Oxford family's mortgage payments to rise by £430 monthly
Summarised from 2 outlets · Updated 15 Oct, 13:02 · Archive
An Oxford family's monthly mortgage payments will rise from £870 to £1,300 when their fixed rate ends in November.
An Oxford family faces a £430 monthly mortgage rise when their fixed rate mortgage ends in November. Amanda Taylor, 39, and her 42-year-old husband bought their three-bedroom home for £365,000 in 2016 with a £60,000 deposit. They remortgaged in 2021, locking in a five-year fixed deal at 1.1 per cent with First Direct, with monthly payments of £870. As that term ends, they have secured a new two-year deal at 4.8 per cent, raising payments to £1,300.
Five-year mortgage rates have reached an average of 6 per cent for the first time in three years. The family are among borrowers moving off low fixed rates and facing higher monthly costs. Taylor said the increase would be manageable because her five-year-old son has started primary school, freeing up money previously spent on nursery fees, which had ranged between £500 and £1,000 monthly. 'It's frustrating, knowing we're paying more for the same thing is a little frustrating,' she said. 'We were lucky we had such a low rate for such a long time.' The family said they had not borrowed beyond what they could afford.
How it is being reported
- Oxford family braces for mortgage bill to soar by £430 as fixed rate endsOxford family faces a £500 monthly mortgage rise as a 1.1% fixed deal ends in November, with payments rising to £1,300 on a new 4.8% rate as rates rise.Oxfordshire Guardian · 15 Oct, 12:30
- Oxford family braces for mortgage bill to soar by £430 as fixed rate endsOxford family faces a £500 monthly mortgage rise as a 1.1% fixed deal ends in November, with payments rising to £1,300 on a new 4.8% rate as rates rise.Oxford Mail · 15 Oct, 12:30
In this story: Amanda Taylor · First Direct · Oxford
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