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

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 would wipe out all our savings overnight. The whole thing feels like I’m facing down the barrel of a gun.  But if I don’t forfeit £12,000 now, my monthly mortgage payments next year could be more than half my household take-home pay.

“That’s before bills, groceries, petrol  – anything.  Which is absolutely insane.  In the meantime, we’ve cut back on anything we weren’t already committed to and now track all our spending obsessively.  

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

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