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.

Well it is a maths question. If the rate now is significantly lower than the rate in a year, the amount you pay in early repayment may be less than you subsequently pay in additional interest.

But all decisions made on expectations of future rates are uncertain.

We were on a 5 yr fix at 2.1% which expired in Jan this year, I refixed 6 months before that date at 3.25%. so payments went from £585 to £650 or thereabouts. I tend to round up to the nearest hundred as an overpayment, so now paying £700.

Mortgage of around £97k on around a £450k house.

Yes I get the maths of it. But my point is that given the uncertainty over what the rate will be in the future, I can’t envisage any (relatively normal) scenario where the advice is likely to be to pay the ERC.

Our fix ended at the end of March.
We secured the rate in September (fee free so in theory could change any time). Our mortgage went up £100pcm.
From 1.89 to 3.41%.
We also took out about £15k additional borrowing (ended up slightly more since we paid off capital between rearranging the mortgage and it starting) .
We should have remortgaged the year prior and paid the 1% ERC (which I actually considered) but hindsight is wonderful!

400 up to £800 now. I'm fucked.

We just remortgaged last week, from 2.69% to 4.96%, both were 5 year fixed rate offset mortgages. On 130k with 11 years to go, the repayment went from 1147 to 1320 pcm.

OK, so this thread has just sparked me to spend the last hour phoning around to understand our situation a bit more.
I didn't realise that our smaller of two mortgages (£41k), which came off of its fix in May, was on 6.99% interest!
I have some stocks and shares and an ISA, which has done nothing for me in the 2 years since I set it up. So I've just made a request to sell the lot, which is £29k, and I'll be paying that amount off of the mortgage when the funds land next week.
I dont mean to brag by sharing this, it's literally only just occurred to me how nuts it is to have investments which are making zero return, when we're getting hammered for interest on our mortgage.

Ours has gone from £580 a month to £750 a month last month as our fix had just ended.

Our mortgage went up by 10% but that's only £36 a month for us.

Our 5 year fix at 2.2% ended last year and we ummmed and ahhhed about fixing at 3.45% for 5 years, in case rates went down. but went with it eventually. We are glad we did now.

Our payments rose by £150 - from £900 to £1050.

Same!!

Owe £185k on a £350,000 house it’s gone up by £300 pcm fixed for 5 years

£176 a month 😩 which is less than some I know. On a fixed for a year as have two amounts running side by side and want to get them
fixed together next year.

£600. We can't afford it. And we don't actually know what we are going to do.
Thanks government. Fuckers.

Mortgage rate at 1.84 fixed until October 2024 but are borrowing approx £140k more to move. Rate on £140k will be 5.05 % so once we move mortgage will rise from £550 PM to £1250 PM.

@lastminutewednesday can you extend your term at all to make current payments more managable, is that an option?

£450 per month more

We are talking to the financial advisor this afternoon but he didt seem too hopeful.
We have had a series of unfortunate events that have meant I've had to give up full time work. I can't go back to it until September at the earliest so we just to have to keep everything crossed and hold out until then.

I’m fixed at 1.18% until Aug 26 so hoping it improves by then. If I had to remortgage now I’d be paying an additional £600 a month.

We could afford it but we’d feel it.

@lastminutewednesday my fingers are crossed for you. even extending the term by a few years might make a difference x

Thanks

I just feel so desperate this morning on hearing the end of more interest rates increases and how it's the 'best way' to decrease inflation. It's not worked so far and its not like we are the only ones struggling and stressing. So many people are in the same horrible boat :(

We were once stuck on a fixed rate of 5% when the rate dropped to about zero 🙁

I did a 5yr fix back in 2021 before the cost of living crises at 1.9%, which will end in Oct 2026. Am expecting the rate to be much higher when we remortgage in 3 years time, but am hoping things may have at least stabilized a bit so that its easier to know if you're getting a good deal or not!

We considered moving recently due to family circumstances and saw that our mortgage would be around £400 more/month on a 4.7% that our broker found us. We've decided to stay put in our current house and continue to overpay monthly and reassess in a few years' time.

Mine has gone from £391 to nearly £800. But Im stuck. Cant remortgage as my mortgage was with an lender who no longer exists, and my credit rating is shite.

Cant sell the house as it has rising damp and subsidence- and I'd never get a rental property. Even the shittiest bedsit near me is nearly £600 a month.
Im just hoping that eventually it will calm down.

I'm in the exact same situation as you. First time buyer, decent deposit. No idea what to do :( we were looking last year and then i was advised to wait after september as everything went nuts. But nothing seems to have calmed down. House prices still ridiculous and rates close to 6%. Wish i had had a crystal ball and bought on a 5 year term back in 2019!