To be more worried about mortgage rates than energy bills?

[IconicKitty]

No one is denying the energy crisis is going to bite most of us, but the mortgage interest rises are seriously worrying. And I think this is passing people by because they're on a fixed deal at the moment, which they locked in when interest rates are low.

My fixed mortgage ends next year, and current interest rates mean I'll be paying about £500 more a month. If this doesn't change before my deal ends, this will be much more dire than the energy crisis for those with mortgages.

It will affect renters too as landlords will put rent up once their mortgage increases.

I was already paying 5% ish because adverse credit. My fix is up in 4 years and I'm hoping it will be a similar rate? But who knows

Agree. We are fixed until august but after that will be interesting.

Our house is currently on the market, fixed rate ended in October. Can't renew as trying to move and have mortgage sorted for the new place. The offer expires in Feb. Lost our buyers on the Monday and by the Tuesday all this mortgage stuff had kicked off. From being inundated with offers, we have had a handful since being back on. No buyers on the horizon. Mortgage in October was £800, November £1250, Dec will be £1370 and just today got a letter from Natwest saying it will now be £1494. Needing to decide if we hold out for buyers and hopefully move or realise no one is buying and stay put and renew the mortgage. Trying to count my blessing that even though its shit having such a big jump at least we can take the hit. I really, really feel for people who can't.

Very well said.

It makes sense to worry about the thing that will effect you most.
For me I worry about the price of food, then energy, then mortgage as that's how they are effecting me.
There are options such as interest only, longer terms or moving to cheaper properties that may help people with mortgage costs.

@SafelySoftly I think it's the word "surely" in your posts that is grating. It's not sure at all - there are so many complex factors and it's oversimplifying things.

Surely the banks can't be making a profit at the moment though, with interest rates high and many people on a much lower fixed rate?