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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:
anotherexhaustedpigeon · 12/09/2019 11:33

Well I felt pretty good about our until I read this. £650k mortgage, £50k credit card debt. About to renovate a property, probably using debt, and then will go on mat leave with DD2 and then neither of us will be earning. It's fine, we're fine, it's all fine

thecatsthecats · 12/09/2019 11:43

No debt. 200k left on the mortgage.

I do usually pay my credit card off in full each month, but did let this slide a bit this year due to the timing of booking next year's holidays/going to this year's.

I borrowed money from our savings instead of paying the interest, so technically I'm in debt there, but I'm clearing that at the end of this month, then it's business as usual.

ButterflyOne1 · 12/09/2019 11:44

Mortgage £170k compared to property value of £600k.

Kitchen interest free has about £7k outstanding and I pay £250pm. I could clear this but I figured I might as well enjoy the interest free loan and earn dividends on my investments.

My Amex varies each month between £500-£1500 and I clear this each month. I use this to book my trips (travel monthly for leisure), Amazon/online shopping and general spending. I also receive cash back on this so that's why I use it.

athenagoddessofwar · 12/09/2019 11:54

60k left on 90k mortgage. No other debt. Single household. Work ft. Just moved mortgage off variable back to 3yr fixed so I've got a bit more certainty with Brexit

CircleCircleUnderOver · 12/09/2019 12:54

I ignore student "debt" it's just a tax.

We have a mortgage of around £200k but more in equity. We use credit cards for most of our spending but pay them off monthly, so how much is on them depends on the point in the month. My DP is still paying off a loan which started at £25k and is now under £15k, sadly it was needed to cover court costs because of his X. We have £6k finance on one of the cars too.

We overpay everything most months.

MRex · 12/09/2019 12:55

@anotherexhaustedpigeon
Well I felt pretty good about our until I read this. £650k mortgage, £50k credit card debt. About to renovate a property, probably using debt, and then will go on mat leave with DD2 and then neither of us will be earning. It's fine, we're fine, it's all fine

WTF? You must have missed some massive income source or house sale out of this plan?

Xenia · 12/09/2019 12:57

My mortgage at o ne point was £1.3m but not any more. It also cost £90k a year interest only at one point. Not fun.

Passportpacked · 12/09/2019 13:03

£100k left on mortgage, credit card 2k towards new car. Good pensions and approx £30k in savings

SunshineAngel · 12/09/2019 13:07

I'm in debt to a total of £23,000. I aim to (and will) have that paid off next year. It's a long story, but I made investments and took a cheap loan to invest for higher returns than the loan interest - which has worked! But I'm trying to pay off the debt with my income rather than touching the investment. A year, and I'll be debt free.

My partner just has a £24,000 mortgage, which I think is quite low really, and we are trying to overpay to get rid of it early.

ElizaPancakes · 12/09/2019 13:16

Mortgage is small but personal debt high. Around 70/25k split, so probably less than lots of people’s mortgages.

It’s manageable but I kick myself every month that I got myself in this position!

TabbyMumz · 12/09/2019 13:19

No debt, ever. How on earth do you run up 20k of debt? I've always gone by the mantra of "if I cant afford it, I dont have it" its served me well.

ElizaPancakes · 12/09/2019 13:27

Have you no imagination @TabbyMumz? I mean, lucky you as well that you’ve never had an emergency that required you to use an overdraft or credit card.

Coldilox · 12/09/2019 13:29

Mortgage is about £98k now, we overpay a little each month. Have about £6 or £7k left on a car loan, will be paid off in 3 years and is easily affordable. Nothing else, I pay my credit cards off each month no don’t accumulate debt on those.

1AngelicFruitCake · 12/09/2019 13:32

anotherexhauatedpigeon
Why are you renovating your house if you e got so much debt and are going on maternity leave? Sorry to be nosy!

Cloudhopping · 12/09/2019 13:38

Large mortgage of just below 300k but house worth about double that. We overpay by a small amount each month. No other debt or loans. The large mortgage is enough!!!

SerenaOverjoyed · 12/09/2019 13:40

315k mortgage, aged 30. 8k in savings.

TabbyMumz · 12/09/2019 13:42

"Have you no imagination@TabbyMumz? I mean, lucky you as well that you’ve never had an emergency that required you to use an overdraft or credit card."

That's what you have savings for?! Its not luck at all, just sound financial planning. We have had a massive emergency recently, but as we are in a good position financially, still no need for debt. Never had a credit card.

Mammylamb · 12/09/2019 13:43

Possibly around £100 on credit card. But will pay that when statement comes in. About £150k on mortgage

Mammylamb · 12/09/2019 13:44

No car loans or anything else though. And some savings. Still feel a bit poor. Both DH and I work part time around childcare at the moment. But will both be full time next September and then we’ll have more money then

SophieTurnersEyebrows · 12/09/2019 13:47

Loads. We are shit at leaving in our means.

£210k mortgage.

I have a loan of about £16k, paid monthly.

DH has about £12k across a loan and a cred it card.

We rack up debt at about the same rate we pay it off. Our income is ok and we would probably live within it but for the exiting debt.

However, our childcare costs will significantly reduce when DS2 goes to school so we can hopefully make some inroads then.

Powerbunting · 12/09/2019 13:47

£1.55 million.

Not an exaggeration.

All mortgages

£0 unsecured debt other than some credit card that I pay off in full each month

Gruffalomom · 12/09/2019 13:57

We have about £375,000 on mortgage and £8k credit card card debt. If feels like it will never go...

tequilasunrises · 12/09/2019 14:01

I’m 26 and DH is 29, we bought 2 years ago so we’ve got £190k left on the mortgage which seems huge compared to the other posts. And we hope to upsize in a few years too....
Savings around £30k and no other debt so I guess we are worth minus £160K!

tequilasunrises · 12/09/2019 14:02

Oh and I suppose £30k hopefully in equity too if our house is still worth what we paid

AnchorDownDeepBreath · 12/09/2019 14:02

Mortgage has £70k left but we're looking at moving so that would go up to £190k or so. Fiancé spends on a credit card but it's paid back in full every month. I'm quite scared of debt, so I don't really have any.