世帯s in 危機: Mortgage 仲買人s 明らかにする／漏らす how borrowers are 対処するing with higher 率s

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Every month 150,000 mortgage 支えるもの／所有者s reach the end of cheap 直す／買収する，八百長をするd 取引，協定s?
Many find they're moving to 率s that are two, three or even four times higher?
In this six-part series we 明らかにする／漏らす how British homeowners are 対処するing?

Updated: 12:47 BST, 9 April 2024

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Since mortgage 率s began rising, many of the nine million mortgaged 世帯s in the UK and の近くに to two million landlords have been 直面するd with the prospect of much higher 支払い（額）s.

Before that, many had become accustomed to ultra-low 利益／興味率s for more than a １０年間.

In this six-part series, we look at how much more people are really 支払う／賃金ing when they take out a new mortgage, how 世帯s are 対処するing and if a mortgage 危機 is 進行中で.

危機 point? For 世帯s with a mortgage, this will typically be by far the largest part of their 全体にわたる月毎の spending

以前,?we looked at how much more people are 支払う／賃金ing for new mortgages compared to the cheaper 取引，協定s many are rolling off.

We also 明らかにする／漏らすd? the?extent to which people are （警察の）手入れ，急襲ing their 貯金, 落ちるing behind on their mortgage 支払い（額）s and having their homes repossessed and why so many?世帯s are 対処するing so 井戸／弁護士席 under the 緊張する of higher 率s.

Next up, we spoke to a number of mortgage 仲買人s to hear first 手渡す how their 顧客s are 存在衝撃d.

Higher 利益／興味率s have led to higher mortgage costs for many - 特に those who have remortgaged over the past 18 months.?

Over the course of 2024, 1.6 million mortgage borrowers will roll off their cheaper 直す／買収する，八百長をするd 率 mortgages, によれば UK 財政／金融 - many of whom will 現在／一般に be on a 率 of 2 per cent or いっそう少なく.

Next year, many more will join them as their 現在の two-year, three year or five year 直す／買収する，八百長をするd 率s come to end.

The 普通の／平均（する）率 on new mortgages is の近くに to 5 per cent, によれば Bank of England 人物／姿／数字s.?

> What next for mortgage 率s in 2024 - and how long should you 直す／買収する，八百長をする for??

Someone moving from a 2 per cent 率 to a five per cent 率 may 井戸／弁護士席 notice a big dent in their 予算.?

On a ￡200,000 mortgage 存在 repaid over 20 years they would see their 月毎の支払い（額）s jump by more than ￡300 a month from?￡1,012 to?￡1,320.

Mortgage 助言者 Chris Sykes says some people adjusted their lifestyles in line with 激しく揺する-底（に届く）利益／興味率s, and are now finding the higher 率s too much to 吸収する.?

'It is a mortgage 危機 for some, while for others it's painful, but not the end of the world,' he says.?

Chris Sykes, associate director of mortgage 仲買人私的な財政／金融, says some of his 顧客s are struggling with higher 率s

'As time has continued, most people have been able to adjust mentally to what is going to happen to their 支払い（額）s, so I'm finding conversations a lot easier now than they were 12 months ago.?

'I have （弁護士の）依頼人s whose 財政上の状況／情勢 has 改善するd since they took out the mortgage.?

'I've had some （弁護士の）依頼人s come to me 最初 as first-time 買い手s on ￡30,000 each and now they're both high 飛行機で行くing professionals on ￡75,000 each.'?

'But some 顧客s are definitely struggling. People often build their lifestyle around their income and 支出s, so once one of those 支出s change in a big way it can have a big 衝撃 on someone's life.

'They may have taken a car on 財政／金融 as they felt they can afford it, but now can't with the mortgage. They may have sent their child to 私的な school or to a more expensive nursery than they might have done had 率s been where they are today.

'There is no 害（を与える） speaking to your 仲買人 even years before your remortgage so you know where your 支払い（額）s will sit and what to 推定する／予想する when it is time to refinance.'?

