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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How much debt/mortgage payments are you in?

140 replies

Highlandspring1991 · 11/09/2019 22:10

We are currently in debt totalling to around £20k, they’re manageable and are overpaid each month but I can’t help but worry. Our mortgage is to a family member who bought our house for us and we pay x amount each month. I always get really anxious Incase I lost my job etc which I know I won’t but it’s always there at the back of my mind! How much is a normal amount of debt now days?

OP posts:
Youngandfree · 11/09/2019 22:14

I would say that sounds average to high OP but if you can work out a good budget then mYbe you could make extra payments and pay it off? Have you ever tried the Dave Ramsey method? Look it up! We have no debts or mortgage. I have never had a credit card.

blueshoes · 11/09/2019 22:21

Is £20K in addition to mortgage debt. So that is credit card and personal loans?

Our mortgage is many many multiples of £20K but we consider it quite small in the scheme of things.

Losing jobs is always a risk but it is not an issue if you can find another one relatively easily. With that in mind, I have always tried to get better experience with each role and learn valuable skills to make myself employable and marketable. I cannot wait to pay off the mortgage.

funnyoldonion · 11/09/2019 22:28

Ours is around £9k between us and I'm very stressed about this. We rent too so can't really save for a deposit until it's cleared but the clock is ticking as we're getting older.

userxx · 11/09/2019 22:28

Mortgage is small and no debt, I'm a single person household so can't get myself into debt or I'd be screwed. I'm probably over cautious though.

EnglishRose13 · 11/09/2019 22:30

£134,000 ish left on the mortgage. No other debt.

blue25 · 11/09/2019 22:30

No debt here. A smallish mortgage though. 20k is a lot of debt.

Japanesejazz · 11/09/2019 22:31

I've never had a loan or a credit card or anything on credit. I paid off my mortgage earlier this year
I'm in my 40s and according to younger work colleagues this kind of lifestyle is no longer an option

SachaStark · 11/09/2019 22:32

About £400 on a credit card at the moment. Car has just had some expensive repairs!

No mortgage, sadly. I highly doubt we will ever be able to afford to get on the property ladder, I don’t know anyone my age who has without very significant help from their parents.

Pimmsypimms · 11/09/2019 22:32

Our mortgage is £140k, we're early 40's. we also have £250 on a credit card. I always worry about debt, which is why I try not to rack up the credit card, this is the lowest it's been for about 6 months. We desperately need a new car but I'm reluctant to get out a loan to buy one. My dh is the earner and I'm a sahm. He's been made redundant so many times (fickle industry) and so I feel like I need for us to have as little debt as possible so that if he's unemployed for a lengthy period (last time was for 6 months) then we can get by by cutting right back and we won't get ourselves in to trouble financially.

DramaAlpaca · 11/09/2019 22:34

No debt. I have a credit card that is paid off every month, and a mortgage that will be paid off next year. Debt gives me & DH sleepless nights.

YaySeptember · 11/09/2019 22:34

We don't have a mortgage because we rented a housing association house. In total we owe about £17K. We're on track to have paid it off in 3 years' time (unless of course brexit completely fucks us up but I daren't think about that).

rubyroot · 11/09/2019 22:36

No mortgage and no debt. No payments going to cars etc every month. But I do have a very small house which allows me to be mortgage frew.

headlock · 11/09/2019 22:37

100k mortgage that we pay an extra lump sum to every year. 4K loan for a car. No other debt, it worries us both too much.

ZenNudist · 11/09/2019 22:39

No mortgage. £6k car loan. Dh also has car loan.

Nichelette · 11/09/2019 22:40

No debt, but bought small house in Jan. Mortgage was 289.5k but have been working hard to overpay so now down to 275k. Mortgage is scary and that's with two f/t working.

NT53NJT · 11/09/2019 22:41

We have a £75k mortgage and I personally have around 18k personal debt from when I left college and was on low income. (Young and stupid) this should be paid in 36 months then I'll just have the mortgage.

We don't struggle and it's low to 0% interest so it's not too bad

Happyspud · 11/09/2019 22:42

Dunno, loads of debt but loads of investments and assets. I’d say our debt would shock you. I’ve no clue what it is.

Newsheet · 11/09/2019 22:44

About three quarters of a million I think. Some mortgage (130k) some credit cards, car loans, personal loan, and business loan.

It’s pretty stressful to be honest, but will hopefully be worth all the stress one day

Babyroobs · 11/09/2019 22:45

I wouldn't be able to sleep at night with debts of 20k but if it is manageable to you and you have a plan in place to reduce it then I wouldn't worry too much. We have paid off our mortgage and don't have any debts except a credit card which is usually paid off in full each month.

LucieFurr · 11/09/2019 22:46

Mortgage paid off and no debt. Not much in savings either though (have just raided savings to pay off mortgage so just starting to save again and pay extra into pension plan).

m0therofdragons · 11/09/2019 22:46

Debt is £4.5k but it's on an interest free credit card so we have the cash in savings to cover it and will pay it off in November before they start adding interest. Mortgage is big but less than 20% of our take home and dh is due a pay rise next month and I'll get a big one in September so it'll be more like 15%. We've just had a big summer holiday so do need to get saving this year and next as I'd like to replace the kitchen but not until we have the cash.

m0therofdragons · 11/09/2019 22:48

Oh and student loan will be paid off next year too so I'll have an extra £200 a month!

cowfacemonkey · 11/09/2019 22:48

no debts, £180k mortgage will be mortgage free in seven years though

Woodlandwitch · 11/09/2019 22:48

We have £7k house refurbishment loan (instead of extending mortgage)?
And one car has finance

We have approximately similar in savings but keep that to enable flexibility

blueshoes · 11/09/2019 22:48

Newsheet, three quarters of a million and only £130K is mortgage debt? Wow, if I were you I would not be able to sleep.