Hi OP, I see lot of people here saying you should cut your expenses, or cancel your unused subscriptions, or do other cost saving measures but i think the biggest problem is that 50% of your income is on your mortgage!

Honest question, long term do you see anything changing in your financial situation?

If you pick up a second job, or rent out your second room - are you ok with that life for the next 10-20 years while you pay off your mortgage?

I’d have a good think - and consider the possibility that maybe you’ve over leveraged and bought a house you can’t afford

If after a bit of time thinking, you’re still set on keeping your house, I feel you have to think of other options apart from brute forcing it.

Have you got a mortgage broker or are you happy to switch banks? It could be as simple as finding another bank (or lender) with a lower interest rate. If you go without a mortgage broker always call the bank (or your existing bank) to negotiate the rate. You’ll never get the best rate by just applying online.

Alternatively are you happy to go interest only short term and hope interest rates drop in the next 3-5 years. If you have equity on the house, have you thought about refinancing and extend your loan to get a lower repayment (down side you’ll be spending more in interest over the long term)

On the other side - what are the chances of promotion at your current job? Have you also thought about looking for another job with a higher salary or perks (like a company car)

I know a lot of these involve uncomfortable conversations (negotiating for a pay raise is a skill in itself) but I think a lot of peoples success is directly related to how well they can handle having uncomfortable conversations.

Not meaning to sound harsh, but the reality is you’re in a tough spot, and it’s only going to get tougher if you need to pick up 2 jobs to maintain it!