How much have you got left on your mortgage?

[overthinkersanonnymus]

I'm considering increasing my mortgage to around £330k. The payments would be around £1650 per month which is doable between two of us. It would be an increase of £600 per month on my current mortgage.

The house I'm looking at doesn't really need anything doing to it right now. Just decorating and A new bathroom would be nice one day.

My salary is £35k and my husbands is around £50k. No children yet.

Am I mad to consider this?

Please could you tell me what's left on your mortgage so I can way up what's "normal".

6K left to go. Both in our 60s

Personally, I wouldn't take on those monthly payments on a household income of 80-90k, especially with the cost of kids on the horizon and such a long mortgage term.

150k left on a household income of around £90k. One DS want another this year. Mortgage £700 and Overpay £400. Childcare just finished and that was £700 a month. One car paid outright.

As a percentage of my income that would be too high for me. I think the highest percentage of income we paid was 19%.

Children? My friend and his wife planned one child, they are older parents 40 plus, she had twins a month ago.

145k, ten years to go, 1300 per month at 1.9% interest. We have a joint household income of 130k. I wouldn’t want to commit to much more tbh

Mid 30s, 2 children, forever home. Owe £155k on £500k property. Household income of £50k. Going to pay a lump sum off in 2026 to reduce mortgage to £80k.

I'm 44. 59k left and 15 years left to pay. Single parent, one child, modest 2 bed terrace.

I'd love a bigger and fancier place but we don't need it and having a low repayment and being mortgage free at 60 is more important to me.

I earn £50k.

Your monthly payment would be higher than wanted for me on your household income. Especially if you want children too.

Exactly. I am post retirement age but obtained a £750k mortgage to reinvest the money into something else. Thankfully it was a 10 year fixed when rates were low.

I would guess we probably have around £450-460k left in our mortgage, late 30s/mid 40s, pay £1680 per month. We earn probably a bit more than you (have a business so it’s not a straight salary every month).

I think it’s very doable IF you don’t plan to leave the workforce for any length of time or have high childcare costs. Our dc are primary/secondary school age so we have minimal childcare costs. It would have been very different when we were paying £1100 a month for nursery.

Thankfully, back then our rent was £600 pcm. That same property is probably let for what we pay in our mortgage now. Times have changed. I think if you plan to move, I would only do it if you know you could pay that cost plus the extra for nursery easily now.

Mortgage of £295k, payments are £2200 a month (used to be £1600- thanks Liz). Our childcare is only £500 a month (school age so this is for a childminder). We have a joint income of over £140k, we feel stretched thin.

Not mad depending on other expenses.

Current joint income around £100k. Current mortgage has £235k on it with 16 years to run and is at £1250 a month. We are also paying high childcare bills at the moment so would be able to absorb a bigger mortgage if required once youngest is in school.

We have about £60k (I think) and 14 years left, less than £500 a month. If we stayed we'd have it paid before we're both 60. Sooner if we overpay.

It's a nice house, but old, and the area isn't as nice as when we first moved here. We are considering moving and taking on more. It would mean going from around 10% of income to just under 30%, and increasing the term back to 25 years.

While affordable on paper I'm in two minds. We're not really big savers, money just gets spent, so I'd rather it went into something like a nicer house where we could maybe downsize when we're older. On the other hand it removes a lot of flexibility we currently have.

We bought our first house 6 years before we had DD and managed to overpay a lot. But we also had a joint income of around £90K.

The nursery years were brutal, after that it got easier and I also had unexpected salary increase and started overpaying again.
Bought another house but were only able to do so because the house prices increased and with a small remaining mortgage we had plenty of equity for a downpayment and reserves for renovation/extension.

We are now 52/57 and DD will start uni in September 2025. We will have paid off our current mortage mid-year, just in time to use the funds to pay for DD's university costs after loans.

We have £78k left but not sure how that helps.

I wouldn't remortgage unless it's adding value. You have no significant plans to add value so no don't do it.

By adding value I mean a loft conversion or an extension. You are just taking value out of your house which is a mistake.

Eep, this thread is making me feel terrible. We have £565k left to pay off, both in our early 40s.

It's all relative. If you and your partner earn £1million a year and have grown up kids is very different to household income of £100K with 2 young kids and nursery fees.

Also your plans. If mortgage is £565K it must be a rather pricey house. If your house is £800K, you get mortgage down to £400K at 55, you could sell and buy somewhere cheaper and buy a £200K house outright and be mortgage free with £200K in the bank at 55.

We’re mid/late 30’s and have £535K left on our mortgage. No plans of paying it off in full, as this isn’t our ‘forever house’ and we’ll be upgrading in about five years. Household income is currently £180K, as just DH working. Will be £260K when I go back to work.

As others have mentioned, it’s all relative. We took out a £575k mortgage aged 40. With the amount we have paid off the mortgage plus the increase in value, we have nearly £700k equity in our late 40’s. So we could move to a cheaper house and clear our mortgage if we needed to. As far as I am concerned, the more equity you build up, the more options you have in the future.

54 years old, owe £145k, house worth around 550.

monthly payments 1500.

tough going tbh but had to start again at 49 following divorce.

you can’t really compare to anyone else here, need to work out your own figures incl whether you plan to stop work for kids.

It’s not a big mortgage and they aren’t high repayments. Lots of the people on this thread clearly had a mortgage for a long time or live in cheap parts of the country.
presumably your salaries will increase in time. Take the hit now when you can afford it

I don’t have a mortgage due to inheritance and I’m 50 but our largest mortgage was 450k and we paid about £1800.