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The original was posted on /r/ukpersonalfinance by /u/AndrewRyan1989 on 2023-07-02 22:56:20+00:00.

I have around £187k left on my mortgage with just under 12 years left. Current interest rate is 1.75%.

I admittedly put it at the back of my mind when the rates started shooting up late last year. I had over 2 years left on my fixed and because it all started with a number of Liz Truss policy ANNOUNCEMENTS, which were then rolled back, I was confident all the fallout would soon go away and we would have nothing extreme.

Out of curiosity I had a look at what I would be paying if my rate went up to 5% and it’s over £500 more! This pretty much wipes out any benefit I get from paying off my student loans and no longer paying nursery fees once 2025 comes.

When our nursery fees reduced in January this year, I saved a bit but started buying things to refurbish the upstairs of the house (it’s needed). Now I’m thinking best to slow down those plans and start saving as much as I can.