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Mortgages: Mum terrified as fixed rate set to double when deal ends | Personal Finance | Finance

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She added: “I can currently get a seven-year fixed deal at 2.7 percent  but there’s literally no way for me to extricate myself from my current arrangement without shelling out £12,000 in fees upfront. 

“That may wipe out all our savings overnight. The entire thing appears like I’m facing down the barrel of a gun.  But when I don’t forfeit £12,000 now, my monthly mortgage payments next 12 months may very well be greater than half my household take-home pay.

“That’s before bills, groceries, petrol  – anything.  Which is totally insane.  Within the meantime, we’ve in the reduction of on anything we weren’t already committed to and now track all our spending obsessively.  

“In these times, I believe it’s pretty unscrupulous of banks to carry customers to those fees.  Anyone who took out a product two or three years ago could have had no inkling of what was about to occur to inflation and rates of interest.

READ MORE: Woman breaks down in tears after losing ‘last little bit of money she had’ in cruel scam 

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