Page 8 | To not have many options re mortgage

Aislingk · 2026-09-16T14:34:55+00:00

I’m freaking out as our fixed term mortgage runs out in July 2027. DP said currently we’d be paying between 4-5k monthly and I’m so scared. Will things change by then and what options are there!? Never done this before!

LifeBeginsToday · 16/09/2026 15:46

How much is your house and where is it to be that much? My mortgage is £200k and it is just over £1k a month. Can you downsize or move further out. It sounds like a very expensive house.

Original poster

Aislingk · 16/09/2026 15:45

Catza · 16/09/2026 15:44

Nobody really carries on paying inflated interest when their fixed rate ends. You find a better deal closer to time and remortgage. Depending on how much equity you will have by that point, you may get a much better deal or, at least a marginally better one than the variable rate your bank offers.
My mortgage interest is due to double in 2031 but I am not even remotely concerned about that because, chances are, there will be a better deal elsewhere and I am aggressively overpaying it now to get into a better LTV bracket.

Yes but judging by the current world situation we’d be paying a lot more.

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Original poster

Aislingk · 16/09/2026 15:44

WeirdyBeardyMarrowBabyLady · 16/09/2026 15:41

Given your current repayment on that interest rate and length of term it must have been a fairly large mortgage sum. What are your joint earnings? Presumably you stress tested against having to pay a higher interest rate before taking out?

We have 550,000 left and joint income of 200,000.

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Catza · 16/09/2026 15:44

Nobody really carries on paying inflated interest when their fixed rate ends. You find a better deal closer to time and remortgage. Depending on how much equity you will have by that point, you may get a much better deal or, at least a marginally better one than the variable rate your bank offers.
My mortgage interest is due to double in 2031 but I am not even remotely concerned about that because, chances are, there will be a better deal elsewhere and I am aggressively overpaying it now to get into a better LTV bracket.

Fidgety31 · 16/09/2026 15:43

Move to a house you can afford

Growingaseed · 16/09/2026 15:43

You've not given us much information, how much is the total mortgage? how long have you been paying off, presumably you would be reaching the end of a 5 year term so have 30 years left?

But I think you can expect it to go up to £3.8-£4.1k.

Have you got any savings you can use to pay off a chunk and increase deposit?

WeirdyBeardyMarrowBabyLady · 16/09/2026 15:41

Given your current repayment on that interest rate and length of term it must have been a fairly large mortgage sum. What are your joint earnings? Presumably you stress tested against having to pay a higher interest rate before taking out?

Original poster

Aislingk · 16/09/2026 15:38

FudgeFudy · 16/09/2026 15:37

...and what term is your mortgage over?

Show quote history

35 years

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WiseMoose · 16/09/2026 15:37

There are probably other options so don’t worry too much yet

Look online at various providers fixed rate offerings - you’re too early to switch but just see what is available

FudgeFudy · 16/09/2026 15:37

Overthebow · 16/09/2026 15:36

What are you paying now and what interest rate are you on?

...and what term is your mortgage over?

Original poster

Aislingk · 16/09/2026 15:37

Overthebow · 16/09/2026 15:36

What are you paying now and what interest rate are you on?

Currently on 2.45% and paying 2.5k monthly!

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Keepoffmyartichokes · 16/09/2026 15:37

No one not even the banks know what the situation will be in July.
You can start looking at other deals 6 months before yours ends.
I would recommend taking to a broker, they have access to deals that the general public don't.

Overthebow · 16/09/2026 15:36

What are you paying now and what interest rate are you on?