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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:
thirstyformore · 19/04/2019 22:05

Crikey. Was conincidetally looking at our mortgage statement last night. Some of the figures quoted in this thread make me wince!!

100k left to pay. 12 years left on the term. Earn around £100k between us and house worth (I reckon) £350/£375k. Will be all paid by the time I’m 50, if not before.

MrsPinkCock · 19/04/2019 22:05

It’s not always that straightforward...

On paper we owe 300k ish. But we have 180k in our offset mortgage account so the only debt is 120k really.

Technically we have 27 years left on the mortgage term but due to the offset, if we kept on our current rate it would be paid off in ten years.

I think 150k mortgage at my age (mid 30s) is fairly common here.

TheFaerieQueene · 19/04/2019 22:06

Why would anyone give out this info?

MaybeitsMaybelline · 19/04/2019 22:06

0.00

Paid off, 18 years into a 25 year mortgage.

ANiceLuxury · 19/04/2019 22:08

We owe 324k. Only been here a year. We pay £1500 a month

GuineaPiglet345 · 19/04/2019 22:11

£80k but we’re thinking of increasing it to move to a ‘posher’ area for better schools for DD.

HomeMadeMadness · 19/04/2019 22:14

Why would anyone give out this info?

Why not?

HomeMadeMadness · 19/04/2019 22:15

I do think it's the debt that matters more than the mortgage amount. It makes no sense to pay your mortgage off early unless it's very high interest as you'll earn more off your savings than the interest your paying (unless you have a bad deal on your mortgage).

MollyYouInDangerGirl · 19/04/2019 22:16

We owe around £140k on ours. Our household income is similar to yours

1990shopefulftm · 19/04/2019 22:17

just under 140k, we're a year in to a 40 year term, plan to remortgage after the 5 year fixed is up to decrease the term and going to try an overpay once we've paid some debts down.

DontDribbleOnTheCarpet · 19/04/2019 22:18

I have no idea what our house is worth, but the mortgage was for about £34k when my husband built the house. There is about £2k left I think. mortgage payments are tiny so it doesn't seem worth paying it off all at once (£60 a month!).

scubadive · 19/04/2019 22:18

£650k Shock , please tell me someone else in the south owes this amount!

Tunt · 19/04/2019 22:21

490k.

I find it best just to make the payments and not think about the full amount! Makes me wobble.

House should be worth around 850 if we ever need to sell it so we could buy somewhere outright if it all went tits up.

blackfriars · 19/04/2019 22:22

At the moment 352k but just about to move and then it will be 865k - household income of circa £225k.

The lump sum terrifies me but monthly payments are manageable and we plan to overpay.

Early 30s, FWIW.

FreeWee · 19/04/2019 22:24

£120k on £285k house and £50k joint income. But we have an offset mortgage and have piled all our savings into it so the balance is only £40k. No ISAs nothing else.

Nacreous · 19/04/2019 22:24

But that is only about £400 a month in interest? The rest is all just a transfer to pay off the capital. £400 a month for renting a whole house always seems like a fairly reasonable deal to me, even if we do have to do the maintenance.

My mortgage is much less (down to about £95k now) but I assume I probably have a smaller house (or live somewhere much cheaper than you).

BarrenFieldofFucks · 19/04/2019 22:24

About £130k on an income of £65k. Monthly payment about £650, but we overpay £100 p/m at the mo. I think we have about 17 yrs left as standard.

That's about 50% equity, but we are hoping to do a big extension in the next year or so which will increase the value.

Youngandfree · 19/04/2019 22:25

On one property I think about 10k left we pay £100 (and that’s a slight overpayment) and on another nothing. But we are renting at the moment before we move.(can’t wait to not pay rent anymore)

ThanksDriver · 19/04/2019 22:27

Just over £40000, our monthly payment is less than 10% of our income it’s so tiny Grin

About to take about the same again in a loan though.

Youngandfree · 19/04/2019 22:27

Forgot to add our joint income is approximately 85k

KTyoupigeon · 19/04/2019 22:27

Never added to our term so 23years into a 25 yr mortgage and owe less than £9k on a house worth £450k BUT due to recession a few years ago and trying to keep our business afloat we borrowed £75k against our mortgage (one account) and currently owe £50k of that

ThanksDriver · 19/04/2019 22:28

I’m mid 20s with 15 years left on mortgage for info. We overpay by almost 50% but will stop down to minimum payment when we take this loan.

Lobsterquadrille2 · 19/04/2019 22:30

I owe about £10k and my flat is worth about £350k. But I'm the sole earner and owner and at the moment my income is nil. When that changes I'll pay it off - I think it has another 15 years.

Needallthesleep · 19/04/2019 22:33

342k on a joint income of £180k. So very manageable. I think we’ll probably increase that amount in the next few years to buy somewhere bigger so at 40 may well owe £500k-ish. Which is terrifying written down.

sanityisamyth · 19/04/2019 22:33

£73k