage more quickly.

Personally I’d not to interest only as at some point you have to find the money to pay off the capital.
Your best bet though is to speak to a mortgage advisor either independent or via your bank.

It will do if it's simply a holiday from repaying capital. OP is saying that she thinks she can't afford the extra.

Having an interest-only mortgage on your main residence and investing the difference is pretty punchy given stock market volatility (and when I say pretty punchy, I mean inappropriate in OP's situation). If she could save the difference at a fixed rate which is higher than her fixed mortgage rate (even taking account of tax) that could work, but the downside is that she won't decrease her LTV, and I suspect she'll struggle to find the appropriate fixes. She'll also need to convince her lender that she has an appropriate way to cover the capital.

Your points about rates are better fitted to a discussion about overpayments, not interest only.

I honestly think these posts are some sort of bizarre stealth brag as I can't conceive in any way that some who's smart enough to earn an apparently well above average salary can be so financially helpless/clueless.

It has a whiff of fake "I'm a bit ditzy me"" about it

So you do have the money, you just choose to spend it on something else. You are hardly at a risk of being homeless and you'll just need to do what the rest of us do - cut expenses, overpay the mortgage, look for better deals and trim your expenditure of "nice" things to afford necessities. And if you can't afford your house after doing all that, you make a sacrifice and move into a smaller and cheaper property.

Why would you do this?! For your lifestyle?!

On a £200k joint income.

Insane. Just adjust your lifestyle. You have plenty of headroom

You both need to speak to a financial advisor with a very detailed list of all your income and expenditures.

Very much this. Unless rates are very low extending the term doesn't make that much difference to the monthly payment but increases the total amount you pay by a lot. Bad idea. And I'm not an expert but I understand that IO mortgages are much harder to come by nowadays (and in times of shaky house prices and without much prospect of rates reducing any time soon are also a bad idea). When you took the loan out in the first place it will have been stress tested to more than current rates so it should be doable, even if not palatable.

It’s not stupid - many people rule with their heart and not their head when it comes to mortgages. There is a lack of understanding how investments and interest rates work

It sounds like you need to get a handle on your finances better, regardless.

Have you ever sat down and properly worked out your income and expenditure?

Interest only won’t necessarily cost more longer term but you need all the figures. Interests rates on savings need to be higher than on the mortgage

You aren't a financial advisor? Surely you must be, with that quality of advice.

OP.... don't do this. It would be stupid.

On £200k you must have about £10k pm take home . Is living on £5k pm after mortgage an issue?

Our bank offers better rates for existing customers. I would use a mortgage calculator and see how your payments will change. On a repayment mortgage double interest rate doesn't equal double repayments

OP, you have a joint income of £200k. I would be looking for ways to absorb the additional cost rather than switching to interest only or a longer term, which will cost more overall.

Switch to interest only and put whatever you would have paid towards the capital into a high interest account/investment (caveat: I am not a financial advisory)

What do you think would happen if you borrowed the same amount but paid it back over a longer period? I realise you're probably panicking a bit, but try to think straight.

Would it be possible for you to extend the term? How old are you and when do you plan to retire?

Have you done any maths yourself to check your husband's working out? It does seem like he's either not really understood how to calculate payments at various rates, or he's very pessimistic about what's going to happen.

To pay less assuming everything else stays equal you need to...

Extend the term or
Move to interest only.

Both of which will cost you more in the long run.

If you are on a joint income of 200k then you are not hard up. You just need to sit down and budget things out properly.

The monthly payment would be less but the total amount you pay would be more, so avoid this if you can help it.

I would sit down together and work out the actual realistic worst case scenario (it's more like £3-3.2k than £5k) and whether you can afford it.