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Original poster

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

167 replies

Birthdaygirltoday33 · 23/03/2023 13:30

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

OP posts:
RosaGallica · 23/03/2023 18:15

Bogofftosomewherehot · 23/03/2023 18:04

@Tellyaddict123

And do you realise that the average females full time salary in 1990 was £9500pa. (Equivalent of £21750 pa now).

You're not comparing apples with apples.

Whoop-de-doop, double average wages and … 5, 6, 10x house prices, more in some parts of the country.

Youre right to mention women specifically though, as women’s wages are lower and the motherhood penalty is high. I’m sure I saw something saying women’s wages specifically no longer buy houses… I’d have to find it.

Blossomtoes · 23/03/2023 18:18

Elsanore · 23/03/2023 18:15

Really helpful. Need to show this to MIL who bemoans the days of 12% mortgages

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The figures are wrong and don’t take into account that £1 in 1991 is now worth £2.75. It’s not in the least helpful to your cause.

RosaGallica · 23/03/2023 18:19

Not in terms of wages it isn’t.

Blossomtoes · 23/03/2023 18:21

RosaGallica · 23/03/2023 18:19

Not in terms of wages it isn’t.

The house price to salary ratio is a different issue. The pp was comparing mortgage payments at different interest rates.

RosaGallica · 23/03/2023 18:29

Blossomtoes · 23/03/2023 18:21

The house price to salary ratio is a different issue. The pp was comparing mortgage payments at different interest rates.

Show quote history

Sure it is, when you are desperately scrounging around looking for reasons to pretend generational inequality does not exist, and then to justify it as well. Just like every abusive male ever. Denial, and anyway it’s your own fault.

Blossomtoes · 23/03/2023 18:35

Wow.

Badbudgeter · 23/03/2023 18:43

My fixed rate ends in July, cheapest fix is 4.18%. It’s an increase of £160 a month which isn’t awful in isolation. The problem is everything has gone up food is £100+ more a month. Electricity is up £120 a month. Heating oil is up. Life just feels really expensive

Tellyaddict123 · 23/03/2023 18:51

Yes I was only comparing mortgage rates, didn’t include salaries comparing 90s to now but I think most people know the salaries haven’t kept up with the cost of housing…figured that was a well known.

Fidgety31 · 23/03/2023 18:54

How do I work out the increase ?
i am on a tracker

SeasonFinale · 23/03/2023 19:04

AlltheFs · 23/03/2023 14:07

You might have a nasty shock at the end of your fix though. They do end!

We haven’t had any energy price increases yet as our fix has continued through the recent energy crisis. But I do realise that when it does end we will be paying more! Fixes are not (usually) for life and each decade sometimes I have avoided big rate changes and sometimes not. It’s mostly luck.

Show quote history

She probably won't though. Once the inflation is back under control the rates will drop again and then she may come out to a allowed rate

Frances24 · 23/03/2023 19:13

Fixed is ending in a couple of months. Looking at going from £800pm to £1000pm to keep the term the same

LifeIsHardAlways · 23/03/2023 19:14

We’ve been lucky, we took out a 10yr fix 5yrs ago. So hopefully in 5yrs when our fix ends, things will have settled down. Very glad now we went for 10yrs!

DashboardConfessional · 23/03/2023 19:30

I had a feeling in my waters (work in the industry) so when Nationwide said they'd offer 10 years at 2.19% in early 2022 we paid £2k to fix. That takes us to the end of the mortgage.

Cantbebothered90 · 23/03/2023 19:38

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This has been deleted by MNHQ for breaking our Talk Guidelines.

soffa · 23/03/2023 19:45

I had a feeling in my waters (work in the industry) so when Nationwide said they'd offer 10 years at 2.19% in early 2022 we paid £2k to fix.

It's weird how so many mortgage provide didn't have any such feelings! 😆

soffa · 23/03/2023 19:46

Sure it is, when you are desperately scrounging around looking for reasons to pretend generational inequality does not exist, and then to justify it as well. Just like every abusive male ever. Denial, and anyway it’s your own fault.

ouch 😆

PlainJanePerfect · 23/03/2023 19:48

thecatsthecats · 23/03/2023 15:10

I'm still I told you so-ing my husband because I wanted to arrange a 10 year fix last Feb at 1.89%.

Bloody idiot wouldn't just let me sort it. With savings, it would have taken us to the end of the mortgage, and we were obviously never going to get significantly better.

That's heart breaking! He must feel like such an idiot if it makes you feel better.

Dibblydoodahdah · 23/03/2023 19:51

Our fixed rate ends in May and our mortgage is going up by £600 - from £2100 to 2700.

DashboardConfessional · 23/03/2023 19:55

soffa · 23/03/2023 19:45

I had a feeling in my waters (work in the industry) so when Nationwide said they'd offer 10 years at 2.19% in early 2022 we paid £2k to fix.

It's weird how so many mortgage provide didn't have any such feelings! 😆

I'm not sure what you mean? Do you mean lenders by mortgage provider?

WombatBombat · 23/03/2023 19:57

Our fixed rate runs out next year.

Depending on the rates, we might pay off the rest (approx 250k) & start building our savings back up after.

Hedjwitch · 23/03/2023 20:00

Just in terms of the increases in cost of living,I remember when beans on toast was a cheap meal. £4 for 4 tins of Heinz in Asda!!! WTF?
Needless to say, have gone own brand at £2.70

LakieLady · 23/03/2023 20:04

CurrentHun · 23/03/2023 14:44

Excellent point TellyAddict about the huge 90s interest rate rises. Also loads of people didn’t manage to cope with it back then. I know two families with kids personally that lost their homes. It has absolutely scarred the kids.

I also worry about rent rises because of this. Something that the wealthy home owning Tories in government won’t have anywhere near their radar. Rents will go up massively as costs or perceived costs go up for landlords, and as there is less rental supply as landlords are forced to sell because of interest rate rises.

I know at least one landlord who already has a house for sale because they can’t afford mortgage repayments. It’s not selling because surprise, nobody else can afford it either. Is this when housing prices (to buy) will fall? What will happen to renters then? Why is the government not funding more local authorities to build more affordable homes? Feels like all this is inevitably what happens when people vote for politicians that are millions of times wealthier than themselves.

I think that a lot of landlords will get out of the game, too, not just because of interest rates, but also because of the removal of "no fault" evictions and the implementation of more stringent energy efficiency requirements. And the ones that stay in the game will be able to put rents up even more, because of the increase in demand relative to supply. The implications for tenants are horrendous imo, and the failure to invest in social housing will soon be recognised as the bloody awful idea it was.

Even back in the 90s, social housing was in short supply. I've got friends who lost their homes in repossessions back then, and they're now approaching retirement and still renting in the private sector. It was an awful time, there was a point when Croydon county court alone was issuing hundreds of mortgage repossession orders a week.

Whatafustercluck · 23/03/2023 20:18

Our fixed rate ended last year, and I pretty much knew that after Brexit and Covid, interest rates and inflation were only going to go in one direction. We fixed for a further five years at that point with our existing lender, who offered us a really good deal when we spoke to their advisors. So we're OK for another four years.

mac1974 · 23/03/2023 20:41

Ours isn't due up until dec 2025 so we are pretty lucky but I have been looking over the last few months at what ours would go up by based on todays rates & I saw a couple of providers offer lifetime mortgages. I might be interested in that when we renew. We will have 13 years left but I might try to take it down to 10 years. Hopefully the market is starting to settle a bit now.