I'm a junior doctor on £40k. My mortgage has shot up overnight and I don't know what to do

Let's talk money. ➡️

There are several new measures to help borrowers struggling; those worried about their mortgage repayments can call their lender for support and information without impacting their credit score, and homeowners will not be forced to have their properties repossessed within 12 months from their first missed payments. For further assistance, services such as Citizens Advice and Money Helper provide free financial and independent advice and can discuss options available.

Various rates are available on the market, so it's worth speaking with your lender first to see what other options are available. You can also shop around and explore rates other lenders offer, but always check any early repayment charges . Generally, variable-rate mortgages, including trackers, are often cheaper than fixed rates. However, if you factor in the consecutive Bank of England base rate increases, you may be able to fix a rate that is cheaper than your current deal and even if it is not, at least you will have the security of knowing what your monthly payments will be for a specified period.

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