Mortgage appointment tonight. Feel like I'm suffocating

[LaraWearsZara]

I know so many will be in the same boat but I'm so scared.
We are coming off our 1.29% fix in November and the best rate we've been offered tonight is 6.14%.
We have just over £200k outstanding and its putting our mortgage up by £470 a month
How are we supposed to do this 😪
We both work full time and have 2 young children.
This is utterly shit

Another solution is to earn more money, are there opportunities for career advancement?

in what possible scenario is staying on the SVR going to be better for anyone? I'll save you some time - hardly ever!

Well it can benefit you sometimes at least even out when fees etc are taken into account. My friend has always stayed on them and when rates lowered I was stuck with 4 years on a fixed rate which was quite frustrating and she was quids in.

You need to be clear where every pound is going, if not publicly then to yourselves. How much do you technically have free in the budget at the moment? If you're already living on £25 a month then the situation is very different to if you have £600 going out on clothes, entertainment, holidays, kids activities etc.

Start with pain free cuts (do you have interest bearing debts than can be shifted to 0%, can you save on any utility bills, phone, broadband etc). If that doesn't free up enough money you need to look at the more painful cuts. Can you hand back the car and buy a run about (old cars don't need to autmatically mean expensive, one of ours we bought for £500 3 years ago, it's 13 years old, never needed more than tyres, MOT and once a £46 bit of rubber on some brake bit). Can you sacrifice some time (45 hours in one job is busy, it still leaves every weekend and evening. I work 70+ hours a week every week, I have two young children, you do what you have to). Otherwise if none of the earlier options are acceptable you can either downsize/move back to rented/move to a less desirable location, or stick your head in the sand, miss payments and eventually loose any equity you do have built up when it's repo-d. You have the luxury of knowing this situation is coming, and you have time to take action to prevent it. You might not like any of the actions available but you need to come to terms with them and choose the most palatable for your family.