We spoke with five mortgage 仲買人s to find out how they are advising people who are struggling to 対処する thanks to a jump in mortgage costs.?

増加するing the mortgage 称する，呼ぶ／期間／用語?

One popular method for cutting 月毎の支払い（額）s is lengthening the 称する，呼ぶ／期間／用語 of the mortgage, によれば仲買人s.

The mortgage 称する，呼ぶ／期間／用語 is the number of years someone agrees to 返す their mortgage for. This used to 一般的に be 25 years but on new mortgages is now often 30 years or even longer.

By lengthening the 称する，呼ぶ／期間／用語 of a mortgage, a borrower spreads their 返済s over a longer period of time and therefore 減ずるs the 月毎の costs.

However, it will 最終的に mean 支払う／賃金ing more in the long run - unless they are able to overpay or 縮める the 称する，呼ぶ／期間／用語その上の負かす／撃墜する the line to （不足などを）補う for it.

Bit of a stretch? By lengthening the mortgage 称する，呼ぶ／期間／用語 you 削減（する） your 月毎の返済s - which will save you money in the short 称する，呼ぶ／期間／用語 but cost more in the long run

For example, someone with a ￡200,000 mortgage 支払う／賃金ing 5 per cent 利益／興味 over 20 years would 直面する月毎の返済s of ￡1,320, 支払う／賃金ing a total of ￡316,876 over the lifespan of the mortgage.

Conversely, someone with a ￡200,000 mortgage 支払う／賃金ing the same 利益／興味率 over a 40-year 称する，呼ぶ／期間／用語 would 直面する月毎の返済s of ￡965.?

However, they would 支払う／賃金￡463,136 over the lifespan of the mortgage: ￡146,260 more than on a 20 year 称する，呼ぶ／期間／用語.

While their 利益／興味率 would likely change during this time if they remortgaged or fell on to their 貸す人's 基準 variable 率, the 原則 remains the same.

George Smith, a mortgage 仲買人 at LDN 財政／金融 recently advised a couple whose two-year 直す／買収する，八百長をする was about to 満了する／死ぬ.

'When they first took out their mortgage two years ago, their 意向 was to 請け負う相当な革新s to 増加する the 所有物／資産／財産's value and その結果増加する their 公正，普通株主権火刑／賭ける in the 所有物／資産／財産,' he explains.?

'To cover the 革新 costs in the 暫定的な, the （弁護士の）依頼人s took out personal 貸付金s with the 計画（する） to 強固にする／合併する／制圧する t he 負債 into their mortgage upon 再開.

'Although they still had 33 years remaining on their mortgage 称する，呼ぶ／期間／用語, the sharp 増加する in 率s, from 1.64 per cent to 5.99 per cent, led me to recommend they 延長する their 称する，呼ぶ／期間／用語 to the 最大限 possible, 追加するing seven years of mortgage 利益／興味支払い（額）s.?

'にもかかわらず this 拡張, the （弁護士の）依頼人s 直面するd a 月毎の支払い（額）増加する of over ￡1,165.?

'This was before even considering the 付加重荷（を負わせる） of the personal 貸付金s they had taken out, 最初推定する／予想するing to 合併する them into the mortgage.

'In 返答 to this, the （弁護士の）依頼人s have 削減（する）支援する大幅に on their living expenses wherever possible to 持続する their 月毎のかかわり合いs.?

'Looking ahead, they are now planning to refinance in two years' time when their 現在の取引，協定 comes up for 再開 where hopefully they can look to again 減ずる their mortgage 称する，呼ぶ／期間／用語.'

専門家: George Smith, mortgage 仲買人 at?LDN 財政／金融 says lengthening the mortgage 称する，呼ぶ／期間／用語 can 供給する some 救済 for those that would さもなければ struggle to keep up with 月毎の costs

Moving to an 利益／興味-only mortgage

Another way some borrowers are 減ずるing their 月毎の支払い（額）s is to switch to an 利益／興味-only mortgage.

With an 利益／興味-only mortgage, borrowers will only 支払う／賃金 the 利益／興味 each month, with the 貸付金量 remaining the same.

