2 years into our mortgage and im fed up! Does it end?

[Asia98]

I feel lucky that I have managed to purchase my dream house. However, 2 years in of paying, I am dreading another 13 years of this! I miss our previous luxuries. Does it end? does it get better??

Not being funny but what did you rent? Bedrooms and land.
What did you buy?

Really judgemental comments on here people have different experiences get over it.

OP try adding a second source of income that you can do on the side and cut back as much as you can. It may seem tough now but as your children get older you should have a bit more spare cash. Congrats on the home !

Things will get easier. I don't mean this in any way patronising, but you still sound quite young so the idea of 13 more years seem like a lifetime. Believe me it will go quickly. If the mortgages are anything like they are here interest rates will decrease as you pay off the mortgage. Childcare takes a huge chunk of your income with little ones (here too). Things sound like they will really get better in 2 years so just try and see the next couple of years as a game of frugality. Save up for and appreciate the little extras like a pergola! It will go in a heartbeat believe me. Sounds like a bit of a lull after the excitement of buying but things will get better. Good luck. X

I sympathize, OP, but i would say it gets easier. Not year 1 or 2 or maybe even 3, but soon. I went from renting (family, so kept artificially low) at $300 a month, to a mortgage of $1800, and that stung, but after a bit it felt fine. Next house, we went from a 30 year to a 15 year mortgage, which changed the monthly amount from $1700 to $3300. Again, a pain at first, but as time goes on it just normalizes, kind of. You will adjust your mindset, and in time hopefully your income adjusts to make it a tad easier.

What am entitled post

@cupsofcoffee

wait?? rent is more expensive than a mortgage in the UK? How is that possible? Wouldnt everyone buy then? or is it very difficult to get a mrotgage there?

Rent is generally much more expensive than a mortgage, but many people find it difficult to save the deposit that's needed to buy in the first place.

Our mortgage is £300/month. Rent on a similar house would be £500/month.

I wonder if you live in the same area as me? I paid £500 rent on a nice flat, now £300 mortgage in a terrace house.

I have gone for a 30 year mortgage. I could have gone for 25, or even 20, but decided that I'd go longer initially to keep the monthly payments down so that I could still go for those little luxuries.

I'm curious to know which country it is that you live in and to say though a hefty amount to pay per month, the fact you are in your dream home should be enough to have to forfeit what you classify luxuries for a bit. Like many have said, some will never have a mortgage, not in this lifetime. Consider yourself fortunate and count your blessing !

My mortgage (taken out in August 2001) was a 25yr term but by paying a very small amount extra each month, I've just finished paying it off, saving myself over 5yrs worth of interest.

So, in answer to the OPS question of 'does it ever end? Yes, it does but I'm amazed that anyone could get a15yr mortgage these days.

I've got a 40 year mortgage that ends in 2025 - I've had one small break in that time. I've had a mortgage since I was 24.
Just lengthen the term and you will have money for luxuries

Can you tell us in £s please. 4600 pounds is a lot of it's pounds

4200 of our money is around 3.6k GBP

The op posted this.

Because of the way mortgages are sructured its best to pay off as soon as you can - there is a snowba1l effect. Pay it down and some if you can and they payments reduce significantly if they include an interest portion. Our mortgage has been settled this yr (52 and 57 with a chequered mortgage history for one of us including a repo)- for the most part inheritance amounts which have allowed us to pay it - for now we are keeping the facility open as we are planning some renovations but also enjoying a bit extra money for a while. We would have had another 9 yrs without the inheritances. House currently worth about 360 but with work 450 maybe more

Maybe look at other ways to save towards paying down - when I was younger I used to skim any payrises and bonuses into a specific saving account for a lump sum pyt each yr into mortgage.

OP people are being very mean
((( ))) sending a hug x

@AfternoonToffee

MN is a funny old world. When us northern dwellers comment on the price difference for houses in the south we get accused of all sorts, being out of touch, boasting, rubbing it in, not accepting wage differences. If you can't compare within in the UK, you certainly can't compare the UK to the Middle East.

OP it sucks, you've tried cutting back, can you earn more?

Agree I have a larger 4 bedroom property Garden front and back and it cost me 120k The world doesn't revolve around the SE

Couldn't read and run. You poor thing.

@nannybeach

My generation were called lucky, because we bought a house, we didnt have central heating a car,washing machine, holidays, go out or have takeaways. at one point I had 4 jobs, night and day ones. When my youngest son was born the mortgage rate was 12%, 18 months later it was 16% hence the 4 jobs just to keep a roof over our head, we started out with a 25 year mortgage, when the rate went up furhter I couldnt work anymore than I already was, so we added years it went up to 33 years.

/\ Exactly this. We struggled with very little but had a roof over our heads @ 16% mortgage rates! We cut right back, never ate out, never bought Costa, watched expenditure strictly and turned the heating down, and later generations say we had it easy! Now we are saving for our later years care and still paying off our mortgage due to the 2007 crash affecting our business stability. But you do what you have to.

Really OP I'm surprised you didn't factor in the possible loss of 1 income when planning your house purchase.

Its always advisable to leave a little slack for eventualities as we found to our cost.
Given you say, housing supply is tight, it may be possible to downsize and have a little extra to live.
More concerning is that you think it's ok to bring up your son in an environment where women are 2nd class citizens and to think that will have no repercussions on him.

@ThePluckOfTheCoward. Wait for me while I find mine! OP, if things are that "tough" come home and stop whinging

@UhtredRagnarson

Are your diamond shoes also too tight?

😂😂😂

@ Unforgottenpunk
I think your post is a little done deaf OP, given the number of people who have been screwed financially from Covid and are now desperately wondering how to feed and house their children.
^
This
Op. You won't get much sympathy here, you literally live in a different world

You could go back to renting I guess, but that really would never end !

God, some of the replies!

How do mortgages work where you are OP? Fixed/discounted rates or not and what is the interest rate? Is it likely to increase? Are mortgages regulated over there?

A 15 year mortgage and you're moaning?

😂

You eat approx £10k a month and pay £3.5k in a mortgage. That's a less than a 3rd of the joint salary. If I were you, OP, I'd give my head a wobble and crack on love.

I think people are being a little unfair to you op! The mortgage does feel a bit endless but yours is actually quite short. If you overpay it you'll be done in no time.

A fifteen year mortgage!! Blimey, you need to get a reality check. Most of us are lucky with 25 years and 35 years. But if you're 'fed up' sell the place, pay of what you owe and spend your life renting. That or Grow Up.