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Case studies: My mortgage went up by X a month - here’s what I’m going to do about it

Journalist: Ruby Hinchliffe, The Telegraph

ended 10. August 2023

I'm looking for mortgage borrowers happy to be pictured and talk about how they will manage their increased interest repayments. What are they cutting down on? Have they modified their mortgage (e.g. extended term or switched to interest-only temporarily)? If this is a temporary fix, what's the plan for the future? 

Depending on the interest we get, we'd love to do a few of these - getting brokers like yourselves to weigh in with your thoughts. 

First of all, though, I'm doing a call-out for case studies. So please do mention this to your clients, or let me know if you already know clients who would be a good fit for this. Cheers!

3 responses from the Newspage community

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Editor
Mike Staton
Director at Staton Mortgages
Hi Ruby, My mortgage is up for renewal in January, Currently 1.39% and looking at a 6.39% new rate. Happy to chat.
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Kundan Bhaduri
Property Developer and Portfolio Landlord at The Kushman Group
We are portfolio landlords that are in the thick of buying and remortgaging several properties at the same time. While we had fixed most of our portfolio at sub 4% before Christmas 2022, several additional properties are now coming up for remortgage this year. Each property is treated on a case-by-case basis.

In some cases, we increase our leverage, in other cases, rent is increased while in yet other cases, traditional family homes are being converted into high-yielding HMOs so that they wash their face when the interest rates go up. If you would like to discuss these from a landlord's perspective, get in touch with me.
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Kirsty Wells
Director at Blueprint Mortgages & Protection
I have a client who owns her hairdressing salon locally, she is a busy mum of two and her mortgage has increased by £440. Which is a struggle as the cost of gas and electricity and fuel also peaked at the same time.

She has made cutbacks by buying and selling clothes on vinted, making lunches at home each day, cutting back on takeaways and meal planning for the week to stop food wastage. She has also increased her working hours, which is a struggle with her busy home life.

I have checked with her and she would be happy to be featured.