New remortgage cost

[howfartospar]

Hi all

I'm remortgaging next month and with the Bank of England rate hikes I'm going to be paying an extra 550 pound per month!

I simply cannot afford this with all the other cost of living increases

I'm tempted to go on an interest only mortgage to pay what I can and just to survive! Has anyone got any tips or is anyone else in a similar situation?

Can you extend your mortgage term to reduce payments in short term?

I've always found posters get better advice on threads like yours when they provide more details. What is your mortgage outstanding, what term, what equity do you have, what rate are you going from and going to?

Is that a fixed rate giving you that increase?

How much are you currently paying a month?

Can you even get interest only?

Thats insane increase how much is your outstanding mortgage ? Can you extend the term to bring the payments down a bit. Intrest only would worry me, you would be better off on repayment even if you have to pay a bit more over a longer period at least you are slowly tackling the capital.

This is why I started a thread about locking in the lower deals still available last week.
It doesn’t help you now of course. Can you talk to a broker?

Payment holiday while you sort out some ideas?
Internet only.
Extend term
Use a broker

Increase income
Take a lodger?

Drastic option - downsize

I'm so sorry.

Its absolutely shit.