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Original poster

Mortgage repayments are terrifying

167 replies

LemonAda376 · 08/09/2023 17:59

My mortgage is up for renewal and I've had some quotes from my mortgage advisor.

My payments are going up by £400 per month.

I work part time and my husband works full time. We are barely scraping by just now and are in some debt as it is.

We can increase our term which will lower it but we will still be paying £200 more per month and adding a other 8 years onto our mortgage.

Any advice :( is this just the ways things are going just now?

OP posts:
DivorcedDiva · 09/09/2023 09:16

I agree with previous poster @Tiredalwaystired. Don't look at extending the term as that is how long it will take you to pay it off, you can make overpayments to end it earlier as and when finances allow.
The term on my mortgage is I think another 15 years that I chose to extend to be able to buy ex out of house on divorce and have a repayment that was manageable for me at the time, but have been overpaying and think it is going to be paid off in less than half that.

wonderingwall · 09/09/2023 12:21

Jackydaytona · 09/09/2023 09:11

Surely you mean up to £1.3k?

Show quote history

Nope! Was £1.1k a month, now £2.4K 😭

Babyroobs · 09/09/2023 12:34

wonderingwall · 09/09/2023 12:21

Nope! Was £1.1k a month, now £2.4K 😭

Show quote history

Blimey that is terrifying. what amount of mortgage do you have to be paying that much ? I wouldn't be able to sleep at night but guess it depends if it's affordable to you.

liverpoolgal82 · 09/09/2023 12:35

if you can extend the term more then do so, do as many years as possible to get through this period. We’ve had to do it in the past for various reasons and now that we’re in a position to pay more we have lowered the term now so that it lines up more with the original term offer. We are almost 19 years into ours so started off at v high rate then but seen it get better over the years. Don’t worry about extending the term as that doesn’t mean you’ll be on that forever.
In terms of making more money - on your days not at work could you maybe do dog day care? Or advertise cat feeding which you could fit in before and after work?

ComeOnWill · 09/09/2023 12:38

It is really worrying. Do you all have massive mortgages/low LTV? Only we fixed two months ago and went from £1,180 to £1,300.

I am sorry to be nosy but cannot get my head round an increase like £1.1 to £2.4 when ours was nothing like that

MidnightOnceMore · 09/09/2023 12:40

boboshmobo · 08/09/2023 18:18

This is the problem with people maxxing themselves out. You always need a decent buffer !

This comment is inappropriate to the current circs.

The rise has been extremely rapid on very high house prices, at the same time as high inflation in other areas, with wages having been flat for over ten years.

The choice of getting a mortgage vs. paying 25% more to rent means the mortgage was the only affordable option for many.

wonderingwall · 09/09/2023 12:45

Babyroobs · 09/09/2023 12:34

Blimey that is terrifying. what amount of mortgage do you have to be paying that much ? I wouldn't be able to sleep at night but guess it depends if it's affordable to you.

Show quote history

It’s £390k mortgage - we went from 0.99% to 5.69% 😭

We can afford it thankfully.

SilverGlitterBaubles · 09/09/2023 15:26

@wonderingwall That is quite a leap Shock

As long as unemployment stays low and people are able to work things will be just about manageable for some, less so for others. If the economy and jobs market changes we are in for a very rough time.

piscofrisco · 09/09/2023 15:36

I do private care work on the weekends to help make ends meet on our mortgage increase. I get £18 per hour. I registered myself on Carum and the clients found me.
I have two and one is personal care and medicine, the other is a lovely -take her out for two hours-type one. Basically getting paid £36 for two hours work, which is really just going to a nice garden centre or similar with a nice interesting older lady!
My day job is social work related so I have a care background but you don't need experience really. Carum have online training you can do too, so you have your mandatories. Doesn't take long.

I also board dogs at our house when their owners are on holiday. £30 per night per dog. But I wfh all the time in the week so that may not work if you don't.

roarrfeckingroar · 09/09/2023 15:39

Work full time?

Milkkbottles · 09/09/2023 15:45

This reply has been withdrawn

This has been withdrawn by MNHQ at the OP's request.

UsingChangeofName · 09/09/2023 17:28

We both have reasonably well paid jobs too so it's not like we earn minimum wage.

Then it has to make sense for you to go back full time. You will earn more than you will be paying for Nursery. Also, remember that most Nurseries charges are such that the full time cost works out at less per day than if the child attends PT, so if your little one goes 2.5 days a week now, the charges won't double if they start attending 5 days a week.

