I'd really appreciate some advice from people who know about mortgages...
I'm in a flat panic about mortgage rates and don't know what to do for the best. I'm on maternity leave but usually earn £26,000 part time DH earns £65,000 full time, two children under 3 who will both need to be in childcare at least 2 days a week from April.
House value is £567,000
We have £265,000 left to pay over 20 years
So LTV I think 47.97%
Our current mortgage which was a 5 year fix at 1.89 expires 31st March 2023 and it seems like this is the worst possible place to be as most products only start from end of Feb. Get out fee from Nationwide is £2700
Best we've found/been offered is 10 year fix at 4.84 with Nationwide or 4.43 with Lloyds
We have a mortgage broker but it seems slow progress. What should we do?
What would you do?
I feel a bit sick. We are going to really struggle to afford an extra £400 per month and it's only going up and up.
Ps, I'm sure someone will come on and say 'not another mortgage thread' so sorry in advance.
Please help me understand my mortgage
mortgagescrewed · 04/10/2022 11:46
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