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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:
Pretamum · 23/04/2019 12:46

We borrowed £125,000 6 yrs ago, house worth £140,000 at the time. Joint income back then of £50k. Spent pretty much all of our savings + home improvement loan on renovating the property (approx 40k spent in total) now worth around £220,000. Currently owe £113,000, plus the remaining loan to renovate.

MagicKingdomDizzy · 23/04/2019 13:55

We have £155k left. House is worth £325k.
Repayments are £650 a month (£50 of that is an overpayment).

DH and I are both 34. We're hoping to clear it in about 10 years.

OuchPost · 23/04/2019 14:01

An eye watering £595k, joint income of £145k.

DH far better with money than me is fairly relaxed by it, makes me feel sick.

Decormad38 · 23/04/2019 14:05

I struggle with the maths with some of these. Some just do not add up!

RiddleyW · 23/04/2019 14:24

Finally a mortgage bigger than mine! Phew.

Rainbowknickers · 23/04/2019 15:00

We got ours for £16,500 my in laws bought it for us and we pay £350 a month but they class it as our house

Jazzybeats · 23/04/2019 15:05

350k left on a 400k mortgage. Before tax our joint income is 150k and monthly we pay £1860.

OuchPost · 23/04/2019 15:05

Posted just for you Ridley. Not ideal being at the high end is it......

Xenia · 23/04/2019 15:10

Decor, what doesn't add up?
Eg our £90k a year interest was I think at 6% (although we paid 15% and 16.5% in the 1980s which was not fun - I thought the 15% fixed for 10 years was a bargain (until rates fell).

£1.3m x 6% £78k plus some complicated fees to the specialist lender got us to £90k a year interest only for perod. The mortgage was traded in and out of various currencies - not for the faint hearted or the risk averse.

Teddybear45 · 23/04/2019 15:19

I have under 130k outstanding but we are going to up-size in a year or two and may need to borrow up to 300k.

lilybetsy · 23/04/2019 15:59

£393K on house valued at £1.6M. But I'm 54 and would like to retire one day ... It's so bloody expensive where we live and I'm a bit trapped as the kids father is here and I'd have to move quite a way away to make any significant house savings ... ( considering how much stamp duty is) ...

Babynut1 · 23/04/2019 18:17

We owe £92k on a £110k mortgage.
House is worth about £160k

Ellabella989 · 23/04/2019 18:20

We owe about 75k on a 120k mortgage. Only lived here for a couple of years

CamillafromCobham · 24/04/2019 12:19

We have £700k outstanding.

We are decent earners and the house is worth a lot more so not a problem per se but I don’t like the sound of it.

Redtartanshoes · 24/04/2019 12:23

Single parent.

Mortgage is 1/4 of income, owe approx 1/2 the value of house. 10 years left on mortgage but hoping to pay off sooner.

Am very lucky to live in a reasonably cheap area, to have bought 14 years ago and to be on a good salary.

Starwednesday · 24/04/2019 12:28

£30k house worth £250k
Plan to pay it all off in 18 months time
I’m 41, dh 48, combined income £35k

Jebuschristchocolatebar · 24/04/2019 12:34

360k on a house valued at 600k. Still have 25 years left on it.

Purpletigers · 24/04/2019 17:10

I don’t have a mortgage . Husband built over house with savings . He’s not a high earner by mumsnet standards,
just incredibly good with money and started saving before he left school .
Coco - a house is a liability not an asset . People think of them as an asset but they’re really not .

PseuDenim · 24/04/2019 17:11

£630k!! Crumbs.....

buttery81 · 24/04/2019 17:22

We have £315k left on our mortgage and a joint income of £60k per annum. I will be worrying until we get below the £200k mark (anything above that sounds terrifying IMO) but there’s a long way to go yet! The only upside is we do have a fair chunk of equity in the house (around £150k) so that gives us a decent cushion.

Dongdingdong · 24/04/2019 17:36

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

A £250k mortgage is easily affordable on a £200k salary surely - unless your term is very short?

Purpletigers · 24/04/2019 17:41

It’s an investment which is different from an asset.

LONSUB · 02/05/2020 18:20

We pay £450 per month on a house worth £750k in SW London. We have about 95k outstanding on a 22 year term. Have overpaid massively throughout then period and extended/renovated the house. House originally cost just over 300k. Feel very fortunate. I expect to pay it off in a couple of years, if not sooner.

Xenia · 02/05/2020 18:20

£1.3m at one point. Currently zero.

Whatsmyname26 · 02/05/2020 19:11

We have 88 left to pay which is less than 1/4 of the value. 14ish years left on it. Currently will be mortgage free by 50