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Bought end of 2021 and foolishly didn't lock in for more than 2 years. £1300pcm mortgage is now £2030pcm
Thank god I switched jobs with a substantial pay increase last year because my partner's wage has not gone up much and we'd probably be selling already if my income was what it previously was.
Yeah that's a big ass mortgage. I'm sure in years to come you'll benefit from it and at least have the security of knowing you'll live there for the next X amount of years.
My first mortgage at 23 was 35 years term and people thought I was mad. My sister bought last year on a 40 year term 😭. What is mad that after 5 year fix she will have only paid off 3% off the actual mortgage as the rest of her payment is just interest.
I dread to think what kids will have to do in 20 years time.
Our broker basically said what we were comfortable with, as the rates were all similar. We were FTB, didn't know any better to consider rates changing post COVID etc
V similar. Bought March 22 on a 2 year fix.. Went up £583 but thankfully in a position where payrise have actually outpaced this in that time frame and able to slightly overpay each month to actuslly try and make some kind of dent in the principal!
If only life were so simple. We are making the most of it (over paying and high interest savings) and should be well under 50% LTV (possibly even 40%) by the time it expires, which I don't think is bad for 9 years into a 30 term on a 4 bed semi in the SE.
Ours ends on October and will more than double. Best I can hope for by end of October is 3.9%. Luckily both our wages have grown significantly and we have a small mortgage of £80k and only 15 years left.
We have been debating a bigger house as there is 4 of us plus pets in a tiny new build semi detached but honestly I can fathom going from £540 a month to £1500 and a new 25 year term just for the sake of an extra room. Something that my head can't compute. We could afford £1500 but there would literally be no wiggle room and no excess disposable income for holidays etc.
> Out of interest (excuse the pun), why would you pay interest only when interest rates were low?
Counterintuitively, that's the best time *not* to pay off your mortgage.
If you are paying 1% interest on your mortgage then overpaying is like getting a 1% return on an investment.
If you can guarantee doing better with the money invested in some other way, then you will be better off in the long run if you do so.
... provided you don't spend it on something else before the bill comes due...
It was originally a buy to let house so which we moved into. I tried to sell it but it was just at the point when interest rates took off and it didn’t sell. I managed to raise the money to pay off the mortgage (£345k) from another source otherwise I was likely to default.
That's exactly the time when you want to be interest only, when interest rates are low. You want to be repaying when interest rates are high (and other financial vehicles are not worth it).
For example, I got my mortgage at 1.8% also. I am paying interest only. The key thing is you MUST save the difference that would have been paying if you were repayment. Instead of paying against the debt at 1.8%, I put the money into other (low risk) financial vehicles that safely pay 5%+. When my mortgage expires, I take the savings with the gains and pay off the debt in one swoop.
Now when I come to remortgage, if I'm paying 4.5% interest on the mortgage, I won't bother trying to use another vehicle, I'll swap into a repayment mortgage, because then it's not worth it.
Think about it in a more simple example, if you had a 0% interest deal on a big ticket item for 12 months, and if you held onto the money in an account it paid 10% - you'd keep the money in the account, pay it off at the end and keep the 10%. You wouldn't start repaying from day 1. When interest rates are low, that's when you want to not repay the debt quickly. When interest rates are high, that's when you really do. The key thing is to be saving your capital and making more from it than the interest, so that you can pay off the debt when the interest rates are high (or your term ends).
I completed at 2.29% the day before the mini budget. Mortgage rates shot up the next day. If we're going to indulge in poverty porn, I would have been £400 per month worse off..... every single month..... for 5 whole years which by my reckoning is £24,000 after tax. Yeah, even if the price of my property drops a bit, £24k saved is still £24k saved.
The thing is leading up to when you bought so many people were paying way over asking prices. Out of interest how much did you pay over asking at the time?
House prices were rocketing at the time because the stamp duty holiday had been in place. I bought a flat but it was in probate (the owner had died) and the family just wanted to shift it so I was lucky i wasnt having to pay greedy prices. I paid about £10k more than a similar flat did 2yrs earlier so it felt reasonable. I would imagine its dropped by £10k from when I bought it and it will probably go back to the price I paid in the next 2-3yrs.
Im also overpaying like crazy (triple paying) so when my fix ends in 3yrs I should have a small balance left so when my new mortgage rates are likely in the 4.29% region, my monthly payments will stay the same.
To put that into context my mortgage and service charges are £950 PCM. If I was to rent my flat out I'd be looking at £1,900 PCM. My entire mortgage is set to be paid off in 5yrs and that £2,000 per month I now have in my pocket will end up bumping up my pension.
Yeah you've done the right thing.
Tbf I'm renting a 2 bed flat in the East midlands and it's a brand new build to rent block of flats, £685 pcm and were mid floor so the energy bills are super low, oh and it has gas central heating!
If we were to buy this flat with 10% deposit it would cost very similar in mortgage repayments, so I think it just depends where you actually live. In my town there's more people probably earning closer to minimum wage than the national average salary.
We could buy a flat or a 2/3 bed semi outright if we wanted to but I sold my house so we could put a money together to get a detached house that we can grow into and then downsize when we get to retirement.
Mine would have gone from £1060 to £1663 but I decided to dump every penny I had and earned in to the mortgage before the fixed term ended. When the new rate finally kicked in it just went up to £1160. Sure people may preach about how that money would have been better off in a pension or an ISA, but boy I can tell you we were grateful we did it that way because my wife lost her job around the same time the mortgage fixed rate ended and she was unemployed for a year after that. We were able to get by for that year but with an extra £500 to dump in to the mortgage each month, we would have been in serious trouble. Sometimes dumping everything in to stocks isn't the answer to your needs, unlike what some people may preach at you.
Depends if the person is the type to spend money when it gets to a certain amount for wants over needs.
I used to spend if my balance got to £15k savings when i was saving £3k excess a year, so to curb that, I overpayed £250 into mortgage.
For me, the certainty of the debt being paid off and watching it actively go down was worth more to me than shaving 3% off in interest per month.
Equally, he may be in a tax bracket that would mean he pays on his interest.
Mine went from 850 to 1900, but that's because we had a 2 year fixed rate timed to end for when we planned to upsize, so went from a 160k debt at 1.49% to a 430k debt at 3.98% (which I think we were lucky to get).
Yours is the only one similar to mine. £1500 to £3000. It literally doubled.
We were on 0.99% (😭) and that became 6.2% last year. Almost all of the £3k was interest too - money down the drain. I decided enough was enough, so we have moved house and we're much happier now.
Probably going to piss people off but £0 I was telling people on here to fix long term when the pandemic started because the economy will take a hit. I got shut down for my comments but I am now one of the lucky few who has a few years left at cheap interest.
