How much is your mortgage increasingly by because of days interest rate rise

[Birthdaygirltoday33]

With inflation, council tax, bills and everything else...it feels never ending😔

Crippling, i went from paying £500pm for interest only to get a letter every couple of months with increases now up to £790 with another letter expected.

🤕 ouch where will it end

£0 increase as we are fixed for another few years. I always fix to avoid shock rises like this

This is quite a smug answer.
We fix too but unfortunately our fixed rate comes to an end in next three months.
So we are going to be massively impacted.

I fixed two months ago after being on a tracker for two years before that. I was thinking I always pick the wrong approach! I think today's hike means the tracker I was looking at would be the same as the fix I am on.

You can take it as smug if you want but i simply answered the question. I don't personally know anyone who isn't on a fixed mortgage

I've seen this sort of thing on here a lot, is a fixed rate mortgage not available in the UK? That's what's most common here.

I am booked to see a financial advisor about getting a fixed rate mortgage but there was a point where banks just werent offering them after we came out of our fixed rate contract. Will keep you posted!

Most people are on a fixed rate but obviously those fixes come to an end. People whose fix is ending at the moment are likely to be seeing huge increases in their repayments.

It is but a lot of people think they can't fix for some reason
People with historic mortgages generally, perhaps interest only
They seem to think they can't change their mortgage at all including choosing new products I.e rates or remortgaging to a new provider. It's shocking as a mortgage broker to see how uneducated some people are about their own situation, it's a head in the sand type scenario for most.

For some it's a choice, they want to be on a variable rate/tracker for some reason and now feel like they don't want to fix because their situation still isn't resolved or the fixed rates are too high.

You can fix a rate up to 6 months before your other fix ends. I fixed new rate in October for a deal that ended beg of this month. Call your mortgage company.

I'm fixed for another 3 years of a 5 year fix. We had hoped to over pay while we can, but with everything else going up we can't afford to.

I've seen this sort of thing on here a lot, is a fixed rate mortgage not available in the UK? That's what's most common here.
Where's here?

I'm in Ireland we have fixed rates many on them. I'm on a tracker have been since 2006. Interest rates have gone up so my tracker has climbed in payments it is still though less than any fixed rate we were offered. If interest rates continue to climb we may be at same level of fixed rate but rates will come back down again so long-term we are still better on tracker imo

From talking to colleagues, I think in the USA it is normal to fix for the life of the mortgage. In the UK, fixes are typically for 2 years. But longer fixes (for 5 or 10 years) are possible too, but rarer. I've only seen one or two newer providers offer whole mortgage fixes.

We have a fixed finishing soon and we are going from £719 to £987 a month. That’s from 1.99% to 3.99%. We aren’t too badly affected but it’s annoying it’s just interest.

It annoys me when my parents say but we coped with 15% so I did some maths incase it’s interesting for others when they get this comment.

4 bed detached house in early 90s was £70k midlands
Assuming 60k at 25years
15% ~ £768
5% ~ £351

Same house is now £330k (assuming same percentage deposit 15%)
280k at 25 years
15% ~£3586
5% ~ £1637

Always call your mortgage company. Don’t bury your head. You will be surprised what they can do. For example

• Fix a rate 6 months in advance
• Take you out of your current tracker/ fixed rate and put you on a fixed and pay repayment penalties - which are worth it

People don’t want to fix longer here because they will either need to pay repayment penalties when they sell or because the rate may come down significantly. We fixed for 5 years mid 2022 which is longest we have ever fixed for.

For the past 10 years or so, there was always a narrative to go for a shorter fix and then when you renew you get a better rate seeing as you have paid off more of the loan. So people were used to their payments reducing. Now the opposite is happening, and this is unheard of for many people with mortgages and a huge shock.

Interesting. Yes, I'm in the US and my loan is 30 years fixed.

Our fixed rate is coming to an end so we are about to shift from a 1.5% rate to 4.25%.

We have savings put aside so we can pay down the mortgage and mitigate the bulk of the rise to the monthly outgoing cost, but a greater amount will just servicing the debt.

@Youcancallmeirrelevant but it is smug, I’m on a fixed mortgage that finishes this year. I’ve provisionally secured a new deal. But it’s just bad timing for me no other reason

Another vote for don't bury your head, speak to your broker, this rise was expected so lenders have already factored it into their recent products, and you can look at new products up to 6 months before the end of your current rate.

Our fixed ended last month so our mortgage has increased by £700 🙃

Thanks @Ndd135632 , we have already contacted our bank and will be fixing again for 5 years but the new fixed rate is substantially more than our current rate which is under 2%.

I was just replying the s reply of the PP who said that they “ always “ fix as if nobody else does this.

It’s basically everyone that’s fixed rates ends this year that will be impacted isn’t it.

Nothing as a result of today but we have just renewed our fix which is now £180 more than last time (rate has gone from 1.79% to 4.13%).