Lost our 4.4% rate ... mortgage going up £1k

[Kalodi]

I thought we were being so sensible, I secured a 4.4% rate 8 months with Natwest via a mortgage advisor but somehow we have lost it. Just got off the phone to them and sat here in tears. I don't understand.

We will need to go onto a new product at 6.8% rate.... which means £1780 a month. We currently only pay £795pcm. DH only takes home £1600 a month

Mortgage advisor said it might be best to phone Halifax and ask to go interest only for 6 months. And hope interest payments come down in 6 months time and/or sell our home in the meantime.

Sat here in tears because I'm 20 weeks pregnant and thought we would afford another baby, we had carefully planned by securing it early and now this baby won't even have a home.

Doesn't help that work today said no planned promotions will now be happening this year and instead we are facing some redundancies.

I'm so sorry @Kalodi what a horrid time you're having I don't have any practical advice, hopefully another pp will though

Sorry, op x

Have you looked into lengthening your term?

Deep breaths.

Ring broker to ask what happened with Natwest deal.

Ring Halifax and ask about IO and the process there, and longer term options and costs.

Then consider next steps.

That might be a good idea OP. Surely your mortgage provider won't offer you the higher rate knowing that the repayment is higher than your husbands take home?

We can extend it by another 5 years. Current deal was on 35 years and Natwest go up to 40 years on our current ages.

I shall ask about that.

I've asked the mortgage advisor to set the conversation out in an email as it caught me so off guard I just started crying down through phone to him

How much were you borrowing? If your husband is earning £1600 how much are you earning? My ex earns around that which worked out at circa £23k a year A what options has he got to take on a second job? Have you looked at lengthening the term to the max number of years? Maybe even past age 67 if you had to?

I wouldn't bother going interest free - it's hardly going to drop massive amounts in 6 months time - doubt it will be anything or maybe 0.5 at most

What a horribly stressful time, I'm sorry OP.

Normally a mortgage offer is valid for no longer than 6 months and I'm surprised a broker was trying to lock in a deal for you 8 months ahead of when you needed it. This is something you should discuss with your broker if you feel things weren't communicated clearly with you.

Is your husband the higher earner? Are there any options for him to look into another job or additional hours? Could you cut short your maternity leave?

I assume they only held the offer for 6 months or something.

Hang in there, keep your eyes on the future. When I was in negative equity for years I just held on and held on, and eventually prices rose beyond what I paid.

As we get older our housing costs do come down and our incomes do go up.

What happened to the deal? Did you have anything in writing? Has your mortgage advisor dropped the ball?

. I'm so sorry OP. I hope you sort it soon 💙

Sorry OP it is shitty.

I'm the higher earner, DH does extra shifts where he can but he also does a lot of the childcare.

I've looked at picking up more work but tbh I already do 8am till 6.30pm and would like to see my children.

We are borrowing £280k which gets us a very modest 3 bed (although 3rd room is a box) 1960s house, that needs badly renovating, about an hour away from where our family is located (can't move any closer to them as then it gets far too pricey).

Perhaps cutting our losses on this house is the best thing to do. Take the IO and use that to do this place up minimally and sell. Although no idea where we would move to.

Should add that we have asked to look to extend our term until we are 75 years old (both currently 30), idk of 45 years is even possible to get!?

Do you have free legal cover with your house insurance. Was the offer in writing and you were within the end date?

So this isn't on your current mortgage but on a house move is that right? As horrible as not being able to move to the house you wanted at least this isn't on your current mortgage.

What is your take home? You have mentioned your DHs but not your own (unless I missed that)

Sorry, it sounds rubbish. I think offers usually only last for 90 days, or 6 months at most? It's ridiculous the way things are going at the moment, I would never be able to afford a hike like that.

No I didn't bother with it @DragonFly98 As last time I had legal cover it didn't bloody cover me for either of the 2 legal situations I wanted to pursue.

No, pretty sure it's on their current house. OP is just explaining what the money they've borrowed has got them (nothing lavish so downsizing options limited).

I'm really sorry.

Our fixed rate deal ends 1st October @jellybe So was needing a new deal, pur previous one was 1.6% which was why our payments were so low

@Clefable oh I see. Oh that really sucks! So sorry OP.

There we’re indications last week that mortgage rates have peaked- could you look at a variable rate until things start to drop?

Oh that is so horrible. The situation at the moment is just shit!

I’m so sorry OP- I really wouldn’t downsize and sell- ultimately will cost you more- have you put the figures on paper to see if it will tight or you categorically cannot afford it?