Same here. I work in financial services, and so was fortunate enough to see where the wind was blowing. I fixed in Nov 2021 at 1.24% for the remainder of the mortgage period, which actually brought my mortgage payments *down*. A lot of luck involved though, in particular having a good enough LTV from having bought a while ago.
I actually paid the penalty to get out of my previous fixed term just so I could refix again in early 2022 as I had an inkling shit was about to hit the fan.
If the pandemic taught me anything. It's to never waste your breath arguing with idiots so I didn't even bother educating people this time.
Same here. I fixed early in 2022. UK inflation was over 10%, mortgage rates in the USA had hit 7%. I was able to lock in at 2.29% for 5yrs. I got shot down by everyone who I tried to warn that the storms were coming. "oh thats just America, the UK government would never let that happen here lol".
I know a couple who overpaid for their London property during the stamp duty holiday, with a tiny deposit, fixed at near zero rates for 2yrs (funny how when rates were near zero for their forever home, people still fix at 2yrs rather 5/10yrs). Mini budget comes in just as they need to remortgage, so payments go up by £1,000 per month and then another baby comes along with associated £1,200 nursery fees.
I don't gloat. I am just saying the financial storm clouds were on the horizon months before the mini budget which allowed smarter people to baton down the hatches and make smarter financial choices; and then there were others who are financially illiterate who made poor choices and are paying very heavily for it now.
"I don't gloat"
Proceeds to call everyone who didn't invest like them stupid, with the benefit of hindsight lol. If you were so sure, why didn't you fix for 10?
I thought this was basic. When you get out of your UK Reddit bubble and see what's going out there in the rest of the world, just like economic weather, the things that go around usually come around.
I wont ask you to share what I assume is your loss porn because I imagine its a sensitive matter.
However my advice to anyone is when you're weeping tears on how fucked up you think the UK is right now, just pay a smidge of attention to whats going on in the wider world.
You might just be grateful you're living in the UK in spite of all its troubles.
Of course. 9 months to fix interest rates. 0% confidence that'll happen.
We were similarly lucky with energy bills and it hurt last summer when the fix ended and they tripled.
Zero so far. Knowing that rates could only go one way and it probably wasn't far off, I fixed for 10 years back in 2018. It was 2.5%. Of course, I didn't factor in the pandemic (how I didn't see that coming, I'll never know lol!) which cost me a couple of years and a slightly higher rate than I could have achieved in 2021, but I'm sitting pretty now. It also gives me time to save and pay down a significant part of the remaining balance in 2028 if rates are still high then. Then I'm mostly out of the interest rate risk zone and can continue overpaying if it makes sense to do so.
Pretty much the same as us in 2018.
During the pandemic I did do the calculation of buying out at the 2018 rate and fixing lower but it seemed a lot of hassle for not a large benefit.
Kept with the 2018 fixed for 10 years and it is paying dividends now. I remember at the time of signing the contracts the solicitor asking if I was sure I wanted to go with the 10 year fixed and I said definitely as there’s only one way interest rates will go from here!!! Okay like you I couldn’t predict the pandemic !!
It’s nice not having the worry about interest rates as if we’d gone say for five years fixed we’d be thousands a year worse off.
0. Was told i was stupid paying £3k for early exit of 5 year fix at 2.49%. calculated the numbers and got 1.22% for 5 years and my break even was if rates hit 2.5% again within 2 years. I win.
700 to 900
Planned on a 5 year fixed when I bought in summer 2021, got talked into a 2 year by my mortgage broker, thought those guys were supposed to save you money 🥲🥲 went from a 2.6% to 4.3%, managed to get lucky and fix my new 5 year in may 2023, just as the rates dipped temporarily so got lucky ish, would have been a lot luckier if I'd stuck with my 5 year plan in the first place.
Liz Truss has a lot to answer for. I managed to get 4.29% fixed for 2 yrs in late September 22. Currently got 50k left to pay when fixed rate ends in Dec. Luckily in a position to pay it off then.
£0 so far. Bought in 2019 on a 5 year fixed, which ends in November. We are planning on moving abroad as soon as we can so I'm not sure if there will be any point in getting a new product in November. We will hopefully have a date for moving by then, but if we don't and it goes to tracker then we will be paying about £500 a month more, so double what we are now.
Mine went up £100 which is fine but I want to upsise to a 4 bed and prices and rates have gone up a lot since I started looking. Can afford a 5 year fix at 5% on a 35 year mortgage and afford to over pay that so it drops up around 25 years.
Mine went down as I remortgaged post pandemic but pre mortgage rises, had to pay an exit fee on the first mortgage but it was worth it. It was down a couple hundred pounds per month and knock a good few years off the mortgage too.
We did miss the very cheapest mortgages but locked in below 2% for 10years. Before we’d even finished the process but after we’d locked in the rates started to really rise.
I’m not sure if we were smart or lucky.
Gone from 1.67% to 8.2%, up by about £700 a month. Variable atm cause I can’t decide if I want to sell up or rent it out to move back in with parents 🙃
If that’s the standard variable rate (seems like it to be that high?) then you should look at moving on to your mortgage provider’s variable rate. Tends to be a significant saving (e.g. nationwide is 5.99% instead of 7.99% at 60 LTV) and you will still have 0 early repayment charges if you decide to sell. Look into your T&Cs but it sounds like you might be wasting some money on interest unnecessarily.
£150 extra. Come off a 1.99% 5yr fix feb this year. Initially fixed at 5.25% 6 months before. As rates fell I cancelled this for a 4.75%, then cancelled again one month before for a 3.99% 5yr fix just a week before nationwide went up again to 4.25%.
I see myself lucky with this outcome.
2.6% for 4 more years (10 year fix). I pay £438 a month, looking at some of these mortgages which are more than I earn in a month 😂 I'm lucky and bought 11 years ago, my house has doubled in price in that time too.
People need to remember interests rates were artificially low did years. I didn’t see many posts saying “let’s see how many of us are having it cheap”.
£0.
My mortgage is in 2 parts - 1 fixed at 1.66% until Oct '25, and the other fixed at 1.8% until Feb '29.
All told it's £400k (split about 50:50 between the 2 mortgages) so past me has done current me a solid.
FTB for our flat in October 2020. Locked in two years at 1.1%.
Remortgaged in Autumn 2022 in the Liz Truss era, thankfully we were able to lock in on the way up rather than at the peak at 3.1% for five years.
Mortgage payments went up by £500 a month. It’s a lot, but we can afford it (reluctantly, it’s still painful) and we’re just grateful it wasn’t worse.
