Owning your own home

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Velocio

Just got my mortgage renewal email... moving to current variable when my fixed expires in March will increase my monthly payments by 33.2%.

This is currently 5.49%, as at 3 November 2022. This means your total monthly repayments will change from £2518 to £3355 (based on your outstanding balance and mortgage term when this email was produced).

Fun times.

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Howard in reply to @Velocio

On the flip side, if you have the cash, you can pay it off without ERCs, most likely.

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Velocio in reply to @Howard

this doesn't change the rate of the payback of the capital portion though... this is just the interest portion, right? so no gain here... just pain.

and there is no extra cash, the coffers are empty. i can endure this, but it is going to be hard. this is the age-old "I inherit nothing from anyone, and what I earn I pour into the home and life as soon as I have it"... I live month to month without a safety net as I've not experienced windfalls that could ever put me ahead of that situation and I grind as hard as I can each month.

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