My 5 year fixed mortgage rate is coming to an end .….

[somanychristmaslights]

It was 1.14%. Eugh, this is going to hurt isn’t it. How things can change in a short period of time in the grand scheme of things is so frustrating. Our payments are likely to be the highest they’ve been even though we’ve lived here 10 years.
what have been peoples payment increases recently?

Ours too, 1.7% 😢 It’s been a good run!

Rates wise we are looking about 3.8% from a brief look around. We are hoping to pay off a chunk so our mortgage will reduce but we won’t be any better off month to month which feels a bit rubbish. However very aware we’ve been very lucky over the past five years.

Mine went from £800pcm to £2k pcm 2 years ago. We are just about to remortgage as looking at £1400pcm. Just debating whether to do a 2 or 5 year fix

Take the positives, at least you have a good run of very low rates. My FTB colleagues are unlikely to ever experience that.

Moving from a 2.2% in may but I’m hoping they’ll be a few more rate cuts this year

Same. Pretty much. 😢

Ours was 1.4 and went to 4.5…. It wasn’t that bad though as our mortgage isn’t huge in comparison to some. Went up by about £250.

But rates have come down recently.

If you have a look on Martin Lewis’s app, they have a free financial advisor number to ring, I did that when mine was up almost three years ago and they were really good at telling me what rates were about to change, when the banks don’t tell you. Really useful resource.

Yes we’ve been lucky the past 5 years. It’s so frustrating that we’ll be paying more every month, but not actually paying off more of the mortgage! Just straight to the bank 🙄.

Thank you. I need to do some research. No idea what type of mortgage to go for. Won’t be fixing for 5 years again that’s for certain!

Same, it’s a worry.

Mine is 1.28% but we have been over paying I’ve looked around and it will be approximately the over payment I normally fix for 5 years but not sure what to do this time

It’s so frustrating that we’ll be paying more every month, but not actually paying off more of the mortgage! Just straight to the bank

Agree, we are planning on moving in the next few years but have lowered our budget. I’m just not prepared to service some much debt.

Won’t be fixing for 5 years again that’s for certain!

Why not, out of interest?

@fedsup rates are predicted to drop over time now and so I think less people will go for a 5 year fixed.

i have never had an interest rate as low as 1% so do be glad you’ve had it. It would help me enormously.

but aren’t the forecasted drops generally factored into the current 5 year fixes?

I have 2 years to go, if I get 3.5% ish I will fix for another 5 years.

Oh I did mine last year. 1.64% up to 4.75%.
Luckily they are going down a bit now. I got a 2 year fixed as I think they will drop further.
It hurts. But you are not alone.

Yes. You can’t really time the mortgage market with stuff you’ve read on the internet.

@AlastheDaffodils thats what I assumed.

Mine did two years ago and I moved from 1.9% to 4.9%.You are fortunate you had a lower rate for longer.

Same boat here! Less than 2% for the last 5 years, going up in June. I was very lucky to have it.

Mine is 0.94%! Got an amazing 5yr fixed in 2021. Ends Nov 2026. Based on what's being offered now payments will be going up by about £230pm so not too bad. I know how lucky I am to have such an amazing rate currently. We didn't reduce our payments when we took it out initially, instead we knocked 2 years off the original term

i think you just have to ride it out and be thankful for a period of low rates. We had a period at 0.3% which we’ll never see again. We went for a 10 year fixed at 2%for another 8 years as could see where things were going. We paid quite a large early repayment charge to do so but no regrets. We took out additional borrowing for renovation last year and we mistimed that as had to do it at 4.8% but just did 2 years. That one will come up for renewal next year so hoping can get around 3.5%.

A lot of people are going to be in this position this year as 2021 was the really low rates during COVID.

As everyone will have different terms and outstanding amounts, you'd be best using an online calculator to work out what your new mortgage will cost.

Also review your budget to work out what affect it will have and consider lengthening the term if you will struggle paying a higher amount.

We had to re-mortgage last month coming out of a 5 year fix at 1.79% and fixed for another 5 years at 3.89%. This increased our mortgage around £300 which was affordable as we had regularly overpaid but it has wiped our overpayments out and is now additional interest instead. We did debate only fixing for 2 years but given the arrangement fees and having no idea what will happen to rates in the future we decided to fix for 5 and know where we are each month for a longer period of time.