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.

I bought in 2020, have a 25 year mortgage with a 5 year fix expiring next year. I think my current interest rate is about 1.8%. Using that Nationwide calculator if I'm on 4.75% for a 20 year term my payments will go up by more than £400

I haven't been able to afford to overpay, as I've been paying for 2 kids in nursery. My eldest is due to start school in September next year and little one should get some free hours, but any savings I make on childcare will be swallowed up by the mortgage.

We renovated the kitchen last year, which cost about £20k and that was most of our savings. If I'd known what I know now I'd have delayed renovating and put the £20k on the mortgage. Gah

i bought in 2019. my mortgage was 2.05% and now my mortgage would be whatever it is in 2024. However our flat is worth the same as it was in 2019 (and rather lower than what it was in 2017!)

I think its pretty much the same buying then as buying now tbh even with the increased mortgage rates as I would have a much larger deposit now if I didn't buy in 2019. I wouldn't be in a hurry to buy. I don't regret buying as its our home but thats an emotional thing not a financial thing.

That happened to one of my friends.

'Interest rates are only going up' said her financial analyst brother, but they tanked within a couple of months.

No one can predict what interest rates will do, only guess.

It’s really good. We have just over 4 years left on ours at 2.6 and I thought that was looking amazing.

@89redballoons 20 years is a decent term - are you able to maybe increase it to 25 years? that will hopefully lower your payments enough to make it manageable whilst paying childcare.

i don't see how trades people are going to continue to charge their high prices. Who is going to pay £20k for a kitchen when mortgage rates are so high (and expected to stay high) unless they are very wealthy? Most of the mortgage free people are older and most older people may not feel a new kitchen is the best way to spend 20k.

not to be indelicate, but if i was 70 years old, i am not sure i can use my lovely kitchen for the next 20 years to justify the huge investment.

I guess I hadnt thought of it like that. I just want a home 😔 feels like its never going to happen at this rate

OP - are you sure your house value hasn’t gone up? It varies by area but on our street a typical house seems to have more or less doubled in value over the past 10 years. Crazy but it does make a difference as gives you a better loan to value when checking rates

our numbers are about the same as yours and mortgage went up from around £950pcm to £1199 when the old fixed rate expired. Could have been worse I suppose, but before all this I'd been hoping that our payments would reduce not increase as time went on.

If house prices truly fall 35% then it would be good that you waited.

Wow, such a game of luck isn't it?
I fixed in 2019 at 2.2% for ten years and added a small amount later at 1.69%.
When our fix comes to an end we'll only have three years left so should be able to overpay if necessary to avoid any uplift.

Ours went from 770 when we remortgaged in December to 902 on a 175k mortgage over 23 years. Fixed at 3.29% for 5 years to get us through the expensive childcare years!

I have several BTLs I can't remortgage or sell (cladding issues which are taking years to resolve - I meant to sell them years back) so they're all on SVRs.

I'm currently subsiding them for around £1.5k a month. It's painful.

160k, up from 1.3% to about 4, extra £250

To be fair, the previous kitchen and extension was a bit of a bodged job by the people we bought the house from. We had a rat infestation at one point because they hadn't sealed off the old drainpipe properly. The floor was coming loose and it was generally a bit unsafe...

A house in the same terrace as ours with the same size extension and a nice ish new kitchen just sold for £150k more than we paid for ours, so hopefully we've added value by doing the work and will have a better LTV when we remortgage. Unless prices sersiouly between now and next year! What a mess.

Extending the term is a good idea though. I'm 36 so I think I could easily extend to 25 or even 30 years.

£600. But if we got a rate now rather than when we did in April, more like £700-800.

Ours tracks the base rate and has gone up by around €300 a month. We will struggle if it goes up by much more (ridiculously overextended due to not getting on the property ladder till we were in our 40s).

For the first time buyers deciding whether to get on the ladder you should factor in if whether you are paying rent (or living with parents etc). If you are paying 1k a month rent for every year that passes that is 12k that you won't see again.

After 4 years that's 48k in rent. A house towards the more modest end of the market is unlikely to fall by tens of thousands and if it does it is very likely to recover over the next decade. So if you are looking to buy a home you can stay in and can afford the payments then I would go for it.

I'm expecting to pay about £250 more which is what we have been overpaying for the past year in anticipation. We haven't been able to save though, and the house needs so much maintenance. I am hoping my pay will go up soon by about £200 per month, so I am hoping it will feel ok. Our mortgage term is long though. I'd love to get it down but that's for another time.

This time last year we were paying £327 a month , now we are very close to £500 . I know it looks much smaller then a lot of peoples , it’s a massive chunk to us , and so annoying it’s going on interest and not off the actual mortgage.
also annoying as we had been over paying £70 each month , but now can’t 😡
we might pay it off one day 🤪

I agree. 1 year's rent in our grotty 1-bed in Bath was our 5% deposit on a house so even though the mortgage was 7% interest we went for it. It was tough for about 2 years but then we both got promoted.

our payment is going up £300 ish a month, can’t remember what we’re on now but have taken a 5 year 3.99%

That's a good rate, how did you get that?

We fixed at 0.9% for 5 years at the end of 2021 (£794 pm) so I'm really hoping that, by the time we remortgage at end of 2026, the rates will have settled back down so we can get a good deal again.

@Luckydip1 it’s a loyalty rate for existing Barclays customers I believe