to ask how much you owe on your mortgage?

[Rituals9]

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 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.

I think about £150k our home is worth £190k and income is over £100k but that's a relatively new situation. We plan to refurb our house then move somewhere bigger in a few years if possible. If you can pay your mortgage then its fine.

Nothing yay! I'm old though some of these debts are scary money

@faeriequeen happy to give out the info as not something generally talked about in real life conversation

We have £138,000 left to pay and 17yrs left. We pay £850 a month, and earn approx £40,000 between us a year. We do also have help to buy to pay back at some point although not sure how we are going to manage to get that money together. TBH it all worries me everyday x

We bought in London 18 years ago. Our mortgage was £170k. We paid it off in 16 years. We overpaid whenever we could. Being mortgage free is a fantastic feeling. You need to enjoy life but if you are wasting money that brings a temporary high, try and change your mindset to saving up a lump sum to pay towards mortgage. It is worth it.

We have a 400k house and am now down to 40k mortgage. We are mid 40's with 3 primary school aged children. I overpayed the mortgage for many years. We earn approx 50k between us.

Could only afford to buy last June. £199,000. Our mortgage is £1006 a month and the mortgage is over 23 years. I am now 46 so will be paying it up until retirement. We earn around £55,000.

132k left and another 17 years. We borrowed less than 2 x our salaries because we wanted to pay it off quicker, both being late 30s and we both experienced what happens to interest rates through the 90s. Thankfully then, the size of mortgage was peanuts, 22k but that still. Doubled in the space of 2 years.

For fun, I ran through a mortgage calculator with Barclays who suggested they would lend us 360k. I couldn't sleep at night with that debt.

Have skim read the thread and lots of mentions of over payment.

Do this if you can.

There’s a calculator on Martin Lewis’s website which give you lump sum pay offs and regular pay offs.

For us an extra £40/month dropped the term by 8 years.

Just check your overpayment clause as some are capped at 10% of the balance/year.

I don’t really understand the MN obsession with mortgages! Yes it’s a debt in a way, but a house is an asset that increases in value so you can always just sell it. We pay about 2k a month. The mortgage payment is just a fact of life though as we don’t even think about it in terms of outgoings as it’s just there. I think it’s different when you’re in London though as there’s always the knowledge you can sell up and live out of London and not have a mortgage any more!

80k, another 15 yrs to go but hoping to pay it off in the next 5, interest only so we regularly overpay and chuck lump sums in when we can

We owe similar to the OP and house value is also similar - but our joint income is 90k+ and we have only just moved. We will be overpaying though.

We bought a £165k house 3 years ago with a 10% deposit. Our combined salaries are £75k. We have a 24 year mortgage, pay £804 a month and have around £138k left to pay. We would like to get a bigger house in around 2 / 3 years. Our childcare 4 days a week is more than our mortgage

We bought at 37/38. We could of bought/spent a little bigger on our combines salaries of £50,000 as it was then. We had a large deposit which paid over half. We are up north so property is cheaper.

The mortgage is over 25 years but we are overpaying by £100 a month to reduce the term. Our Aim is to haves it paid in 15 years.

I know there are arguments for and against overpayment and rates but we save too and have government/nhs pensions. I would rather have security of completely owning my house when I'm older than a little extra savings.

Oops I didn't add we have £79K to go.

Nothing

£141k owed and 19 years left on mortgage but we tend to reduce the term when we remortgage so should pay it off before then. Our income is £75k.

What @grumposaurous said ..would add helped me when remortgaging /changing product deal Martin made the point always better to overpay (which then reduces term) than to formally reduce term as you are then not committing to payments you may not be able to afford in adverse circumstances.

Owe 70k on 300k property, have been here 15 years, will pay off in 5 to 8 years with overpayments.
Income 65k.
Agree with pp overpaying makes a huge difference to the interest you pay back, making the loan overall cheaper.

£320k mortgage (property worth approx £440k). I sleep fine at night! It’s a lot cheaper than renting the same property would be and we have a 10 year fix. It’s the reality of life in the SE for my generation, unless you get family help.

Single parent, £190k pay is £34k and have 22 years left to pay. I have lodgers to give me spending money and holiday money. House is valued at about £400K though

£4,361.60.

£143k remaining on a £450k ish house in SE (was £360k five years ago). We are 3 years into a 25 year mortgage but overpay a lot (double the monthly payment and some one-off overpayments), so hoping it will be nothing like that??? Combined salaries £99k.

Is anyone actually reading anyone else's contributions to this thread?

I've found this thread fascinating!

I took out a 25yr mortgage last year of £167K. Felt like a massive achievement as I'm a single parent but the responsibility of it all can sometimes be worrying.

Love watching the figure drop each month though on my banking app and the plan is to start overpaying once I've cleared my credit card.