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Original poster

Please can someone help, panicking so much about mortgage

269 replies

Pancis125 · 17/09/2026 12:17

I am completely alone and have one small dc. My mortgage is 280k. I am due to renew next August 2027.

At the moment I have a good rate of 2.7%. This means repayments are 1k a month.

I have been looking at rates and they are up to close to 6%. If I re mortgage with 270k on this rate then the repayments will go up to close to 1,600 a month. I just can’t afford this.

I feel physically sick. I don’t know what to do. I potentially have access to 50k but that would be all the inheritance I am likely to get and even that I don’t think would reduce it enough. I am sitting here crying my eyes out. I know there are bigger problems in the world but this is all on my shoulders and I am struggling to stay calm.

OP posts:
Dandeloosha · 17/09/2026 12:28

This is almost a year away and none of us can predict the future. That said, you do have options though you do have to be realistic that you’re unlikely to get 2.7% any time soon. You can use your inheritance to overpay your current mortgage by 10% each month so you maximize the benefits of the low rate, then at the end of the mortgage period pay off a chunk before starting your new mortgage. You could also move to a cheaper home - not ideal but not impossible - get a lodger, take on a second job, get a promotion or move to a better paid role. Many of us a facing tough times at the moment. You’re not alone.

KT1992 · 17/09/2026 12:28

Natwest will allow you to change to interest only if you have a sole income of 75k or more. This wouldn’t be a long term solution but it would significantly reduce repayments and we can only hope rates will reduce with time.

Original poster
Pancis125 · 17/09/2026 12:28

I can’t extend the term more than I have. 50k reduction will still mean significant increase on 6%

OP posts:
Overthebow · 17/09/2026 12:26

How long is your mortgage term, could you up this to get the payments lower? I’d also use the £50k to reduce your mortgage, that and increasing your mortgage term might lower it to what you can afford.

Original poster
Pancis125 · 17/09/2026 12:25

@GiveMearoomwithaview thanks. I feel like
this has just broken me though

OP posts:
Original poster
Pancis125 · 17/09/2026 12:25

@cauliflowercheesey i think I would maybe get a pay increase of around 100 a month by then. That’s a good point. But I’m still hundreds short and quite senior so wouldn’t be getting much more of an increase as already paid reasonably well

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GiveMearoomwithaview · 17/09/2026 12:25

Respectfully, you don’t have a choice to do it or not

I don’t know why you’re on your own and I’m sorry that you are

But you are. So you’ll find a way. You’ve made it through every other time you thought you couldn’t.

Original poster
Pancis125 · 17/09/2026 12:24

MelissaLovedMantari · 17/09/2026 12:23

If worst came to worst you could use the 50k to help supplement your income each month. It would last quite a while. Maybe also put some money away now each month while your rate is still low.

@MelissaLovedMantari i am trying to do this but only save around 350 a month

OP posts:
cauliflowercheesey · 17/09/2026 12:24

Extending the term could be an option to bring the monthly payment down.

What’s your situation - is it a big house? Could you downsize if needed? If not, might a lodger be an option?

Take a really good look at your budget. Can you definitely not afford such an increase even if you cut back on all non-essentials?

Also think about ways to up your income. A lot can happen between now and August. Promotion or change of job to get better pay perhaps?

MelissaLovedMantari · 17/09/2026 12:23

If worst came to worst you could use the 50k to help supplement your income each month. It would last quite a while. Maybe also put some money away now each month while your rate is still low.

Original poster
Pancis125 · 17/09/2026 12:23

@Bez72 im not falling behind just don’t know how I will cope when it comes to renew

OP posts:
Bez72 · 17/09/2026 12:22

Speak to your mortgage provider. They won't want you to fall behind so will be best placed to advise you.

Original poster
Pancis125 · 17/09/2026 12:21

I just can’t do this on my own anymore I am so sad

OP posts:
BreezyClouds · 17/09/2026 12:20

Practically:
You can move to cheaper property
Ask to extend the term
Use your 50k
Earn more or rent out a room

All of these are good options.

Original poster
Pancis125 · 17/09/2026 12:20

The term is already at the maximum

OP posts:
Original poster
Pancis125 · 17/09/2026 12:20

Do you think the rates might go down? My current mortgage is with NatWest

OP posts:
Bavariamaria · 17/09/2026 12:19

It is really hard.

I have no idea what will be available next August.

Who did you speak to when you took out the initial mortgage? Are they brokers?

PinedApple · 17/09/2026 12:19

Best bet is to speak to your mortgage advisor or provider. They will have different offers available when it’s time to remortgage, fixed term for example can have different rates to the standard variables. There’s also the option of paying interest only or extending your term to bring monthly costs down. They will help you x

Original poster
Pancis125 · 17/09/2026 12:17

I just don’t think I can do this all on my own anymore it’s too much

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