To feel financially scared?

[Woodstocks]

It’s just hit me. Our mortgage is going up by £500 (or thereabouts). Food costs through the roof as everybody knows. I’ve been reading all the threads here about people saying they are struggling but have pushed it to the back of my mind but now suddenly it has hit home. It’s so crazy and I feel really scared as I don’t know how to mitigate this. We scrapped the little extras, going out to eat, garlic bread with lasagne is now gone, spring rolls with a home cooked Thai curry are gone but these adjustments don’t touch the sides. I feel really scared at the moment. We saved so hard to buy a house and the thought of it being repossessed and all our money disappearing which is what I have worked for since I started work feels so disheartening.

I know how you feel. I don't have any savings or spare cash at the end of the month. I don't know what is going to happen but the future looks bleak.

You mitigat eit by:

1. Finding the money from elsewhere in your budget
2. Earning more money
3. Asking your lender to extend your term
4. Asking your lender if you can switch to interest only for a short period
5. Downsizing.

Don't panic, review your budget thoroughly and look at the options.

YANBU it’s fucking terrifying and depressing. It’s just not possible to cut enough to mitigate against the rises when they’re on essential things.

It’s concerning yes. I think the only reason I cope is because I spent majority of my life very poor so I know what’s to come and how I’ll cope with it.

Your lender will work with you to find solutions OP. Repossession is the very very last resort.

Write down all your monthly income and essential expenditure (Council Tax, Mortgage, utilities, insurance). What's left is for food, petrol and "other".

How does it look? Is there any wriggle room?

If you don't have enough money for food then you need to earn more or talk to the Mortgage provider about your options.

Have you bought quite recently, OP? Please try not to worry. You almost certainly can and will find a way to get through, even if it’s unpleasant for a while.

Make sure you shop around for the best mortgage deal and if it means swapping provider so be it.
If you’re really struggling, see if you can extend your term to reduce your monthly payment.
Repossession is a lengthy process and you’d have to go years without paying before this happened.

Im renting and terrified too. Any hike in mortgage will force my rent up. Already struggling. Single parent, no savings, already on uc and working a 45 hour week, who’s ex randomly doesnt pay maintenance when it suits him resulting in bank and ccard charges for me. Already cut back to nothing. Its terrifying for a huge proportion of people I’d imagine.

It is worrying. Can you extend the mortgage term? I know it means more interest but could mean affordable monthly payments. We're taking a 33-year mortgage now - not ideal but we know we can afford the payments.

Did you post this yesterday?