Due to a whole range of circumstances the best option for us when our mortgage was being renewed was to take the 2 year variable tracker mortgage. So we now get a letter every month informing us of how much it will go up by the following month, it’s such a terrifying game 😳
One reason it was best to take this option was because we should be able to be in a position to pay it off by next summer when our newbuild is finished (on a plot joined to our house) and we can sell our current house, the other deals wouldn’t have suited this. Obviously we have been so fortunate to have ended up in a situation where this could potentially be possible but we’re in a bit of a mess right now trying to get there!
It has reached the stage that we are really struggling to pay the ridiculous amounts needed each month and I’m currently on maternity leave. I’m looking at having to go back to work way earlier than planned just to try and nurse us along until June/July next year. Is it worth contacting our lender to try to negotiate a lower monthly payment, if they were to add it on to the mortgage at the end? Will this maybe not matter so much to us when we’re paying it all off in one go anyway if it means we can afford to live in the meantime? Just starting to really wonder how on earth we’re going to get to Christmas! Have looked at even selling the house sooner and staying with family until our house is ready but with young kids it’s not really ideal 😞 Should we ask for help or stay quiet and somehow get to next summer?