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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to ask how much you owe on your mortgage?

177 replies

Rituals9 · 19/04/2019 21:14

We only bought our first house and got our first mortgage earlier this year. A 25 year term, and we owe around £210k, and it makes me wince to look at the interest accruing every day Confused we pay about £900 a month.

From discussions in day to day life, people act as if anything over £150k or so is a huge mortgage. Obviously people don't talk about their personal money situations so thought I would ask on here if £210k is a huge mortgage? Our joint annual income is around £57k.

OP posts:
Brown76 · 19/04/2019 21:18

It’s quite high compared to your income, I borrowed a similar amount with similar income but over 30 years. I think you can only compare it to your income, a friend has a repayment 3x what mine is, but his household income is much much higher.

ConstanzaAndSalieri · 19/04/2019 21:18

It’s big, but it’s doable. Mine is bigger. Whilst there’s the size of it, the affordability of it is as much a consideration.

If you can overpay, even by £30 a month, you will see that start to come down and the interest fee slightly better...

LittleBearPad · 19/04/2019 21:19

No, it’s not really huge at all. Mines more than three times that.

Stickerrocks · 19/04/2019 21:22

I think it also depends how much equity you have in your home and whether you have a repayment or interest only mortgage. £210k would be huge in some parts of the country, but wouldn't buy a studio flat in the South & London.

Wowzel · 19/04/2019 21:22

190K ish. We live in London.

SeriouslyStrongCheese · 19/04/2019 21:22

We earn about 70k between us and owe £229000 over 30 years so kind of similar. Dont sweat it OP.

SeriouslyStrongCheese · 19/04/2019 21:24

@Stickerrocks op probably doesn't even know what an interest only mortgage is as a new mortgagee. They're really a thing of the past now!

edwinbear · 19/04/2019 21:24

Our mortgage is 68% of our annual income. However, we are in our 40’s and bought our respective first homes in the 90’s so have a lot of equity. We’ve also over paid where we can, even just chucking £50 a month or £5k of a bonus as a lump sum has helped bring it down. Whilst interest rates are low anything extra goes off capital rather than interest so it’s well worth doing if you possibly can.

SeriouslyStrongCheese · 19/04/2019 21:27

Also we have a large 3 bed semi in a really nice area in the south east surrounded by good schools and we paid £250k 2 years ago and had a mortgage of £210000 at the time. Have since borrowed more for works. Not nit picking stickerrocks but just highlighting what you said is not true for my area in the south east.

AwkwardPaws27 · 19/04/2019 21:32

£270k (was £280k, we're nearly two years in to a 30 year mortgage). Our annual income is £65k. When we remortgage later this year we'll probably have to borrow a bit more as the kitchen and bathroom really need replacing.

tilder · 19/04/2019 21:32

We have friends who bought 15 years ago and haven't moved. Owe maybe 80k on a similar take home.

We on the other hand moved often. We owe about 280k. Which is a lot, but we reduced the term by 3 years when we mortgaged. 17 years to go!

pinksquash13 · 19/04/2019 21:32

270k over 22 years. Feels a lot but it's 60% of house value so we own a fair chunk. Have combined income of 80k. We are SE and housing has really become expensive in the last 6 years or so. My first time buyer friends are spending 300k on a very normal 2 / 3 bed semi.

FenellaVelour · 19/04/2019 21:32

Similar to you OP, we bought last September with a £210k mortgage and a joint income of around £63k. In the south though, so that’s quite cheap for a house.

ThereWillBeAdequateFood · 19/04/2019 21:32

We owed £185,000 when we bought 8 years ago. We’ve been overpaying and now owe £90,000 (ish).

Hoping to get it paid in 7 years time. Totally agree with posters saying you should overpay if you are able.

HanSpan1 · 19/04/2019 21:33

£301k left on Mortgage, house is valued at £500k, 37 years left on morgage up until the age of 70, paying £1000 a month on a joint salary of £70k (im on maternity) and wont be going back full time... hopefully this makes you feel better 😉😉

BrilliantYou · 19/04/2019 21:34

We owe 90k and have around 15 years left on mortgage. Household income of 50k. We don't live in London though so house prices are less where we live.

Stickerrocks · 19/04/2019 21:35

I stand corrected. You can get a studio flat in Winchester for £160k, but a 1 bed apartment is around £250k. All that extra space for your money!

FinallyMrsE · 19/04/2019 21:36

We owe £110,000 and have a salary of 51k, as I’m a sahm. We have 5 children 2 in university so I’m very grateful we don’t owe more. As long as you can afford it and can still enjoy it I wouldn’t worry too much.

florence11 · 19/04/2019 21:36

250k over 22 years. Pay £1350 a month. Joint income of £80k.

KitKat1985 · 19/04/2019 21:36

221k. Sad

FinallyMrsE · 19/04/2019 21:36

*DH has a salary of 51k

polkadotpixie · 19/04/2019 21:37

Our mortgage was £53K and is now down to about £46K. Our income is about £27K

AllTheCakes · 19/04/2019 21:37

£365k owed. It seems like a large amount but it is manageable.

Merryoldgoat · 19/04/2019 21:41

£265k - about 20 years left but we reduce the term each time we remortgage so I hope we’ll be done in 11 years.

Stickerrocks · 19/04/2019 21:41

I cleared my mortgage before I was 40, but friends & family have a mix of interest only & repayment on their homes with anywhere between £30k to £300k outstanding. My clients all have interest only mortgages on buy to lets, for obvious reasons, and they probably wouldn't see £210k as being huge.