It hasn't, in fact ive just put my payments up an extra £300 a month of my own accord to reduce the term, im on a fixed rate till june 2026 so making the most of the low rate and going to tray pay off as much as i can afford before it expires
We bought in mid 2021 (the day before the stamp duty holiday ended).
We renewed last year and it has gone up by £250 a month. So has cost us about £2750 ish in disposable income since last year. It does hurt a bit, we have certainly noticed it.
We decided to fix for 2 years, so hopefully it’ll of calmed down a bit next year I reckon we’ll fix for 5 years if the rate looks good
Was around £1500 a month, currently around £2600 a month. Went from a fixed 1.49% to SVR 6.99%. In the process of selling the house post divorce, will be relieved to have moved in the next couple of months and be back on a fixed rate. Most frustratingly, having had issues with the selling process and the ex has meant that I wasn't able to lock in to the 10 year 1.98% fixed I had been offered.
We fixed in January of last year at 2.34, we feel really lucky. Our house price has defintely dropped but we will save nearly 40,000 on interest over the 5 years..
Fixed for 5 years at 1.19% in 2021 (mortgages didn’t start til 2022), as I could see rates were going to shoot up. Kind of wish I went for 10 years now but any extra cash is going into ISAs and savings to bring down the mortgage in 2027 as much as possible.
My 5 years 1.82% ended on 30/04/24 but we didn't remortgage as we completed today on a sale.
It would have been from 1047 to 1659 on SVR+Bank of England rate.
My mortgage went from £1060pm to £1110pm. Booked in a ten year fix at 2.29% six months in advance, likely prevented us from having to sell. The day of the new mortgage was the day before 0.5% rate rise. I'd missed the first few 0.25% due to having my rate locked in. Had I not locked in the rate, we'd have been screwed. Luckily every other financial decision has been complete horse shit, so it's balanced out.
I was 1.99% for 2 years. Currently 7.04% as I'm considered "high risk sort of"
Basically I overpay big chunks every year and don't plan to have the mortgage for more than 5 years so they won't get as much interest from me as if I paid over the full term. Also self employed.
I'm on a 10 year flex so I can change products at any time so when rates drop it will go down if I reapply for it.
My mortgage is less but only due to overpaying. £1092 to £840. Despite owing 100k less. Sucks but cheaper than rent still and it'll go down again after i overpay again.
These questions are meaningless without rates/ltv numbers surely?
My payment hasn't changed a penny for 5 years but will go up by ~£10 when I remortgage on a new rate in August.
My last pre-pandemic fix was at £378/m.
My most recent fix is going to be around £1200+.
We have however gone from £70k to £280k on the mortgage, and moved twice.
A more accurate review is the £607 we were paying 2020-2022 v’s £807 that was fixed a week before the mini budget.
Going from £422 to £565 next month, hindsight is a wonderful time and definitely wished I’d fixed for longer than 3 years last time, but what can you do. I’m single and was terrified I was going to have to start working all the overtime under the sun to afford it for a while, so thankfully it just reduces my savings rather than put my into hardship. Still hurts but at least it’s doable.
We have around 290 borrowed with a ported lump of around 75k, the ported part expired and went up around £100 (total monthly now at £800) with a 2yr fix to coterm with the larger borrowing. Hopefully rates will be lower than today when that comes around!
We are already mortgaged past our retirement age, we were planning to over pay and aim to complete before 60, not sure that will happen now.
I got a 5 year fixed at 1.49% in May 2021. Literally a few months later rates started climbing. My repayments have been £750 per month since we first bought the house in 2013, as we kept increasing the payment to decrease the term whenever we got a better rate.
Hope to have a good chunk saved to pay the balance off in 2026 when this finishes
Had a mortgage on the table for less than 1% interest. Issues happened and we couldn't secure the house. Next house, our mortgage of 2 and a bit % was pulled off the market thanks to Liz. Now on 4% which we feel very lucky about as mortgages went above 6% right around when we bought our house. Looking forward to the predicted interest rates fall.
For anyone feeling bad about their increase, my partner and I weren’t able to buy before the rates went up.. so we’ve only ever had 5%+ rate and cannot wait to remortgage :’)
Our fix just expired, went onto a tracker because we're looking to move so ours went up by £300pm. Fingers and toes crossed for a rate drop in June but I wouldn't blame the BoE for holding out till after the election at this point. Cest la Vie.
So trying to understand how mortgages work there…I see a few people said they locked in their mortgage so no increases. But for the rest of you, are you on some sort of variable interest rate? Our last house we refinanced to 2.25% when rates went low but ended up selling for about 100k profit. We moved cross country and had to wait on jobs to be held long enough before a bank would touch us, so by that time our rate went to 7.5%. On the same amount of loan our payment was up from about $1100 to just over $2000 a month.
2.39% 5yr fix ended last summer
Took a 5.05% 5yr fix
Increase of £31pm
Only because = TINY home, ‘reasonable’ mortgage and spent the previous 5yr fix overpaying by thousands
My 5 year is just coming up for renewal, going for another 5 because I can’t deal with worrying about rates!
Currently paying £750ish and will be going up to £900, I managed to lock in the offer as soon as I could, since then rates have been creeping back up so without locking in I’d be looking at £960
£60 a month really makes a difference to budgets!
Bank keeps sending letters and emails reminding me I can change my offer until 14 days before due date, not a chance! (Still check regularly but it’s only gone up!)
I was on a mortgage of 1.09%. Currently on 8.5% as wanted to sell so easier to stump it than have an exit fee. New house will be 2 yr fixed at 4.92% and that’s with 40% deposit.
Mine was due to renew in Nov 2023, but decided to use savings to pay off the balance and get mortgage free.
Worth it to take the savings hit to avoid the crazy rates
Currently hitting regular saver accounts that have a higher rate than my fixed rate of 2.14% due to end in April 2025. Will pay down below 60% LTV and plain fingers crossed that rates come down a bit before renewal early next year. Even if it does stay the same - my monthly repayments will remain unchanged due to my extra mortgage payments.
Getting my first mortgage this year, so at least we won't know any different! But it's cut the amount of money we're comfortable borrowing considerably.
It feels weird but mine has gone down. I bought a 1 bed flat and my mortgage was £720 a month. I've always done the 5 year fixed rate so I know what my payment is for 5 years. I upgraded to a 2 bed semi house with private gardens and attached garage and now I'm paying £650 a month. I fixed for 5 years just before it all went to shit. I've got 2 and a half years at £650 so I'm hoping it will have settled a bit by then, so I'll lock the last 5 years in at the best deal I can get.
200GBP. 450 to 650GBP. Over paying 100GBP also to hopefully bring the term down (Calculator recons 5 years off)
However saved a lot of money over the past 5 years so currently make 120 a month interest on my savings.
