Learning to walk before I run

LadyWithAPlan

70%! wow thats a huge increase - is it IO?
I am sure you will find a way but what a squeeze on anyone's budget - I think most peoples xmas this year will be tighter than normal with this col issues and these mortgage rates slowly working their rot  thru everyones budgets ..... so it has a further impact on the economy

edinburgher

Not IO, no and there's no realistic room to extend, will already run to state pension age without overpayments. It sucks.

The irony is it was less than 20% of our income until last month, we thought that was plenty affordable

savingholmes

Hi Ed - I took out the mortgage term on mine to age 73.5 and just told them I'd work longer. It depends what mortgage provider you are with but with some its an option. I'm now downsizing as my kids have moved out - so it will no longer be an issue in later life and my bills have changed. Over time inflation will mean that your mortgage in real terms doesn't cost as much to clear. Don't be too quick to reject the option of extension. Better than bouncing payments or significant anxiety.

BookWorm

Sorry to hear things are tough Ed. Try and keep your chin up. Know we are always here to support you

Might it be worth speaking to the mortgage co and see if you can have a payment break or consider some reduced payments for a little while? Given you have made OP's they may well be amenable

Suffolk_lass

Better to extend the term than to take a payment break, where it just gathers capital debt, in my opinion. As I have mentioned, we went IO when DH was made redundant, but not for a year, by which time we owed over £10k on CC too, and we had to move to pay that off, plus another £23k (10% permissable OP). Yes, it took us past when we wanted to retire, and yes, DH's lump sum was used to pay down in the last £50k of capital but we got there within a year of us stopping work, and our quality of life is good and affordable.

You don't have to stay with that extended term forever. You could extend it for a year or five and then with your next mortgage deal, take a view on affordability. Once your children are grown and flown, you will be able to claw it back

QueenJess

I think you’ve fixed your mortgage for at least 2 years haven’t you? So I guess the question is whether you think you can get by ok for that fixed period with still enough EF and feel ok (ie not completely stressing about it) and then reassess what is happening with interest rates etc when you renew.

I’d see this as a short period that is tough, but could you cope with food etc continuing to increase? If you are too uncomfortable with the lack of wriggle room, it is definitely worth looking at other options to buy yourself some comfort for a period of time. As others have said above, it can be reversed later, but you should consider your circumstances now.

edinburgher

If @Suffolk_lass is around, could you check your messages? Sorry to be cryptic!

Suffolk_lass

Sent you a PM - only just seen it. Sorry so late

edinburgher

My appeal re. annual leave was rejected. I am not surprised but am still angry and disappointed as I raised a load of perfectly valid points and articulated them clearly and with passion. The response was essentially "your boss considered your request and gave you a reason for rejection, so tough". Ah well, will see how they like (even more) demotivated Ed  That meeting was the most stressful thing I've faced at work in a decade and I was treated with a level of rudeness by my boss that I cannot describe here as it would be potentially outing.

beanielou

It all screams constructive dismissal to me. 

Totally unacceptable. 

You need to speak to ACAS as a matter of urgency.