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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much your mortgage has gone up by?

132 replies

jaychops · 15/06/2023 11:17

Fixed rate due to expire early next year so starting to prepare myself! We owe circa 180k on a 300k-ish property. 22 years left on mortgage and don't want to extend. Currently pay 850 per month. Eek.

OP posts:
Original poster
jaychops · 15/06/2023 11:19

Oops didn't mean to add voting

OP posts:
Backtoreality1 · 15/06/2023 11:22

Watching with interest as I am in the same position (although payments a little higher). From calculation at 4.5% I was looking at another 300 a month which was just about manageable but means no more going into savings. 6% is looking scary so living in denial at the moment as its too early to get a new deal and I'll end up paying too much extra,

Oysterbabe · 15/06/2023 11:22

Similar size mortgage. Ours is about £450 per month more.

AndIKnewYouMeantIt · 15/06/2023 11:23

Currently you're probably looking at about £950 a month for a 2 year fixed rate (about 5%).

FlyingSoap · 15/06/2023 11:23

We’re putting off buying and making the best of our significantly cheaper rental for now, and planning to just settle here for a few years and start our family here. Secure tenancy and beautiful area. We had saved enough to buy and have the deposit ready, the house we were viewing, small semi detached went from 950pcm a month to 1090 a month in the space of a week because of rising rates. Literally a week’s difference in rates in the time between the first and second viewing. Scary times ahead, don’t know how any first time buyers will manage this especially with a low deposit

CornishGem1975 · 15/06/2023 11:25

My fixed rate will end this years, I am expecting it to be about £250-300 a month more which is infuriating as I finally had a payrise and for the first time in about 10 years I was going to be able to afford to take a holiday but not anymore, not in the near future! I know it's a small annoyance but my kids and I have had such a shitty few years and I wanted to treat them. I'm not sure we will actually have enough to cover it so we'll need to look at cutting back. Not sure what we'll do if it's more than that.

Justapiercer · 15/06/2023 11:25

Similar amount left to pay but 19 years left. Ours will increase from £1000 to £1240.

Gone from 2.4% to 4.9% fixed in a deal to start November when our current fix ends but we can change it should rates go down.

AndIKnewYouMeantIt · 15/06/2023 11:27

Ah, wait, not for 22 years. More like £1100 😐

DRS1970 · 15/06/2023 11:29

Luckily I am mortgage free now. I would recommend overpaying if you can afford it.

lostinfusion · 15/06/2023 11:29

Thankfully we fixed for 10 years at 2% - just over 5 years left at that rate & aiming to overpay as much as poss before it ends

AndIKnewYouMeantIt · 15/06/2023 11:30

lostinfusion · 15/06/2023 11:29

Thankfully we fixed for 10 years at 2% - just over 5 years left at that rate & aiming to overpay as much as poss before it ends

We did the same. 10 years at 2.19% with 13 years left on the mortgage. Hope to overpay.

Tigofigo · 15/06/2023 11:31

lostinfusion · 15/06/2023 11:29

Thankfully we fixed for 10 years at 2% - just over 5 years left at that rate & aiming to overpay as much as poss before it ends

Wow that's an amazing deal

lostinfusion · 15/06/2023 11:33

mortgage broker advised against fixing for so long at the time but we wanted the certainty & so so glad we fixed

TedLasto · 15/06/2023 11:33

Mortgage of about £275k, on £400k property. It's gone up by £270 pcm.

TedLasto · 15/06/2023 11:35

We've just gone from 2.39% to 4.38%

calmandcaffeinated · 15/06/2023 11:36

Literally 6 months left on our amazing 1.1% mortgage (only fixed for two years- idiot) and looking at 3.85% now. It will go up around £400 from £1000 a month. Will be overpaying once the new mortgage starts.

LorraineInSpain · 15/06/2023 11:36

I owe about the same as you now but over 23 years rather than 22. Mine will “only” be going up by about £130 per month, but that’s because I’ve been overpaying as much as possible since last time I fixed. Payments will be about £1000/month from November - currently feeling quite lucky I’ve managed to get a 4% deal when this one runs out.

cadburyegg · 15/06/2023 11:36

I am buying my ex out this year and taking his name off the mortgage (not borrowing any more). Property is worth £350k, mortgage remaining £140k. Currently pay £500 a month, it will be going up to £660.

TheFlis12345 · 15/06/2023 11:37

We were lucky and managed to renew early a couple of days before one of the interest rate rises last Autumn. We were already on 2.89% as first time buyers and now fixed at 3.05% for 10 years. We were initially hesitant about fixing for so long but are now very glad we did. Our payments on a £400k mortgage have gone up by just under £50 a month.

MammaTo · 15/06/2023 11:38

Owe £153k and have 33 years left 85% LTV and we’ve just secured a new rate for November which will increase it by £70 a month.

I was expecting £100’s so I’m happy with that.

Sissynova · 15/06/2023 11:40

Ours is still on 1.35% so its going to be painful when we need to remortgage early next year. Currently the best rate available puts it up by £470 which is 50% of our current payment!
Can't see things changing that much over the next 12 months.

Muddlingthroughthissocalledlife · 15/06/2023 11:45

Ours went up £550 per month. Energy bill DD gone up £250 per month. Food bill gone up at £300 per month. Luckily childcare bill dropped from £800 to £300 due to 30 hours free childcare from 3 when our higher mortgage repayment started. We would be really struggling now if we were still paying £800 in childcare.

Toddlerteaplease · 15/06/2023 11:46

I'm fixed at 2.09% till July 2026. Hopefully things will have calmed down by then. Will try and overpay when I get a pay rise.

BobbinThreadbare123 · 15/06/2023 11:48

Got about 20 years left, jumped from about a grand to twelve hundred quid on our new deal. We did a lot better than expected too; thought the rate would be even more hideous!