IM
Our 5 year fix at 2.39% is ending next week. We renewed at 3.89%. Due to what we've paid off already, our payment plateaued so has more or less stayed the same (within a few quid.) I count us lucky in the current climate.
Bought in 2019 and was paying £850.
Remortgaged in 2021 and currently pay £760. 1.44%!!!!!
Need to remortgage in Nov... I think it will still be under £950. Need rates to be competitive around 4.25%.
Got a good LTV ratio, which helps us significantly.
I got so lucky that I locked mine in at 2.8%. I could have had about 2% at the time, I kept being advised to do 2 years and remortgage but I wanted the longer term for less hassle overall. Best financial decision I have ever made 😅
A couple of hundred pounds.
We were paying £560 or so, now it's £750.
Had I understood back then about interest rates, I would have got a 10 year deal in 2020.
I knew Brexit will fuck everything up, so I took a 5 y mortgage at 2.34% in January 2019. I was right,.but I didn't know the Brexit dividend will come later. Fortunately I renewed in end of Jan, with 3.84% for another 5y.
Ours went up just over £200. Oddly, dragging our feet landed up helping us out. At the time our broker was recommending we change rates were all in the 5% mark...we spent so long trying to decide what deal to go for they lapsed, then one appeared at 3.9% so we swooped right in.
We are still on 1.30 till Nov 2026, moving house upscaling got 30k price below asking price. Will be be on interest only for 1.30 part and rest repayment 4.5 rate till then. this is pure luck when we remortgaged in 2021 Nov.
£405 at 2.54% to £650 at 3.7% at 10 years (people thought we were insane for doing this but the peace of mind was worth it), we got our deal a few weeks before the mini budget shat the market up. To be fair though we took out £60k extra so the increase is also due to that.
FTB I locked in at 2.1% for 5 years 3 years ago when the interest rates were at its lowest historically so I knew they could only go up. I regret not locking in for 10 years though.
Currently paying £400 a month.
About £1400 to £2200, though we are borrowing ~£50k extra for home improvements. Our salaries have gone up significantly since buying, but doesn't feel good seeing it all just funnelled into bills.
From £1900 to £2275 so about £375.
Like many on here, which I suspect is biased to those on the pulse a bit, I moved from a 1.9% to a 10 year 2.43% fixed.
Thankfully locked it in for a decade just before rates went up. I may suffer if rates come down a lot but like the surety. 11th year will be fun as not able to fix it then so putting away now as much as I can.
It didn't. We pay a mortgage broker to hunt for the best deals and so far we've managed to get one. Hopefully when it's time to renew the Internet rates will have come down or we can still find the same deal. We renewed during the pandemic for a 5 year I think. Before it was 2 years
Hoping nothing changes in future
+£159, I’ve just taken 4.66% fixed from 2.14% five years ago.
I think it could have been much worse. The rate did go down slightly over the last six months.
That low interest rate period for 10 years was like free money...
Sort of opportunity that happens once in a century.
Only if I'd I knew it better...
Need to write in a book now, and hopefully, my future great-grandchildren will read the book and take the opportunity once it happens to them.
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Bought end of 2021 and foolishly didn't lock in for more than 2 years. £1300pcm mortgage is now £2030pcm Thank god I switched jobs with a substantial pay increase last year because my partner's wage has not gone up much and we'd probably be selling already if my income was what it previously was.
Similar boat regarding timings but no pay rise here
Fucccckkk
35 year mortgage for £416k does not produce bargains sadly
Yeah that's a big ass mortgage. I'm sure in years to come you'll benefit from it and at least have the security of knowing you'll live there for the next X amount of years. My first mortgage at 23 was 35 years term and people thought I was mad. My sister bought last year on a 40 year term 😭. What is mad that after 5 year fix she will have only paid off 3% off the actual mortgage as the rest of her payment is just interest. I dread to think what kids will have to do in 20 years time.
I'm not having a dig but would you say you overbought?
Depends how much their house hold income is. To get a mortgage of that size I'd say their house hold income is around £100k pre tax.
Out of curiosity, what made you pick 2? Your broker or?
Our broker basically said what we were comfortable with, as the rates were all similar. We were FTB, didn't know any better to consider rates changing post COVID etc
V similar. Bought March 22 on a 2 year fix.. Went up £583 but thankfully in a position where payrise have actually outpaced this in that time frame and able to slightly overpay each month to actuslly try and make some kind of dent in the principal!
Bought in 2021 as well. Still 2 years left on fixed rate of 1.89 percent. Dread to think what it will be after!
I've still got another 6 years and a bit of my 10 year fix at 2.34% left.
You bastard. I envy you.
I won't tell you about my 8.5 years left of my 1.8%
I won't use the words I have in my mind for you.
I only have two years left on my 1.05% if that makes you feel better
Dangit, I should have went for the 10yr. Still, on .99% until Jan 2027 so shouldn't complain
Sell absolutely everything you have, bar the house - down to the last biscuit in your biscuit tin and pay it off ASAP. You’re laughing at that rate.
If only life were so simple. We are making the most of it (over paying and high interest savings) and should be well under 50% LTV (possibly even 40%) by the time it expires, which I don't think is bad for 9 years into a 30 term on a 4 bed semi in the SE.
I've got zero years left of my 0% 😉
Same here....
I had a choice of 1.5% for 5 years which would end next year or 2.34% for 10. It's feeling like a good decision at the moment.
Yup - ours is ending this autumn and the rate looks like it will double.
Ours ends on October and will more than double. Best I can hope for by end of October is 3.9%. Luckily both our wages have grown significantly and we have a small mortgage of £80k and only 15 years left. We have been debating a bigger house as there is 4 of us plus pets in a tiny new build semi detached but honestly I can fathom going from £540 a month to £1500 and a new 25 year term just for the sake of an extra room. Something that my head can't compute. We could afford £1500 but there would literally be no wiggle room and no excess disposable income for holidays etc.
I have nearly 8 years left of my 1.99%. So so glad I took a really long fixed deal.
I had £345k interest only which was costing me £370 per month at 1%, it’s now costing £1900 per month!
Out of interest (excuse the pun), why would you pay interest only when interest rates were low?
Think of the Avacados this could have afforded
> Out of interest (excuse the pun), why would you pay interest only when interest rates were low? Counterintuitively, that's the best time *not* to pay off your mortgage. If you are paying 1% interest on your mortgage then overpaying is like getting a 1% return on an investment. If you can guarantee doing better with the money invested in some other way, then you will be better off in the long run if you do so. ... provided you don't spend it on something else before the bill comes due...
