Mortgage hike misery 😔

[Bexbiscuit]

Hello,

we met with our broker today to look at our options as our fixed rate is about to expire.

the cheapest we can get is 2k a month. 2 fucking K. I cried in the car on the way home.

this is an increase of about £710 per month. We will manage it but it’s going to change our lives significantly.

we both work on good jobs with a joint income of 100k but this increase, coupled with nursery fees, utility bills etc etc we are going to be very close to the wire

just how is this situation sustainable?

Ouch. Sorry op, so many people facing horrible hikes, it must feel really stressful

Re nursery fees - is there a way to do compressed hours or similar for either of you so that you can get the same salary but reduce nursery costs? That's how I survived the expensive years as a single mum (appreciate you might already be doing that)

That's a difficult increase to cover op. I assume you've considered extending the term to give you some breathing space until you finish paying nursery fees?

Wow that’s a big jump. You just have to hold on to the fact nursery fees are not forever. I think those were our hardest years, the ones shelling out for nursery.

Sorry but I disagree. Appreciation of ones past rate doesn’t pay the bills

Looks like you have to hang in there until your DC go to school. How old are your DC?

Trouble is we started late. Last baby at 43 so we are loathe to extend the term too much

Not a helpful comment

That’s a crappy comment from @Helpfulperson123 clearly not a very helpful person

its a crap situation but some good suggestions on here re extending mortgage, compressed hours,

how many years left of nursery fees

also. Try changing your mindset to if you can put food on the table, pay all the bills etc you are winning. You have your home, your family and enough money to provide for them and that’s more than a lot of people have around the world. i find this helps ground me

hopefully things change in the next few years

How much longer are you paying nursery fees for? Are you getting access to free hours yet?
Look at all of your outgoings and where you can cut costs. Do you pay a lot for car loans / payments etc? Utility bills are coming down in October. An additional £710 a month is a lot but what does this actually affect? Putting money into savings? Paying for holidays? If you’re all safely housed, warm, fed, then these are the priorities. You say you can afford it but it will change your life, you will need to adjust if that is the case. It may be short term until you can access free nursery hours or the kids start school.

You're right OP, with increases coming in from all angles it is beginning to feel unsustainable.

Do you have any savings at all to reduce the mortgage? Or extend the term as PP said? Have you given yourselves a good financial MOT, to check you're not overpaying on any of your other monthly bills (utilities, phones, insurances, non-essentials, etc)?

1 and 3. We’ve got a good few years of nursery fees ahead!

Its really shit, our income is lower than yours - 90K before tax but ours id also going up by £700 to 1.7K pcm.

its really shit but we have accepted that this is our home and we will make what ever cutbacks and sacrifices needed to keep our home. This is the point of interest rate increases and it wont be forever!!

Lol at your username

Both unhelpful and goady

Op it's shit!!! I feel so much for you x

We're in the same nose ant I'm constantly worried about it. Although we can make it work it's going to be rubbish.

I’d extend the term as long as you can, just to get through the early child years. You can always remortgage again in future back to a shorter term. We’ve just taken a mortgage until DH is 69, but no intention of living there for that long.

boat not nose!

I was trying to give perspective.

What is your take home? £6k?

How much was left at the end of the month? >£700 or <£700?

How much is your house worth? What’s the remaining mortgage? What’s the term?

Extend the term and then reduce it when nursery fees are done with.

Similar percentage increase here - £400 going up to £700. Once such smaller salary. It’s just so depressing having to make cuts and not being able to afford the same quality of life going forwards.

On the plus side at that age they are really happy doing simple stuff and aren't wanting expensive clothes etc. I was a single mum (DV ex) when mine were small so after mortgage and nursery had basically nothing, my memories and theirs are still so happy- lots of trips to different playgrounds, the library, seeing friends, art or baking at home. Their clothes /books/toys were second hand but we had the most fabulous time.

Ours is going up by £1300 - I feel your pain. I also cried and still have moments of panic but we went through our finances and found a way to just about make it work. We're taking the approach that the next couple of years are about getting to the other side and at some point it will be worth it again.

It's grim. And I don't even eat avocados or watch Netflix.

Thanks for the replies. We probably will end up extending the term. Just going to take a couple if days to get our heads around it all. I still can’t believe it. 2k!!actually it’ll be £2014. We live in a fucking 4 bed semi with a shit kitchen!!!

Can you downsize? Lots of people where I am are - it's just too expensive