Has your mortgage gone up?

[AllanyonetalksaboutisHandM]

I’m abroad, ours went up by around €50 last month, just received an email and January’s mortgage payment is almost €200 higher 😔can’t afford all this, with electricity and petrol too, how long is this due to continue?

No but we're on a fixed rate, i presume yours is tracking the interest rate level which is why its increasing?

No but we’re on a fix until Dec 2026. We fixed right before the rates went crazy 😮‍💨

Not yet, we're on variable, but it didn't go up the last time interest rates rose so I'm expecting it to this time.

Are you on a tracker rather than fixed rate? We’re on fixed so hasn’t gone up.

Only by about £25 but I was lucky that my last fix ended earlier this year when I could still get a very good new one.

Sadly I only fixed for three years which I am regretting a bit.

When it's due again in summer 2025 I am expecting it to go up by about £300.

I’ve just been told mines going up by about £400 a month. Looks like I’ll be selling and moving into a flat. Gutted.

We fixed our rate last year for 5 years.
We always fix our rate. It means we pay a little more when interest rates are low but it gives us the security of knowing that what we are paying won’t change.

Yes , we got our yearly statement though and we are paying an extra £100 per month then a year ago .

I don’t know where we will find it , and last time we checked we couldn’t remortgage as our financial position had changed since we bought the house 16 years ago.

we will just keep going 🤷‍♀️

Does anyone know if it will higher? We’ve been paying the same amount for years until recently, it went much lower than when we bought it…it’s going back to the same amount we had when we bought. We had more money then though as both worked full time, now I’m only part time with dc, will have to look for full time somehow.
Im being thick here, but does it mean we’re at least paying off more of our mortgage?

*Go higher

It means your paying way more interest each month. Your mortgage will still last as long as it was taken out for.

We've had to fix £209 higher. It doesn't kick in until March. I am dreading it

Ours has gone up by over £300 per month since February.
I don't know where they think people are going to keep getting the money from.......

No, you’re not paying any more off your mortgage - it’s the interest that has gone up, you’re just paying more interest.

So have you got a U.K. mortgage?
I’m confused as you say you’re abroad and you’re quoting Euro currency figures. If you want opinions on whether rates will continue to rise, we need to know which country the loan is in - because it’s dependent on their fiscal policy!

To answer your other question: no change for me as I took a 5 year fix a year ago, due to all the economic uncertainty post Covid / Brexit.

Short of owning crystal ball, no one really knows what will happen to interest rates but if you can't afford for it to go any higher I would look into changing it to a fixed rate deal if you can. That way you're guaranteed your payments won't change.
No, you're not paying off more of your mortgage, you're paying more interest not more off the equity in your house.

@Testina the op is clearly in Ireland 😵‍💫

No it was fixed just before as a lower rate that before so we pay £200 less but we decided to keep it at the same so overpaying now. the rate is vvv low 0.8 which is unbelievable

No, because ours is fixed until 2027.
Sadly no it doesn’t mean you’re paying more off your mortgage, you’re just paying more interest.

@Testina I’m in Portugal

No one knows if it will definitely go higher but it’s likely. This has been on the news for months now, with predictions that it will keep going up until late next year then stabilise before dropping in a couple of years time, but probably not to the lows it was before.

We should have fixed it in October before it started going up, surely now if we get it fixed, it will be fixed to the current rate we’re paying? So scared this will go up and up

Nope. We're abroad as well and our mortgage is fixed for another 20 years.

It wont be fixed at the rate you are paying now, that is not how fixed rates work. Look on the website for whoever your mortgage is with, it should show you the rates that are available, which will differ depending on how long you choose to fix for.

We managed to renew just before the rates jumped in September so ours will only go up by £45 a month. We fixed for ten years, rates might drop again in a few years but our mortgage is high anyway due to buying a bit later in life than most so we just wanted the security of knowing what it will be for the foreseeable future.

We are fixed until 2026 but live in a small flat. I'm hoping with overpayments that the mortgage will be finished when the fix expires.