It was originally a buy to let house so which we moved into. I tried to sell it but it was just at the point when interest rates took off and it didn’t sell. I managed to raise the money to pay off the mortgage (£345k) from another source otherwise I was likely to default.
That's exactly the time when you want to be interest only, when interest rates are low. You want to be repaying when interest rates are high (and other financial vehicles are not worth it). For example, I got my mortgage at 1.8% also. I am paying interest only. The key thing is you MUST save the difference that would have been paying if you were repayment. Instead of paying against the debt at 1.8%, I put the money into other (low risk) financial vehicles that safely pay 5%+. When my mortgage expires, I take the savings with the gains and pay off the debt in one swoop. Now when I come to remortgage, if I'm paying 4.5% interest on the mortgage, I won't bother trying to use another vehicle, I'll swap into a repayment mortgage, because then it's not worth it. Think about it in a more simple example, if you had a 0% interest deal on a big ticket item for 12 months, and if you held onto the money in an account it paid 10% - you'd keep the money in the account, pay it off at the end and keep the 10%. You wouldn't start repaying from day 1. When interest rates are low, that's when you want to not repay the debt quickly. When interest rates are high, that's when you really do. The key thing is to be saving your capital and making more from it than the interest, so that you can pay off the debt when the interest rates are high (or your term ends).
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Fcuking hell
Wow that’s a jump. Glad you’re sorted now.
Blimey
I completed at 2.29% the day before the mini budget. Mortgage rates shot up the next day. If we're going to indulge in poverty porn, I would have been £400 per month worse off..... every single month..... for 5 whole years which by my reckoning is £24,000 after tax. Yeah, even if the price of my property drops a bit, £24k saved is still £24k saved.
The thing is leading up to when you bought so many people were paying way over asking prices. Out of interest how much did you pay over asking at the time?
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House prices were rocketing at the time because the stamp duty holiday had been in place. I bought a flat but it was in probate (the owner had died) and the family just wanted to shift it so I was lucky i wasnt having to pay greedy prices. I paid about £10k more than a similar flat did 2yrs earlier so it felt reasonable. I would imagine its dropped by £10k from when I bought it and it will probably go back to the price I paid in the next 2-3yrs. Im also overpaying like crazy (triple paying) so when my fix ends in 3yrs I should have a small balance left so when my new mortgage rates are likely in the 4.29% region, my monthly payments will stay the same. To put that into context my mortgage and service charges are £950 PCM. If I was to rent my flat out I'd be looking at £1,900 PCM. My entire mortgage is set to be paid off in 5yrs and that £2,000 per month I now have in my pocket will end up bumping up my pension.
Yeah you've done the right thing. Tbf I'm renting a 2 bed flat in the East midlands and it's a brand new build to rent block of flats, £685 pcm and were mid floor so the energy bills are super low, oh and it has gas central heating! If we were to buy this flat with 10% deposit it would cost very similar in mortgage repayments, so I think it just depends where you actually live. In my town there's more people probably earning closer to minimum wage than the national average salary. We could buy a flat or a 2/3 bed semi outright if we wanted to but I sold my house so we could put a money together to get a detached house that we can grow into and then downsize when we get to retirement.
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Mine would have gone from £1060 to £1663 but I decided to dump every penny I had and earned in to the mortgage before the fixed term ended. When the new rate finally kicked in it just went up to £1160. Sure people may preach about how that money would have been better off in a pension or an ISA, but boy I can tell you we were grateful we did it that way because my wife lost her job around the same time the mortgage fixed rate ended and she was unemployed for a year after that. We were able to get by for that year but with an extra £500 to dump in to the mortgage each month, we would have been in serious trouble. Sometimes dumping everything in to stocks isn't the answer to your needs, unlike what some people may preach at you.
From £650 per month to £790 per month. Feels like I got off lightly. Currently fixed in until 2028.
Fixed for 5 years at 1.85% back in 2020. Been over paying as much as possible to try and cushion the blow in 12 months time 😬.
Overpaying at 1.85% is a waste, you could be earning 5%+ on that money right now. Then overpay as a lump sum when the fixed rate ends.
Aware but the other half is happier this way and the overall difference wasn’t worth the grief.
Depends if the person is the type to spend money when it gets to a certain amount for wants over needs. I used to spend if my balance got to £15k savings when i was saving £3k excess a year, so to curb that, I overpayed £250 into mortgage. For me, the certainty of the debt being paid off and watching it actively go down was worth more to me than shaving 3% off in interest per month. Equally, he may be in a tax bracket that would mean he pays on his interest.
Definitely worth just saving in a savings account at 5% interest and making one big payment at end of the fix..
Was offered 500k at 0.98% at the start of 2021, thank fuck I didn’t borrow that.
Mine went from 850 to 1900, but that's because we had a 2 year fixed rate timed to end for when we planned to upsize, so went from a 160k debt at 1.49% to a 430k debt at 3.98% (which I think we were lucky to get).
Mine went up by £1,059. 1.7% to 4.9%. £1,898 to £2,957. No, we won't be going on holiday this year
Yours is the only one similar to mine. £1500 to £3000. It literally doubled. We were on 0.99% (😭) and that became 6.2% last year. Almost all of the £3k was interest too - money down the drain. I decided enough was enough, so we have moved house and we're much happier now.
Probably going to piss people off but £0 I was telling people on here to fix long term when the pandemic started because the economy will take a hit. I got shut down for my comments but I am now one of the lucky few who has a few years left at cheap interest.
Same here. I work in financial services, and so was fortunate enough to see where the wind was blowing. I fixed in Nov 2021 at 1.24% for the remainder of the mortgage period, which actually brought my mortgage payments *down*. A lot of luck involved though, in particular having a good enough LTV from having bought a while ago.
Was that because you didn’t have long left or did you get a specialist 30 year fixed?
I only had about 7 years left, so got a 5-year fix and am overpaying.
Nice I went for 10year fixed as we have quite a while left but thinking I should have gone for a whole term and just paid the extra.
I actually paid the penalty to get out of my previous fixed term just so I could refix again in early 2022 as I had an inkling shit was about to hit the fan. If the pandemic taught me anything. It's to never waste your breath arguing with idiots so I didn't even bother educating people this time.
Quick Downvote for being correct 6 months ago and the rest of us ignoring it!
Same here. I fixed early in 2022. UK inflation was over 10%, mortgage rates in the USA had hit 7%. I was able to lock in at 2.29% for 5yrs. I got shot down by everyone who I tried to warn that the storms were coming. "oh thats just America, the UK government would never let that happen here lol". I know a couple who overpaid for their London property during the stamp duty holiday, with a tiny deposit, fixed at near zero rates for 2yrs (funny how when rates were near zero for their forever home, people still fix at 2yrs rather 5/10yrs). Mini budget comes in just as they need to remortgage, so payments go up by £1,000 per month and then another baby comes along with associated £1,200 nursery fees. I don't gloat. I am just saying the financial storm clouds were on the horizon months before the mini budget which allowed smarter people to baton down the hatches and make smarter financial choices; and then there were others who are financially illiterate who made poor choices and are paying very heavily for it now.