This 異なるs from a 返済 mortgage where they will 支払う／賃金支援する a part of the 貸付金, 同様に as the 利益／興味, each month until they 結局支払う／賃金 off the mortgage.

With 利益／興味-only, the 月毎の支払い（額）s will be lower - but at the end of the mortgage 称する，呼ぶ／期間／用語, the 十分な量 borrowed will need to be repaid in one lump sum.

However, it would be possible, for example, to 直す／買収する，八百長をする for two years on an 利益／興味-only 取引，協定, and then switch 支援する to a 返済選択.

Most mortgage 取引，協定s 許す borrowers to make overpayments of 10 per cent of the total mortgage 量 each year without incurring 刑罰，罰則告発（する），告訴（する）／料金s - so it would still be possible to 支払う／賃金 off chunks of the mortgage on a voluntary basis.?

Someone with a ￡200,000 mortgage 存在 repaid over 20 years on a 率 of 5 per cent will 支払う／賃金￡1,320 a month. If they switched their mortgage to an 完全に利益／興味-only 取引，協定 their 月毎の costs would 落ちる to ￡834.

However, the challenge for borrowers 捜し出すing an 利益／興味-only mortgage for their own home is that they are 支配する to much 厳格な人 lending 基準, so it will be 価値（がある） speaking to a mortgage 仲買人 first.

There are 厳格な人障壁s when 適用するing for an 利益／興味-only mortgage.?Some 貸す人s have 最小限 income 必要物／必要条件s of between ￡75,000 and ￡100,000 for 利益／興味 only

Denni Tyson, mortgage and 保護助言者 at Henchurch 小道／航路財政上の Services said he recently had a （弁護士の）依頼人 who was desperate to 削減（する） their 月毎の costs.

'They had come to the end of their two-year 直す／買収する，八百長をするd 製品 and were now 直面するing 増加するd costs of nearly ￡1,100 per month,' said Tyson. 'Both were public servants and the mortgage was in 超過 of ￡500,000.?

'We looked at whether they could do a part 利益／興味-only and part 返済 mortgage, essentially moving a 部分 of their mortgage to an 利益／興味-only basis.

'にもかかわらず警告 them they would 結局最後にはーなる支払う／賃金ing more in the long run by 選ぶing for 利益／興味 only, the couple said they had no choice.'

George Smith of LDN 財政／金融 says he recently advised a couple with a 類似の predicament.

'My （弁護士の）依頼人s had 最初 locked into a 率 of だいたい 1.4 per cent two years ago, they now 設立する themselves 直面するd with 率s hovering around 5.15 per cent,' he explains.?

'With a mortgage structured on a 資本／首都返済 basis and 誇るing over ￡200,000 in 所有物／資産／財産公正，普通株主権, the 近づいている引き上げ（る） would mean a jump in 月毎の支払い（額）s from around ￡1,800 to over ￡2,800.?

'This 財政上の重荷（を負わせる）, coupled with childcare expenses and the 増大するing cost of living, was みなすd unfeasible by the couple.

'I 提案するd they move a 部分 of their mortgage to an 利益／興味-only basis, albeit 一時的に, to cushion the blow of 高くする，増すd 率s.?

'By doing so, we 効果的に mitigated the 増加する from around ￡2,800 to ￡2,350, 許すing the （弁護士の）依頼人s to continue chipping away at the 資本／首都, albeit at a slower pace.?

'This 調整供給するd them with a 手段 of 安心, affording them breathing room in the 直面する of 可能性のある未来 rises in living costs.

'Looking ahead, the （弁護士の）依頼人s are now looking to review as their 率 approaches its 結論 in December 2025.?

'They 目的（とする） to take advantage of 潜在的に lower 率s and 移行支援する to 十分な資本／首都返済.'

Look at forbearance 選択s?

Forbearance is a 過程 that can help those who may be struggling to 支払う／賃金 their mortgage.??

The mortgage 貸す人 will typically arrange for the 一時的な pause of mortgage 支払い（額）s or 許す for smaller 支払い（額）s.?

