Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
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:
BarrenFieldofFucks · 23/04/2019 07:23

We just set our payment at £100 higher than the set one. Or you could do a standing order

luckygreeneyes · 23/04/2019 07:26

About £380k, house worth £650k (ish) 21 years left but I’m hoping to do it in 12

BlitheringIdiots · 23/04/2019 07:30

Start overpaying no matter how small. We've been in our hour two years yet have paid off three years now as the interest reduces each month the more you overpay. We intend to overpay whilst we can, as a standing order. Opt to reduce the term rather than reduce your monthly payments

BlitheringIdiots · 23/04/2019 07:31

We took out a £180k mortgage on a joint income of £90k (we were the ones who bought in the low price era of the late 90s early 00s so made a profit on the last house). Now we owe £163k after two years. Hoping to pay it off at least 7 years early from the 25 year initial term. Annoyingly I paid off the last mortgage as had it 20 years but then we decided to move....

NeverTwerkNaked · 23/04/2019 07:41

@Nodancingshoes you can set up a standing order for regular overpayments, or just transfer money in ad hoc like you would to any other bank account.

PurpleFlower1983 · 23/04/2019 07:52

The house is in my name, 12 years left, owe £69k. I will pay it off before then. Household income of 75k. Only pay £500 a month though. Good to increase it to £800 a month after mat leave to pay off earlier. Have to say I’m shocked by the size of some of these mortgages!!

Tobebythesea · 23/04/2019 08:15

£365k left on £800k house, so £1.5k a month in SE. We luckily had a lot of equity from selling flat in London nearly 4 years ago. 25 years left but we overpay when we can.

Chilledout11 · 23/04/2019 09:47

We owe 110000 as we bought at 35 having sold previous houses. We are 40 and 41 now. Put down substantial deposit.

Angel2702 · 23/04/2019 11:13

Don’t think it is. Ours was more than that on a lot less income didn’t buy until I was 33 three years ago. Given that house prices are around £400,000 plus here it’s tiny.

Angel2702 · 23/04/2019 11:14

You have to check your mortgage regarding over paying, ours you can only overpay a certain amount.

Spidey66 · 23/04/2019 11:15

Nil. Was 54k in 1995, we cleared it several years back.

BlueSkiesLies · 23/04/2019 11:22

Amount outstanding on my mortgage? A fucking shit ton I believe is the technical term. c.350k on only my income

TeacupDrama · 23/04/2019 11:37

38k left and 9 years it is an offset mortgage so we although could technically repay it we are choosing not to; as at our stage in life with approaching going part time jobs we don't want minimal savings I have an endowment due in 4 years which should more than clear it we already have over 90% equity

as it is an offset it costs £0 per month we also get 0% interest on savings at the same bank but as SVR is over 3% and interest in standard savings is 0.5% it is a no brainer to leave in the offset

Travis1 · 23/04/2019 11:59

Just in the process of refixing ours. £60Kish left to pay, Income of £50k between us. 23 years left on mortgage.

RogueV · 23/04/2019 12:05

£130K
Equity of around £100K
Joint income of about £80K although I’m currently on maternity leave

BarbaraofSevillle · 23/04/2019 12:13

Check your interest rate before rushing to overpay. You might not save anything at all. Our current account pays more interest than our mortgage costs. We're also putting money into regular savers paying 3 and 5% which is far more than our mortgage interest rate, which is about 1%.

Bibijayne · 23/04/2019 12:14

£220k with £65k joint income. £900 a month. Though we have a big chunk of equity (over 50%)

Bibijayne · 23/04/2019 12:16

House is large 4-bed.

OKBobble · 23/04/2019 12:16

Just going to mention to the pp who said that interest only mortgages are a thing of the past that although they may be in terms of endowment mortgages that there are in fact many interest only mortgages out there, generally in cases where former matrimonial homes are being kept withban order for sale at a time in the future to enable children of the family to be homed. It is such a sweeping statement to say they no longer exist.

Sneezebomb · 23/04/2019 12:20

£9,800 or just over 1 year left. House is worth around 200k. Annual joint income around £60k.
I’m 46, DH is 53. The house now needs loads of work doing to it which I reckon will cost around 30k. I feel we will never be free.

ImTheRealHFella · 23/04/2019 12:23

£125k
House worth about £300k
Income is £75k.

We stopped overpaying when I was on mat leave but will restart it.

Xenia · 23/04/2019 12:23

Used to be £1.3m (and £90k a year interest only at one stage).

Zero now thankfully after about 30 years of paying a mortgage since 1984.

We always over paid when we could. People are right to check - when I was helping my child I did 10% repayument in December, 10% in January (as those two were without penalty) and another sum in the Feb which was subject to a penalty but at least the first two did not have the penalty as they came under the 10% a year you could repay without a penalty.

MidniteScribbler · 23/04/2019 12:28

I believe in the old cliché of the worst house in the best street. I bought an absolute dump of a house to start, and since then I've moved house 36 times as I live in a house and renovate whilst I live in them.

Gin96 · 23/04/2019 12:29

We had a mortgage of 180k, 10 years ago, 50k left to go over the next 5 years, house is worth about 650k

goldopals · 23/04/2019 12:38

190 000 AUD. We pay $974 per month for our three bedroom unit.