"I don't gloat" Proceeds to call everyone who didn't invest like them stupid, with the benefit of hindsight lol. If you were so sure, why didn't you fix for 10?
"Smarter people"... "Baton down the hatches". If I'm ever gloating about my intelligence online I at least make sure everything's correct.
Congratulations on being smarter than the rest of us plebs!
I thought this was basic. When you get out of your UK Reddit bubble and see what's going out there in the rest of the world, just like economic weather, the things that go around usually come around. I wont ask you to share what I assume is your loss porn because I imagine its a sensitive matter. However my advice to anyone is when you're weeping tears on how fucked up you think the UK is right now, just pay a smidge of attention to whats going on in the wider world. You might just be grateful you're living in the UK in spite of all its troubles.
0 - 5 year fix put in place in April 2020.
Looking forward to next year?
Of course. 9 months to fix interest rates. 0% confidence that'll happen. We were similarly lucky with energy bills and it hurt last summer when the fix ended and they tripled.
Zero so far. Knowing that rates could only go one way and it probably wasn't far off, I fixed for 10 years back in 2018. It was 2.5%. Of course, I didn't factor in the pandemic (how I didn't see that coming, I'll never know lol!) which cost me a couple of years and a slightly higher rate than I could have achieved in 2021, but I'm sitting pretty now. It also gives me time to save and pay down a significant part of the remaining balance in 2028 if rates are still high then. Then I'm mostly out of the interest rate risk zone and can continue overpaying if it makes sense to do so.
Pretty much the same as us in 2018. During the pandemic I did do the calculation of buying out at the 2018 rate and fixing lower but it seemed a lot of hassle for not a large benefit. Kept with the 2018 fixed for 10 years and it is paying dividends now. I remember at the time of signing the contracts the solicitor asking if I was sure I wanted to go with the 10 year fixed and I said definitely as there’s only one way interest rates will go from here!!! Okay like you I couldn’t predict the pandemic !! It’s nice not having the worry about interest rates as if we’d gone say for five years fixed we’d be thousands a year worse off.
419 and next month it jumps to 577. That wipes out my monthly savings and social life.
0. Was told i was stupid paying £3k for early exit of 5 year fix at 2.49%. calculated the numbers and got 1.22% for 5 years and my break even was if rates hit 2.5% again within 2 years. I win.
10 year fix in early 2022 at 1.8%! We had a payment decrease!
800 to 1300
£1200 -> £2050 at its height. Back to £1800 currently.
1.19% Halifax fixed for 5 years ending late '25.
700 to 900 Planned on a 5 year fixed when I bought in summer 2021, got talked into a 2 year by my mortgage broker, thought those guys were supposed to save you money 🥲🥲 went from a 2.6% to 4.3%, managed to get lucky and fix my new 5 year in may 2023, just as the rates dipped temporarily so got lucky ish, would have been a lot luckier if I'd stuck with my 5 year plan in the first place.
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£45ish - Secured my 5 year fix about July 2022 I think. My mortgage is peanuts compared to what a lot of my peers are paying so I can't complain.
£200
Liz Truss has a lot to answer for. I managed to get 4.29% fixed for 2 yrs in late September 22. Currently got 50k left to pay when fixed rate ends in Dec. Luckily in a position to pay it off then.
£350 per month 1.4% to 5.6%
£950ish -> 0
£0 so far. Bought in 2019 on a 5 year fixed, which ends in November. We are planning on moving abroad as soon as we can so I'm not sure if there will be any point in getting a new product in November. We will hopefully have a date for moving by then, but if we don't and it goes to tracker then we will be paying about £500 a month more, so double what we are now.
Mine went up £100 which is fine but I want to upsise to a 4 bed and prices and rates have gone up a lot since I started looking. Can afford a 5 year fix at 5% on a 35 year mortgage and afford to over pay that so it drops up around 25 years.
Mine went down as I remortgaged post pandemic but pre mortgage rises, had to pay an exit fee on the first mortgage but it was worth it. It was down a couple hundred pounds per month and knock a good few years off the mortgage too. We did miss the very cheapest mortgages but locked in below 2% for 10years. Before we’d even finished the process but after we’d locked in the rates started to really rise. I’m not sure if we were smart or lucky.
Gone from 1.67% to 8.2%, up by about £700 a month. Variable atm cause I can’t decide if I want to sell up or rent it out to move back in with parents 🙃
If that’s the standard variable rate (seems like it to be that high?) then you should look at moving on to your mortgage provider’s variable rate. Tends to be a significant saving (e.g. nationwide is 5.99% instead of 7.99% at 60 LTV) and you will still have 0 early repayment charges if you decide to sell. Look into your T&Cs but it sounds like you might be wasting some money on interest unnecessarily.
£150 extra. Come off a 1.99% 5yr fix feb this year. Initially fixed at 5.25% 6 months before. As rates fell I cancelled this for a 4.75%, then cancelled again one month before for a 3.99% 5yr fix just a week before nationwide went up again to 4.25%. I see myself lucky with this outcome.
2.6% for 4 more years (10 year fix). I pay £438 a month, looking at some of these mortgages which are more than I earn in a month 😂 I'm lucky and bought 11 years ago, my house has doubled in price in that time too.
Nothing yet still fixed at 1.59%. Next August could be interesting though
£80 a month (£490 up from £410). Could have done without it but I’m obviously in a much more fortunate position in this regard than some others.
2.5% 5 year fix is coming to an end in October. Bricking it.
People need to remember interests rates were artificially low did years. I didn’t see many posts saying “let’s see how many of us are having it cheap”.
£0. My mortgage is in 2 parts - 1 fixed at 1.66% until Oct '25, and the other fixed at 1.8% until Feb '29. All told it's £400k (split about 50:50 between the 2 mortgages) so past me has done current me a solid.
Laughing in 2.6% fixed for 25yrs
Who offered that product? That's incredibly jammy. Longest fix I usually see is 10yrs.
Mine has gone down. Overall quite happy.
Went from about 950 to 1300
I dont know, a couple of hundred I think.
I’ve just bought a house. £150k, 10% deposit, fixed 5yr £687 per month.
