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.

We owe £100k on a £220k house, it's a manageable debt. We overpay by £400 a month (only just started overpaying again having been crippled for years by nursery costs!). Would love a bigger place but having a much bigger debt does make me reluctant to move

250k on combined income of around 90k. 27 year term I think. We're not planning to move so it's ok.

£80k but can’t remortgage / move due to circumstance changes so other than renting it’s not optional. I work full time but don’t have any spare money for holidays or even many days out etc so I don’t think the size of a mortgage is the best way to look at your circumstances. If you can afford it and live comfortably then don’t think about it (other than ensuring you have the right insurances in place).

I should say that’s £80k o/s on a £120k house so although stuck - % wise it’s not bad. I think it also depends what equity you have should you ever need to remortgage or move etc.

160k. Joint income of 110k. House worth approx 500k.

185k on value of £300k

Offset by £45k in savings.

Joint income £90k

I owe 80k on a house worth around 200k
Pay approx £800 a month
Salary 34k
I can’t really overpay as struggle to keep up as it is
10 years left on mortgage

Ha! This is like the reverse of the salary threads! We have £575k left on your mortgage over another 19 years. We are 40. House worth a lot more (probs £1.2m) in SW London on tube line. Gross income £270ish ignoring bonuses. High childcare costs.

We think we are doing amazingly. We have a repayment mortgage and aim to save a decent % of our post fixed expenses but DH has almost no pension provision through his job (just the stat min) so we pay that ourselves plus invest in his funds. We may or may not have a very luxurious late 50s! Who knows!

Wow some of these figures! 8 years into 25 yr mortgage. Borrowed 90% ltv and got about 74k left. Pay £450 a month. But my nursery fees are 3x that so once kids in school can start over paying a bit. Mortgage is least of my concerns compared to nursery fees.

Just as an enjoyable/horrifying story, when we remortgaged recently the broker asked for a break down of our expenses and when I told him how much our childcare was, he audibly inhaled and tripled checked I hadn’t added a zero to it accidentally. It’s astronomic but worth every penny. I only worth 4 days too! But 🤷‍♀️

About £110,000 left to pay i think. Value around £170,000. Payments £500pcm

£18k left to pay on house worth about £825k, but bought for £156k nearly 20 years ago (we have extended/converted loft etc.) Joint annual income £90kish.

Timely topic for me as I've decided to make the best of my current home and stay on rather than move and increase mortgage. Am a single parent, self employed so income varies but about 65k on average. £150k left over 17.5 years. Am going to look at over payments based on replies here....

@OhDearGodLookAtThisMess

Yes

OhDearGodLookAtThisMess I am - why?

£250k with a joint income of £200k. High monthly but manageable.

I am a single parent earning barely above the tax threshhold, and although fortunately mortgage free I still manage to save between £250-£500 a month. I really don't understand how couples earning £50k to £75k struggle to pay a mortgage of £1000 monthly. I have a newish car but saved to buy that outright. We don't holiday abroad often, admittedly, or drink or eat out often but then if money is tight that's where economies can be made.

@Twillow you're amazing and everyone else is terrible with money. Well done. Judgey much?

215k with a 28 or 29 year term. We live just outside the M25, so more expensive than some parts of London. Its just under £800 a month so very affordable in comparison with renting.

Our house is worth £225-250k and we owe £140k plus we have £15k debts from doing it up. We’ve just finished paying nursery fees so will be trying to repay this debt now. Our joint income is now £72k, this has increased quite a bit since we bought the house. We were tempted to buy a shiny new build and double our mortgage but looking at everyone else’s figures, perhaps that wouldn’t be the most sensible thing to do?! We are mid 30s.

If making the point that you cut your coat according to your cloth is judgey I suppose I am! Having escaped an abusive marriage and started literally from scratch 5 years ago I learnt to appreciate what I did have, make do in the short term and wait until I could afford something rather than use credit. It takes determination, yes, and self-discipline and not being afraid to say to the children we can have x or y this month, or simply no we can't afford it yet, so I am quite proud of myself actually - thank you!

. 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!

I agree. Our mortgage is about £300k on a house worth over £1m. I can’t get worked up about it, if I get into financial trouble I’ll sell up and buy something smaller mortgage free.

36k on the downhill slide to freedom.

17k left to pay and 10 years left...it costs me £151 a month...just as well as i earn peanuts.

This is a silly question but how do you go about overpaying?
Op - we moved last year and have a mortgage of £140.000 over 16 years