Milkkbottles · 09/09/2023 19:07

This reply has been withdrawn

This has been withdrawn by MNHQ at the OP's request.

onlylovecanhurtlikethis · 09/09/2023 19:34

We both have reasonably well paid jobs too so it's not like we earn minimum wage

In which case being part time is a luxury and choice rather than necessity?

I don't see the issue in extending the term - it is what it is - I don't see why people want to break their necks paying it off quicker when at 5.5% it's still a much lower interest rate than say a normal bank loan - as long as it's paid of by 67 what's the issue?

Callmesleepy · 09/09/2023 19:41

We extended the term to the max and overpaid when the nursery payments were lower so the nursery+mortgage stays the same. Currently got two in childcare and it hurts.

It's one of those things that feels like the housing market must drop. If a mortgage costs twice as much now surely that impacts how many people can afford houses?

cheesetoastybut · 09/09/2023 20:17

It’s hopefully not a long term thing but yes, punishing.

Selfraisings · 09/09/2023 20:52

Re extra ideas to earn money . There are often jobs like bar work or office cleaning.
5 hours weekly could give you £200 plus ?
however, be aware of any taxation issues that may affect this ( i dont know what they are , but best to check)
I worked part time in a very stresful job which I simply could not do full time . i did cleaning and to be honest it was much easier than my career job .

Redlarge · 09/09/2023 21:00

boboshmobo · 08/09/2023 18:18

This is the problem with people maxxing themselves out. You always need a decent buffer !

Some people arent high earners, have savings or genrational wealth. They could clearly affford what they took out when they did and noone would have predicted a £600 increase. Kudos to you if you havnt been impacted like this. You must be a lot better off than most.. that doesnt even mean rich.

Paul2023 · 09/09/2023 21:10

Everyone is in a different situation though arnt they? Everyone is in a different mortgage, lives in a different property

It also depends on what you call a high earner? I’ve heard of people say they still struggle on £50k per year and they earn £20 k per year more than me.

Some people have two cars on HP and go abroad on holiday.

Unfortunately no one on here can really compare themselves to anyone else because we’re all different personal and financial situations.

UsingChangeofName · 09/09/2023 21:17

They could clearly affford what they took out when they did and noone would have predicted a £600 increase.

Well that's not really true. Everyone with any knowledge of mortgages could predict that the mortgage rate was always going to return to more of a normal %. Even if someone was willing to take out a mortgage without doing any research themselves, then their mortgage broker and / or lender has a responsibility to highlight it to all customers.

I'm not saying that is doesn't hurt, and isn't going to cause difficulties for some, but it wasn't unpredicted.

avemariiiaa · 09/09/2023 21:21

I would try to get a new mortgage deal, fixed term for a lower monthly payment, extend the term, whatever it takes to get the cost down.

It's all well and good saying get a new job, get a second job, work more hours etc... but there's only so much people can do without burning out.

We were on a variable rate after our mortgate product ended, and it went up every month until it was almost double. We decided to fix for ten years and managed to take the monthly payment down to £500. We were originally paying £450 but with the increases it was getting to almost £900 before we fixed 🤢

Redlarge · 09/09/2023 21:23

UsingChangeofName · 09/09/2023 21:17

They could clearly affford what they took out when they did and noone would have predicted a £600 increase.

Well that's not really true. Everyone with any knowledge of mortgages could predict that the mortgage rate was always going to return to more of a normal %. Even if someone was willing to take out a mortgage without doing any research themselves, then their mortgage broker and / or lender has a responsibility to highlight it to all customers.

I'm not saying that is doesn't hurt, and isn't going to cause difficulties for some, but it wasn't unpredicted.

Id say most people (unfortunately) dont have the time to check and are used to current systems so there is comfort in familiarity. Im guilty of this. Fighting fires with other bills/costs but just prioritised my mortgage and felt relief. Now its not that easy
You are right but life takes its toll.

Oakbeam · 09/09/2023 21:25

Everyone with any knowledge of mortgages could predict that the mortgage rate was always going to return to more of a normal %.

The average rate over the last x years has always been pointed out to me whenever I have applied for a mortgage. Around 5.5% if I remember correctly.

I think the problem is that houses can appear unaffordable unless you are prepared to turn a blind eye to that.