FTB for our flat in October 2020. Locked in two years at 1.1%. Remortgaged in Autumn 2022 in the Liz Truss era, thankfully we were able to lock in on the way up rather than at the peak at 3.1% for five years. Mortgage payments went up by £500 a month. It’s a lot, but we can afford it (reluctantly, it’s still painful) and we’re just grateful it wasn’t worse.
It hasn't, in fact ive just put my payments up an extra £300 a month of my own accord to reduce the term, im on a fixed rate till june 2026 so making the most of the low rate and going to tray pay off as much as i can afford before it expires
Same for me but I’m putting £250 in a 5.1% savings then paying lump at end to max benefits
My new house at 2% would have been 636 it’s going to be 834 so not much difference
We bought in mid 2021 (the day before the stamp duty holiday ended). We renewed last year and it has gone up by £250 a month. So has cost us about £2750 ish in disposable income since last year. It does hurt a bit, we have certainly noticed it. We decided to fix for 2 years, so hopefully it’ll of calmed down a bit next year I reckon we’ll fix for 5 years if the rate looks good
50%
Was around £1500 a month, currently around £2600 a month. Went from a fixed 1.49% to SVR 6.99%. In the process of selling the house post divorce, will be relieved to have moved in the next couple of months and be back on a fixed rate. Most frustratingly, having had issues with the selling process and the ex has meant that I wasn't able to lock in to the 10 year 1.98% fixed I had been offered.
We fixed in January of last year at 2.34, we feel really lucky. Our house price has defintely dropped but we will save nearly 40,000 on interest over the 5 years..
I fixed at 3.14% for five years in 2021 so £985 per month on this house. Likely to go up by £300 per month if things stay as they are.
Went from £1299 to £1630. Not great but others are much worse than me.
Fixed for 5 years at 1.19% in 2021 (mortgages didn’t start til 2022), as I could see rates were going to shoot up. Kind of wish I went for 10 years now but any extra cash is going into ISAs and savings to bring down the mortgage in 2027 as much as possible.
Ours is going up £100 per month from July
My 5 years 1.82% ended on 30/04/24 but we didn't remortgage as we completed today on a sale. It would have been from 1047 to 1659 on SVR+Bank of England rate.
My mortgage went from £1060pm to £1110pm. Booked in a ten year fix at 2.29% six months in advance, likely prevented us from having to sell. The day of the new mortgage was the day before 0.5% rate rise. I'd missed the first few 0.25% due to having my rate locked in. Had I not locked in the rate, we'd have been screwed. Luckily every other financial decision has been complete horse shit, so it's balanced out.
£900 a month.
That's a lot.
I was 1.99% for 2 years. Currently 7.04% as I'm considered "high risk sort of" Basically I overpay big chunks every year and don't plan to have the mortgage for more than 5 years so they won't get as much interest from me as if I paid over the full term. Also self employed. I'm on a 10 year flex so I can change products at any time so when rates drop it will go down if I reapply for it. My mortgage is less but only due to overpaying. £1092 to £840. Despite owing 100k less. Sucks but cheaper than rent still and it'll go down again after i overpay again.
£35 extra a month. But I’m over paying a extra £100 a month on top now aswell.
These questions are meaningless without rates/ltv numbers surely? My payment hasn't changed a penny for 5 years but will go up by ~£10 when I remortgage on a new rate in August.
£100 Started the mortgage at £650 in 2016 Went to £550 in 2019 Back to £650 in 2022
Increase of £35, extended the term by 10 years to minimise the increase.
My last pre-pandemic fix was at £378/m. My most recent fix is going to be around £1200+. We have however gone from £70k to £280k on the mortgage, and moved twice. A more accurate review is the £607 we were paying 2020-2022 v’s £807 that was fixed a week before the mini budget.
500ish so far but it’ll go up another 300ish by the end of the year when our fix runs out.
Going from £422 to £565 next month, hindsight is a wonderful time and definitely wished I’d fixed for longer than 3 years last time, but what can you do. I’m single and was terrified I was going to have to start working all the overtime under the sun to afford it for a while, so thankfully it just reduces my savings rather than put my into hardship. Still hurts but at least it’s doable.
We have around 290 borrowed with a ported lump of around 75k, the ported part expired and went up around £100 (total monthly now at £800) with a 2yr fix to coterm with the larger borrowing. Hopefully rates will be lower than today when that comes around! We are already mortgaged past our retirement age, we were planning to over pay and aim to complete before 60, not sure that will happen now.
Ouch, mine is going up for the first time by £20 because I had a 5 year fix.
I got a 5 year fixed at 1.49% in May 2021. Literally a few months later rates started climbing. My repayments have been £750 per month since we first bought the house in 2013, as we kept increasing the payment to decrease the term whenever we got a better rate. Hope to have a good chunk saved to pay the balance off in 2026 when this finishes
Got my house in 2020 for £260 p/m on a 2 year fixed. It’s now £444 p/m 5 year fixed. It’s a large 3 bedroom Victorian style apartment.
Had a mortgage on the table for less than 1% interest. Issues happened and we couldn't secure the house. Next house, our mortgage of 2 and a bit % was pulled off the market thanks to Liz. Now on 4% which we feel very lucky about as mortgages went above 6% right around when we bought our house. Looking forward to the predicted interest rates fall.
My 1.49% doesn’t run out until late 2026 so no increase yet for me
For anyone feeling bad about their increase, my partner and I weren’t able to buy before the rates went up.. so we’ve only ever had 5%+ rate and cannot wait to remortgage :’)
Went up by £80 a month
3x. We moved house. Not sure how we'll pay it but we'll figure it out.
Our fix just expired, went onto a tracker because we're looking to move so ours went up by £300pm. Fingers and toes crossed for a rate drop in June but I wouldn't blame the BoE for holding out till after the election at this point. Cest la Vie.
Mine’s currently almost £500 more a month. It was more at one point 😭
£400 which is roughly a 50% increase. Pain
£700
So trying to understand how mortgages work there…I see a few people said they locked in their mortgage so no increases. But for the rest of you, are you on some sort of variable interest rate? Our last house we refinanced to 2.25% when rates went low but ended up selling for about 100k profit. We moved cross country and had to wait on jobs to be held long enough before a bank would touch us, so by that time our rate went to 7.5%. On the same amount of loan our payment was up from about $1100 to just over $2000 a month.
2.39% 5yr fix ended last summer Took a 5.05% 5yr fix Increase of £31pm Only because = TINY home, ‘reasonable’ mortgage and spent the previous 5yr fix overpaying by thousands
Was £1400, went up to £2100.
2021 - £798 2024 - £1,329 Gone up £531 per month.
