To ask how much your mortgage has gone up by?

[jaychops]

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.

Ours was fixed for 5 years at 4.26% about 3 weeks ago, we were paying £1909 per month (2.14%) and it will now be £2302 we have 18 years left on a 450k mortgage with around £345k left

Mine went up by £400 per month back in April. I went to a broker and, luckily, got a reasonable rate that saved a fortune.

Nationwide were great and gave me an AIP that fixed the rate for 90 days and, as long as I formally applied in that time, they held it for 6 months. This protected me from two rare increases.

If they still do that, I would recommend fixing it ASAP.

Good luck with the negotiations. If you can, start paying more off if possible as in 5 years, I don’t expect rates
to fall.

Mines went up about £150.

It’s gone up by approximately £600 per month from just under £1,400 to just under £2,000. We can afford it but it’s dismal none the less.

Not an answer to your post OP, but I'm looking to buy in the next 18 months or so. First time buyer. Is this the wrong time to be buying, would I be better holding off? Anyone have any advice please?

Mine has doubled

We remortgaged two months ago. Prior to that we had a fixed rate of 1.94% and were paying £840 a month. However, we also had a loan with £14000 still left on it, and were paying £198 a month for that (we had to get the loan for home renovations, including for a bathroom that was literally crumbling to pieces).

We've now added the loan to our mortgage - our fixed rate is 3.93% and we now pay £1083 a month - so thankfully, we are only paying an extra £45 a month than what we were previously paying each month, but obviously, our loan is now part our mortgage. We fixed for 5 years, and are planning to overpay as much as we can afford each month.

We owe £243K (30 years) - house is currently worth around £445K.

Gosh this is depressing!

Currently coming to the end of our fixed deal at £478/month, though paying at least £550 to get a little overpayment in. We're looking at £552 at the moment, with about 77 days left to organise another rate. It looks like mortgage rates are going to jump again next week so need to sit down with OH this week and either fix it again now or take the risk that it may magically fall slightly by September. It could be worse, but we will lose that overpayment margin that we have been relying on to reduce the length of the repayment term (I don't want my OH to still be worrying about paying the mortgage when he is in his 70s)

We have a smaller mortgage (£42k) and a bigger mortgage (£105k).
Our payments on the smaller mortgage have just increased from £190 to £320 a month! A huge increase.
We come off of our fix for the bigger mortgage in 2025.

Sorry I tell a lie - this is the price following the last rates increase, not the most recent, so it will increase even further.

We had to get a bad credit mortgage on a shared ownership house it was 5.5% when we took it out 2 years ago its now 11.8%

When we bought our property, we had a 5 year fix at 1.94% and were paying £1400 a month. Just had to fix again at 4.5% and payments are now around £1750.

We were on a tracker rate for a couple of months in between, but fixed with hours to spare before all the rates went up again last week!

We aren’t. Depends on your situation, but our rental is £600 cheaper than buying an identical property with current rates. We also only have a small deposit so negative equity risk is very high if prices fall, and it’s likely they will if rates continue to rise. We’re making the best out of our little rental, and hopefully we’ll be in a good position to buy when a bargain comes in. I’d sit tight and watch things for now

Switched in around October last year. Extra £40 per month.

Ours should have gone up by £400 (£800 up to £1200). We managed to make a lump sum payment due to some inheritance so knocked £50k off at renewal time - which reduced our payments by a grand total of £4 a month!

I(t's a nightmare. Ours went from £1250 per month to £1750 per month on a roughly £300k debt. And it's only as good as that because the value of the house has gone up enough that our debt-to-equity ratio is at almost 50%.

Remortgaged last month, going from 1.94% to 4.1%. Equates to an extra £350 per month.

We are overpaying an extra £1250 every month. We have £285k left (london flat bought in 2019) and i estimate it will be £265k by the time our 2.05% mortage ends in July 2024. I will pay a £8k penalty if i break the deal now so not sure if that is worth it.

If mortgage rates are 7%, I will be paying £1700 which is £700 more than our current £1k mortgage. If there are 8%, its £1882. If its 9%, it will be around £2k.

I don't want to think about 10%(that would cut it very fine). I will try to arrange a mortgage deal around Jan 2024 (which is in 7 months time) and pray its not too crazy then!

Our has increased by £250 a month due to expire next month.

If you are expiring within the next 6 months secure a new deal with your current lender now and sit on it. It won’t execute until the end of your current deal.

If you’re 6-12 months away from the end of your deal speak to a mortgage broker now and secure a deal but again dont execute. Re evaluate in 5 months what’s better the deal you got plus the ERC or sticking with your current bank etc

If Atleast gives you options

Mine's £170 a month more than it was a year ago. And we took out another mortgage to part pay for loft conversion that is costing £260 a month, so overall we are paying £430 a month more. Which is higher than we were expecting when we went ahead with the work so we're struggling a bit.

Similar situation. I have a large deposit, but feel fucked. Rental is 2600 and was hoping to rent for 6 mths whilst I found something. Unless prices fall, not sure I have the appetite to buy at such high interest rates. OTOH, I’ll save the equivalent of most of my rent from interest in savings.

Up by £389 per month, from 'a very low rate' to 4.19%, we did borrow an additional £6K for home improvements though.

We can afford it, but things like popping out for a midweek dinner etc are a thing of the past. It's pretty rubbish.

You can book in a new fix 6 months before yours expires

I'm currently living rent free with family at the moment, so can save quite a large deposit. We'll not large, but perhaps a 20% deposit.

When you say prices may fall if rates rise, do you mean that house prices will drop if inflation rates rise? I can't work out if this is a good or bad thing. Cheaper house prices but higher mortgage rates. Would they cancel each other out as in you pay less for the house but what you save on the price of the house will be eaten up by interest rates on the mortgage?