Dariusz Karpowicz, director at Albion 財政上の Advice 示唆するs 調査するing?hardship forbearance 選択s with you 貸す人 if things are really 堅い

The borrower still 借りがあるs the 十分な量, but they just agree to 支払う／賃金支援する the difference at a later date.?

Dariusz Karpowicz, director at Albion 財政上の Advice said: 'One （弁護士の）依頼人, a young professional couple, 安全な・保証するd a two-year 直す／買収する，八百長をするd-率 mortgage just before 利益／興味率引き上げ（る）s.?

'The その後の rise translated to a 重要な月毎の支払い（額）増加する越えるing ￡600.?

'Having 以前 been comfortable, they now 設立する themselves at 危険 of default 予定 to 限られた／立憲的な saving s and tight 財政／金融s.

'We 調査するd hardship forbearance 選択s with their 貸す人, 潜在的に lowering 支払い（額）s 一時的に. Thankfully, the 貸す人 was receptive.

'Through 連合させるd 成果／努力s, 含むing a 改訂するd 予算, they've 達成するd 一時的な安定.?

'Their 状況／情勢, however, exemplifies the challenges 直面するing many borrowers in the 現在の気候.'

削減（する）支援する on 月毎の costs どこかよそで

によれば仲買人s, some people are having to take 在庫／株 of their 後継のs and 去っていく／社交的なs by reviewing bank and credit card 声明s, their 貯金, 負債s and 投資s to 予算 and 削減（する）支援する where necessary.?

For those trying to 減ずる their 去っていく／社交的なs, 製図／抽選 a line between 必須の and discretionary spending is 重要な.

必須の spending is anything that can't be 削減（する）: the mortgage, 公共事業（料金）／有用性法案s, groceries, and any 医薬 for example.

Discretionary spending on the other 手渡す, is anything they can live without.?

This might 含む a gym 会員の地位, Netflix account, a daily cup of takeaway coffee or food 配達／演説／出産s - although it can also 含む年金出資／貢献s and childcare.

予算:?Ross Lacey, director and 借り切る／憲章d 財政上の planner at Fairview 財政上の管理／経営 says some （弁護士の）依頼人s have stopped their 年金出資／貢献s ーするために対処する

Ross Lacey, director and 借り切る／憲章d 財政上の planner at Fairview 財政上の管理／経営 says: 'We've helped （弁護士の）依頼人s look at their 予算 outside of the mortgage to see where things could be re-jigged.?

'Although not something to do without serious consideration, some （弁護士の）依頼人s have 減ずるd or stopped their 年金出資／貢献s 一時的にーするために maximise their 月毎の income to （不足などを）補う some of the 不足（高）.?

'We've also had （弁護士の）依頼人s take children out of nursery or they've 削減（する）支援する on the days they go, and made use of family for childcare to 削減（する）負かす／撃墜する on these costs.'

Sell up and move on

Perhaps the most 激烈な選択 for those who feel they will no longer be able to afford the 月毎の支払い（額）s on their home is to sell up.

For many, this will mean moving to a cheaper area or a smaller 所有物／資産／財産, or moving 支援する into a 賃貸しの.

While it can feel like the worst 結果, if it 避けるs その上の財政上の hardship or having the 所有物／資産／財産 repossessed by the bank, it may be the most sensible 解答.?

Chris Sykes of 私的な財政／金融 says: 'I've had a couple of （弁護士の）依頼人s who stretched themselves for a 購入（する） in t he past and have recently been 軍隊d to sell as the new mortgage 支払い（額）s are 簡単に a stretch too far.'

Asking family for help?

Just as many first-time 買い手s?receive a helping 手渡す from the bank of mum and dad to get on the ladder, so to may they also have to rely on them to remain on the ladder, given the jump in higher 利益／興味率s.

Sykes 追加するs: 'I've had a few （弁護士の）依頼人s who are lucky enough to be able to have their parents help them out again, either 支払う／賃金ing off some of their mortgage or helping に向かって their mortgage 支払い（額）s on a 月毎の basis.'

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