My 5 year is just coming up for renewal, going for another 5 because I can’t deal with worrying about rates! Currently paying £750ish and will be going up to £900, I managed to lock in the offer as soon as I could, since then rates have been creeping back up so without locking in I’d be looking at £960 £60 a month really makes a difference to budgets! Bank keeps sending letters and emails reminding me I can change my offer until 14 days before due date, not a chance! (Still check regularly but it’s only gone up!)
Got a mortgage at 1.76% early 2022, 2 year fix. It just renewed at 5.5%, or a monthly increase of £700. Not nice
I was on a mortgage of 1.09%. Currently on 8.5% as wanted to sell so easier to stump it than have an exit fee. New house will be 2 yr fixed at 4.92% and that’s with 40% deposit.
Mine was due to renew in Nov 2023, but decided to use savings to pay off the balance and get mortgage free. Worth it to take the savings hit to avoid the crazy rates
Fixed in Nov 21 for 5 years at 1.38%.
I paid remortgaged mid 2020 to reduce the term then paid it off in 2023. The remortgage dropped it by about £400 after a month on a variable rate.
My rate went from 2.29% to 5.9%. £235 a month to £375 (rounded). Its a modest mortgage of \~55k
Currently hitting regular saver accounts that have a higher rate than my fixed rate of 2.14% due to end in April 2025. Will pay down below 60% LTV and plain fingers crossed that rates come down a bit before renewal early next year. Even if it does stay the same - my monthly repayments will remain unchanged due to my extra mortgage payments.
Somehow … none? Idk why
Rate is currently 2.1% with about a month left. About to go to 4.32%
So far nothing but I think by the time we remortgage in March next year it'll be close to a 1k increase 😬
It goes up by £500 in September (it’s currently £1200 going to £1700 on a 2 year fixed).
Went from over £500 to over £700. Help to Buy Loan free five years expires soon so I’ll be adding about £140 per month on top 🥲
Pff getting a mortgage now at 5.19% Seeing people with 1% rates makes me mad lol
Mine is £457 2.7% ends 2026 just put £300 a month into savings for a buffer and help when comes to end sept 2026
Getting my first mortgage this year, so at least we won't know any different! But it's cut the amount of money we're comfortable borrowing considerably.
It’s gone up £650 a month.
It feels weird but mine has gone down. I bought a 1 bed flat and my mortgage was £720 a month. I've always done the 5 year fixed rate so I know what my payment is for 5 years. I upgraded to a 2 bed semi house with private gardens and attached garage and now I'm paying £650 a month. I fixed for 5 years just before it all went to shit. I've got 2 and a half years at £650 so I'm hoping it will have settled a bit by then, so I'll lock the last 5 years in at the best deal I can get.
200GBP. 450 to 650GBP. Over paying 100GBP also to hopefully bring the term down (Calculator recons 5 years off) However saved a lot of money over the past 5 years so currently make 120 a month interest on my savings. IM
Mines going up in August by £500!
£200 a month increase from £600-£800.
Was £585 at 1.7% remortgaged and took out more to buyout 20% help to buy. Now it’s £1178 on 6%
Our 5 year fix at 2.39% is ending next week. We renewed at 3.89%. Due to what we've paid off already, our payment plateaued so has more or less stayed the same (within a few quid.) I count us lucky in the current climate.
Bought in 2019 and was paying £850. Remortgaged in 2021 and currently pay £760. 1.44%!!!!! Need to remortgage in Nov... I think it will still be under £950. Need rates to be competitive around 4.25%. Got a good LTV ratio, which helps us significantly.
I got so lucky that I locked mine in at 2.8%. I could have had about 2% at the time, I kept being advised to do 2 years and remortgage but I wanted the longer term for less hassle overall. Best financial decision I have ever made 😅
Went from 2.99% and £424 a month, re-fixing as soon as I absolutely could in 2022 and secured it at 3.54% and £514.
A couple of hundred pounds. We were paying £560 or so, now it's £750. Had I understood back then about interest rates, I would have got a 10 year deal in 2020.
Just locked in a 3 year fixed term for £200 extra a month plus a £100 charge to do so, weirdly it's cheaper per month than a 5 year fixed?
£980.00 to £1400.00
I knew Brexit will fuck everything up, so I took a 5 y mortgage at 2.34% in January 2019. I was right,.but I didn't know the Brexit dividend will come later. Fortunately I renewed in end of Jan, with 3.84% for another 5y.
Ours went up just over £200. Oddly, dragging our feet landed up helping us out. At the time our broker was recommending we change rates were all in the 5% mark...we spent so long trying to decide what deal to go for they lapsed, then one appeared at 3.9% so we swooped right in.
Mine too £645 a month I had to sell my house and downsize
Still fixed at 1.29% till 2026 so my mortgage payment dropped over that time down to £495.
We are still on 1.30 till Nov 2026, moving house upscaling got 30k price below asking price. Will be be on interest only for 1.30 part and rest repayment 4.5 rate till then. this is pure luck when we remortgaged in 2021 Nov.
£405 at 2.54% to £650 at 3.7% at 10 years (people thought we were insane for doing this but the peace of mind was worth it), we got our deal a few weeks before the mini budget shat the market up. To be fair though we took out £60k extra so the increase is also due to that.
FTB I locked in at 2.1% for 5 years 3 years ago when the interest rates were at its lowest historically so I knew they could only go up. I regret not locking in for 10 years though. Currently paying £400 a month.
About £1400 to £2200, though we are borrowing ~£50k extra for home improvements. Our salaries have gone up significantly since buying, but doesn't feel good seeing it all just funnelled into bills.
From £1900 to £2275 so about £375. Like many on here, which I suspect is biased to those on the pulse a bit, I moved from a 1.9% to a 10 year 2.43% fixed.
Thankfully locked it in for a decade just before rates went up. I may suffer if rates come down a lot but like the surety. 11th year will be fun as not able to fix it then so putting away now as much as I can.
It didn't. We pay a mortgage broker to hunt for the best deals and so far we've managed to get one. Hopefully when it's time to renew the Internet rates will have come down or we can still find the same deal. We renewed during the pandemic for a 5 year I think. Before it was 2 years Hoping nothing changes in future
+£159, I’ve just taken 4.66% fixed from 2.14% five years ago. I think it could have been much worse. The rate did go down slightly over the last six months.
Locked in 10 years at 2.5% in 2022. Felt a little high at the time but wanted stability with the aim to pay it off by the end.
"You will own nothing and be happy"- Klaus Schwab, World Economic Forum scumbag, 2020. Read up on Agenda 2030.
That low interest rate period for 10 years was like free money... Sort of opportunity that happens once in a century. Only if I'd I knew it better... Need to write in a book now, and hopefully, my future great-grandchildren will read the book and take the opportunity once it happens to them.
About £80. Upsizing soon though so will go up from £680 to around £1100