If Anyone bought a house 2007 has it gained any value?

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If Anyone bought a house 2007 has it gained any value?

Our hasn’t and also barely anything off the mortgage from 14 years ago basically may has well just rented.

We bought in SE England for £160k in 2007, sold it in 2018 for £220k. We had a 90% mortgage over 25 years and had paid off £30k in those 11 years.

You must be paying off very little every month to have only paid off £1k a year, is your mortgage over a very long term?

We bought a bit earlier in 2001 but our house is now Worth 4 times what we paid for it......try not to worry too much op. It takes a few years for mortgages to gain momentum but they soon start chipping away.

You really need to check the terms of your mortgage and remortgage ASAP if you are able to.

Having a play with the MSE mortgage calculator, if you'd have started out with a 100k mortgage over 35 years at an average interest rate of 6.5% over the last 13/14 years you'd have paid off around £14k by now. So it is possible, but only by having a much longer term than average and by having a criminally high interest rate.

£14k doesn't sound right. We bought ours in 2007 for £168k and a £140k mortgage. Its now worth £225k and we owe around £90k (we're in North Yorks)

Checked it’s been 5% interest all the time and 35 years

Im so upset.

What was the original value of the mortgage? Even with a 35 year term far more than £14k should have come off. Where do you get your figures from? Are you misunderstanding? Has someone miscalculated? Have you checked your annual statements?

5% interest? 😟
Jesus that’s high, was it an adverse credit rate or something?

No, that doesn't sound right at all. Literally paid off £1000 a year?
We stayed in our old place 3 years and paid interest and capital at 1100 a month (ish).
We had a 5yr fixed rate at 2-3% can't remember exactly, then our mortgage advisor helped us negotiate a better deal for a bigger house.
He's already contacted us to say our fixed rate term is ending on X date and he will be in touch nearer the time to negotiate a new deal.
The new deal takes into account how much we've paid off, how much the house is now worth etc and so we should be able to drop our payment slightly.

So did you take out a mortgage and then let it run without looking for a better deal when your initial fixed/tracker rate period was up?

Yes. Bought for £152 sold in July this year for £254

How much do you pay a month and how much did you borrow?

Put the numbers in here to see what the correct amount should be.

https://www.mortgagecalculator.uk

Are you sure the value is the same? Have you had a valuation carried out? I'm not sure the mortgage company will update the valuation if youve never requested one for a remortgaged or change in product.

MIL bought hers for £350k around then and houses on her street are now going for over £700k

And she wonders why we can’t afford to buy in the area

Why haven't you remortgaged while interest rates were so low? Do it now! Your interest rate will plummet, so if you keep paying the same amount then you'll clear the balance quicker.

No point being upset, you can't change it now, just get it sorted asap.

I'm afraid so:

We bought a flat in 2007 for £475k and sold in 2012 for £550k

Yes, we bought in 2007, 4 bed semi in North Manchester, £218,000, it was valued a few months ago at £350, 000. The area we are in is now desirable

5%, bloody hell, why on earth have you not remortgaged to a more sensible rate? That is madness.

Time to renegotiate hard. Find a broker if you can't haggle.

Bloody hell OP. I've been in current house 3 years last month and paid off £15k.

And in answer to the other question, previous house was bought in 2007 and I made £50k (on a house that was originally £160k). Midlands.

I really don't understand your numbers . Can you speak to the bank/building society? Who are your lenders?

Ask your mortgage provider to check there are no errors on your account especially if you have a variable interest rate. When our fixed rate mortgage ended last year we received a letter detailing an interest rate increase but the difference in payments seemed out of proportion especially as we had very little time left on the mortgage and it was easy to work out. The mortgage provider admitted that because we paid our mortgage at the end of the month we were being penalised somehow and the repayments were not correctly calculated by the system. They paid us over £900 in compensation (with less than 1 year left on the mortgage). Computers do not always get it right it seems!

Bought 2007, just sold and made £100K.

I put it into the calculator link above and it’s correct

Do you not remortgage when the fixed period is up to get the best deal?

Didn’t remortgage no