Mortgage repayments are terrifying

[LemonAda376]

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?

Yes, us too to be honest-2 at university are pretty much clearing us out and I’m very thankful we’ve paid off the mortgage. I was more talking about older (than me!) mortgage-free people like my parents’ generation, really. We are late 40s. Lots of my parents’ friends help out adult offspring through holidays/meals out/house deposits etc.

You did very well @Gettingbysomehow when was this

I would have done the same

It could only ever go up so eventually everything would rise

@Southeastdweller haven't abandoned the thread no and I wasn't looking for any particular advice just gauging if this was what everyone is experiencing.

We have gone back and forth and managed to get a slightly better deal which means we aren't adding on so many years but still paying a lot more.

We are going to just cancel some subscription we have a cut down on spending more and make it work.

My parents have also offered to help us too which we are very grateful for.

We realise it won't be forever and I'd rather spend the time with my child as I won't get it back.

Thanks everyone.

Certainly not my part of London. They’ve gone up massively (ridiculously) yes, but I’d say tripled rather than over six times increase.

OP: even if the income difference is marginal I would go back to work full time. You will benefit from more Employer Pension contributions which are so important - if you’re scraping to get mortgage repayments having someone topping up your pension is the “next big thing” you’ll be worrying about.

If you cannot make that work then I second a second job - there seems to be a huge shortage of swim teachers, round my way you should get about £13 an hour and it’s easy work you can often do on Sat and Sun mornings.

Thanks for the update, great news that you got a better deal and it sounds like you've worked out how to manage it. Good luck!

We had our mortgage chat with the advisor last night. Worst case scenario is that our mortgage will go up £1800 a month. So I'm praying for a bloody miracle on interest rates right now.

Up TO £1800 or up BY £1800?

Sorry it sounds very stressful.

All scary stuff with mortgages right now

All, dont forget the mortgage charter. Where u have a few short term options to give some breathing space. - .e.g extend term, interest only, etc.

It doesnt help in the long term, but may give some short term reprieve

I am glad you've found a way forward op. One thing I'd say is try to keep the term in perspective, and don't sacrifice too much of enjoyment in life for the goal of paying off a mortgage

I took my first mortgage out in 2006 in my mid 20s and now in my 40s have up sized and have another 25 year mortgage to take me until retirement at 67 years old.

Unless you don't plan on up sizing in future then it's pretty normal to add to the term over time unless you struck lucky with house price increases and equity.

We've been unlucky and made very little on our properties, mainly due to the 2008 crash and years of negative equity (got stuck with a 6.8% interest mortgage for 10 years), then a bad buy on our next house.

So I'll have had a mortgage for 42 years (unless I keep up the overpayments as planned). But the alternative is paying rent all that time, this way I've always had a secure home of my choosing, and hopefully will have a mortgage free home in retirement. Home ownership hasn't been a successful investment financially but there are other benefits over renting.

@wonderingwall ours went from 0.18 to 5.43 currently. We can just about afford it but have cut back massively everywhere we can.

Up BY 1800. It was already expensive. Situ east and we need 5 bedrooms due to ages and genders of kids. Its a nightmare. I've now taken on two extra jobs at weekends to start saving a bit towards it in advance.

Wow 0.18!! It’s so rough but already there’s some cheaper rates out there so I think we are going to keep looking

Wow 0.18!!

I’m guessing it might be a tracker.

@Oakbeam yes it's a tracker. We were lucky in that we got it just before the GFC, lifetime interest only tracker 0.14 above base rate. We paid off a large chunk as rates went up so payments manageable.

This sounds terrible OP.

Glad my DH got a great end of year bonus last year and cleared our mortages x

🤣🤣 such a helpful and comforting post 🤯