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

[Flowersblue]

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.

Well, look - now you know that you've been overpaying and on a longer than ideal term, now is the time to sort that out.

Talk to a broker who will find you a better deal. I bet there is a better deal out there for you.

Well, get your new mortgage sorted ASAP!

Yes I will get it sorted this week. But It means that I’m stuck on this small house and won’t be able to buy a bigger one as it hasn’t gone up in value and only 14k equity. Very upsetting. What a waste.

Is it true that you only have a small mortgage though as pp are saying? Because if that’s the case I think maybe count your blessings? (I’m not saying you can’t feel annoyed at yourself for not sorting this earlier, I’m just saying also try to focus on the positives.)

Did you take out 100 % mortgage? At least you have 14K equity, if you’d rented you would have nothing

@Flowersblue

it is a repayment mortgage and there is only 14k paid off

Only 14k paid off after 14 years, that cant be right on a repayment mortgage. We bought in 2006 and the property has gained value well, but more importantly we have about 80k left on out 190k mortgage

OP do your mortgage provider send you an annual statement telling you how much you have left? Or has this come as a surprise?

If you dont keep an eye on your repayments and your interest rate, this is what happens. Surely you knew how much you were paying each month and your interest rate?

This is why people move their mortgage at the end of fixed term periods and make overpayments.

I'd recommend the Money Saving Expert site and suggest doing some reading and being more proactive with it going forward.

Good luck!

5% interest all the time and 35 year

That will be why
So yes you havs effectively had secure rent for all this time (and the responsibility for repairs)
Nothing wrong with that
But you are where you are
Remortgage to lower rate to save more over nx 2 or 3 years for deposit on next place?

How big is your mortgage and how much do you pay per month?

2008 Here for 295 now with a bit of work would be 450 plus. Would need work first though about 20k we hope just planning it all now

Its all location with this house

I know its upsetting OP, but it can't be undone - but you can move forward from here.
Think of it this way - if you had been paying rent you wouldn't have £14k equity.

Do you need to move soon? If so, get an estate agent valuation or check thd sold house prices on Rightmove. Think about whether you can gain space without moving (extension/ loft conversion).

Unless you earn the same or less than in 2007 you may be able to borrow more.

Call L&C and get a better rate. Think about overpaying the difference - when you make overpayments it comes off the capital so you increase your equity. Check out the MSE Mortgage Overpayment Calculator for motivation.

Its probably worth doing a general money health check. If you haven't had time to remortgage, you may not be on good deals for gas, electric, etc either.

Only 14k paid off after 14 years, that cant be right on a repayment mortgage.

If the original loan was for £70k it is about right. But that represent almost a quarter paid off.

OP unfortunately never checked their mortgage statements or whether her rate was competitive - hence her disappointment now.

the houses on our street and on the small estate we live in are all the same built 1940s by the same builder when we bought ours last year they were selling for one price done up 3 houses all sold for the same price this year they are selling for 5k more we are talking Yorkshire circa 135k so nothing compared to London and south prices luckily due to university redundancy package and pension draw down we were able to py cash for ours and got it for 108k but as a doer upper

Do you really only have £14,000 equity - the house hasn't appreciated in value at all since you bought? It's still less than say £90,0000?

How much do you need to trade up to a bigger house? What deposit - from your equity - and can you borrow more or less now (on a smaller interest rate) to buy a larger property? You're clearly not in an area that has high house values so it may be more possible than you think. With the greatest of respect, it doesn't sound like you've looked into it exhaustively, so perhaps it's not as unachievable as it seems.

It’s really not uncommon, especially in the north east, prices in some areas just never recovered from the crash.

Perhaps try to think of it as having paid £14k of rent since 2007 which is pretty good.

Now to remortgage. Can you shorten the term too? 35 years is long. Either way, don’t drop the repayment amount, if say you currently pay £500pm and the new payment is £350 pm, continue paying £500 (or £550 if you can). You’ll soon start to see a drop. Make sure your new mortgage allows overpayments.

Thankyou everyone for all your advice I really appreciate it. There’s a lot to read.

Yes! Overpay your mortgage. The overpayment will come off the capital (rather than the preloaded interest). I've saved loads by doing this and taken years off the term.

Have a look at this online calculator - it'll work out how much you'll save.

www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Theres a nice graph to show you the differences :-)

Thanks

We bought in 2013 and have paid 100k off the mortgage so far. We do overpay when we can though. The house has gone up in value from 350k to 520k.

Please don't stress. Just make an appointment with a mortgage broker and get it sorted as soon as you can. Then try and do that every year or two so you can always take advantage of the best deals.

No, it's lost a small amount of value, but we bought it to live in rather than make a profit so I try not to worry too much about it.

Remortgage at a lower rate, but keep your repayments as they are now. You're used to not having that money so don't waste it.

Don't think negatively about the past. Security of having a roof over your head is priceless.

Not 2007....

But in last 20 years, its increased in price of about £300,000