Please can someone help, panicking so much about mortgage

No as you would likely have early repayment charges.

Get a broker in place 4/5 months prior to renewal as you can lock in rates from 3/4 months prior to renewal and cancel if rates drop.

Absolutely not. That’s your panic talking

Go to a mortgage broker who takes commission from the mortgage company you go with rather than you. We have used the same man for 15 years and he takes his time to talk to us about our financial situation and explain scenarios and options. He has always found a workable solution for us.

Probably not though because you’ll have an erc to pay and you have no idea what mortgage rates will be when your fixed rate ends.

the base rate my rise but that doesn’t mean fixed rate mortgage rates will rise from where they are now.

it’s a fools errand trying to predict the market

But that doesn't account for the fact that the money overpaid could be earning interest in a cash ISA at 4.5% while the OPs mortgage is only costing her 2.7%.

OP if you have spare money you need to save it until the end of the fix and use it then to overpay, not now.

I was in a similar position as a lone parent but used the time between the low rate and impending increase to overpay weekly as well by standing order as the usual monthly payment by direct debit . Even a small regular amount makes a real difference and you can adjust it up or down if you have an unexpected bill, as needed, each week . My ex at the time started to do the same with his mortgage . When it came to renew at a higher rate ,his payments were actually less! I've now paid mine off ,but I'd really recommend the extra weekly amounts as it brings the interest down each month .You can track your progress on your mortgage calculator and play around with how much difference it would make if you paid X amount ,and calculate a future forecast at X interest rate,which really motivated me.I'd put the 50k into a high interest account and decide what to do when it's time to renew xx

We overpaid on our lower rate when remortgaging was imminent because it meant less of a mortgage was being repaid at higher rate of interest when we had to remortgage
Alternatively if interest on savings is higher, my family members put overpayment money into savings and then paid it off in lump sums however I knew that I would likely dip into the savings if they were sat there whereas I overpaid by £400 a month as soon as I was paid so then had to really budget the rest.
Just depends how you want to do it.

Because more of it comes off the capital repayment.

We gotta remember fixed mortgages rates aren’t priced on BBR.

BBR might rise but the fixed rates could be lower at that moment in time depending on the economic climate

That is correct. Assuming OP has money in cash ISA. If she maxed out on her ISA and the rest of savings are going into a standard savings account it is likely that the money would be better spent on overpaying the mortgage (particularly, given that she is a higher rate taxpayer)

Apologies if this has already been said, but perhaps consider looking into an offset mortgage? Where you can use your savings to offset the notional balance on the load for the purpose of interest calculation - so you can still access the £50k but can use to reduce the interest you pay?

It's a year away! None of us know what will happen during that year.
When the time comes, talk to your lender, who will want to help you, it's in their interests for you to be able to pay your bills.

Please go to a mortgage provider, mine was gone in June was 3.4% for 2 years. Also extend the amount of years that brings the payment down.

Why would you do that when you have so long left?! You need to calm down. That makes zero sense.
Youre earning more than enough to cover this payment. You’re getting 50k too.

That sounds difficult.

Obviously not giving advice but personally I would look to get a date locked in 6 months before renewal and keep an eye on other options. Current best rate is about 4.5% which is a massive difference to 6%.

The point on 50k lasting 13 years of top ups is a good one as that's a massive amount of breathing room to adjust income and outgoings. I'd look at front loading it too (whilst being clear it's advance payment) to reduce interest overall.

Don't forget with inflation what's left at the end of that will be worth less than it is now compared to everything else. There's no reason a £75k wage now couldn't increase to over £100k from inflation alone in that time.

Personally I think you'll be ok, even if it feels overwhelming now.

I remortgaged yesterday with HSBC. 4.95%. You could use some of your £50k to bring monthly payment down or simply draw down the additional amount each month. Not ideal but will give you some breathing room.

It’s utterly wild, but mortgage advisor did not stress test these mortgages.

5 yr fixed tend to be stressed at pay rate as per mcobs so the stress applied could’ve been as low as 2%

It's not down to the mortgage adviser though. The lender stress tests the mortgage and gives you an illustration (one page or two pages, not a massive document) where it says something like "if mortgage rates increase to 7% your monthly payment would be x".

Ive been wondering about that. We're on 1.5% ending soon, I'm not convinced we were stress tested properly. We had a big deposit for first time buyers and it was accepted very quickly. We should be OK by the skin of our teeth but it will wipe out practically all of our disposable income.

This is an example of Lloyds or Halifax.

https://www.scribd.com/document/722638783/Mortgage-Illustration

did you have a 5 yr fix?

also the stress on lower terms if you were low rate still might’ve been relatively small, could’ve been revert rate + a small percentage

so if you reverted to BBR+2% that could’ve been as low as 2.01+ a margin on top, so might’ve only been stressed at 3.5% (for instance) (assuming there’s no floor on the lenders variable rate)

Unless I’ve missed it in the document that’s not the internal stress they’ve applied to it though, those scenarios are just fluctuations shown because it’s a variable rate mortgage and there’s 3 parts of that mortgage (can’t work out if it’s additional borrowing or a funky loan made up of different parts)

When I was changing from one fixed rate to another even though I took the deal the actual new interest rate didn’t take effect until after my current rate had expired. I still had the lower rate right until the end of that fixed deal.

You will be investing 50k more equity into the house. This will decrease your monthly payment because you won’t be paying interest on that cash.

i am currently downsizing as I am also a lone parent. I resisted at first but now i feel relief at my decision.

Op, I know this seems stressful but we've never paid that much and we remortgaged recently and our mortgage is bigger than yours.
Please please try not to worry.

You can seek a new mortgage deal a few months before yours ends and I'm sure you'll get a better rate than 6%.

In the meantime, if you get inheritance, put it into savings and if you get to that stage and the rates are 6% (I am sure they won't be) I'd just withdraw the 'extra' needed from the inheritance to top up the mortgage each month.

However, I really think you'll be fine. We are currently on a tracker and haven't gone much over 4%.

In the meantime, I'd be saving a little each month to give you a buffer (everyone should have a 1K emergency fund, if they can) to give you that breathing space. It doesn't matter if you can't reach 1K for a while, the point is there will be a little money aside in an easy access account for you.

You absolutely CAN do this and have been doing it.