To ask about much equity in home?

[Holiday2020]

We have a large mortgage so on one hand seems a lot of debt. But... we have 52% equity in house so I feel kind of ok. I know prices can fall very quickly but that is based on current state (need a lot of work) so think would be ok to weather a drop. On the other hand the amount we owe on mortgage is 2.5 x salary, so I feel is low and hoping to pay off in over payments

I feel v comfortable with variable, DH just sees size of mortgage and panics. I do spend more than him but disagree we need to sell up and move

What do you think?!

Sorry title doesn’t make sense but you get the idea....

I think you need to prioritize getting some savings behind you for the next 3 years and see if that helps put his mind at rest. Put together a cost cutting and savings plan, and stick to it.

Sounds reasonable we have about 60% equity on a house we recently bought. Seems pretty normal to me.

Thanks. We do try and save (admittedly not enough to see us through for a very long time if anything were to happen) Have a car we own outright, bills not outrageous

Am curious if other people have same ratios or if we seem very high in debt?

Percentage of equity is the main thing right! Shouldn’t change with actual cash value. He is a saver, I’m a spender (although much better then when we met) think he’d still be wary if we were entirely mortgage free!

That doesn’t sound terrible at all. This massively depends upon your age and stage of life so I think you will get a large range of answers here!

Sorry not meaning to drip feed

Both late thirties, both work full time, two kids, grandparents for childcare so lower childcare costs

You must surely know that 50% equity is good? Lots of people have to start off with 90 or 95% mortgages!

We have 30% equity but did just buy a much bigger house in the last year. I don't really think about the mortgage. It is far cheaper than renting would be.

Yeah I don't understand; loads of ppl only have a 5-10% deposit so way less equity than you. But I suppose it depends on how long you have left on your mortgage etc.