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??

I can't imagine the hardship of waiting a couple of months before you can afford a pergola

Seriously, catch yourself on.

Usually in the UK rent in more expensive than a mortgage, so you’d be better off. It’s difficult see the benefit when you’re considerably worse off.

I’ve been paying for 20 years and still got 5 to go.

@nimbuscloud

So you are paying £4200 per month for your mortgage instead of the £1500 per month you were paying in rent?

Yes but I dont live in the UK. So it isnt pounds.

What is the equivalent in £?

@Redcrayons

Usually in the UK rent in more expensive than a mortgage, so you’d be better off. It’s difficult see the benefit when you’re considerably worse off.

I’ve been paying for 20 years and still got 5 to go.

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?

Here the banks give everyone a mortgage in the hope that it will help the country

@Pottedpalm

What is the equivalent in £?

4200 of our money is around 3.6k GBP

@HollowTalk

Surely it would cost you more to rent somewhere similar? Your mortgage term seems short - was it really 15 years in total?

Our mortgage has always been more than rent.

@Passthecake30

Owch that does sound harsh then. Will your income increase any time soon? Can you cut any bills to allow for additional extras?

We practially have nothing to cut out. Our bills are electricity (which is so expensive here) gas, water and our contract for mobile phone. Then its food and water which I guess we do exaggerate a little (we try to stick to healthy eating which is so costly here). We have no gyms, no eating out nothing else. We also have 2 cars which we both need as we work in complete different areas. DS has his nanny but here the costs of a nanny and half day in nursery is about the same

Gosh, I wouldn’t have bought in your shoes! You’d have been better off continuing to rent.

So your mortgage is 3600 a month... which over 15 years values your house at around £650,000 ..... and you’re bellyaching because you now can’t afford a cleaner to clean your luxury house?

I don’t know what country you’re in but presumably self-awareness is in short supply

As a renter, in the UK you generally cover your landlord’s mortgage, expenses, and then some profit for them. As such, rent is usually higher than mortgage on the same property. However to get a mortgage you have to have at least 10% of the purchase price as a deposit.

This means it is very hard for many people to obtain a mortgage and buy a property, particularly on a low income or in a high property price area like a city or the south east. If you can get a mortgage it’s for 25 or even 30 years normally, so into retirement for many who can’t buy young (which is increasingly the case).

That’s why you’re being slated by some posters. We’d love if the bank just handed out mortgages and if rent was cheaper.

Are you able to shop around for a better deal, or is the huge monthly payment already in a lower fixed rate?

Presumably wages are very high where you are, though...? Which country is it please? I want to add it to my 'don't even think about living there' list.

I hope you're not an expat who gets the kind of amazing tax breaks some do... as that would make this even more of a stealth boast.

Do hope you get your pergola soon. Thoughts and prayers.

We bought our 'dream' house years ago, after 10 years of no holidays, no spare cash, etc, we downsized slightly which made a huge difference to our outgoings (£800 per month less) and for the past 7 years we have been able to actually enjoy holidays, eating out, etc - for us, a good life is more than a posh house and we were making the most of it until lockdown happened.

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.

@overnightangel

So your mortgage is 3600 a month... which over 15 years values your house at around £650,000 ..... and you’re bellyaching because you now can’t afford a cleaner to clean your luxury house?

I don’t know what country you’re in but presumably self-awareness is in short supply

You don't know if £650,000 would buy anything luxurious where the op is. She could be in a broom cupboard in Monaco.

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?

Because saving up for the deposit is crippling!

@MishMashMummy

Gosh, I wouldn’t have bought in your shoes! You’d have been better off continuing to rent.

Yes I think so too. When we actually purchased the house, DH had 2 jobs at two different firms and I was working full time so we thought we wouldnt struggle however a year after our mortgage due to covid DH lost his second job. I am aware we are still blessed however it is becoming a struggle.

Hang on while I find my violin

Are you prepared to say where you are to add some context to this story?

Op you signed the contract. Do you live in a big property? A lodger could help. Atlases you have only got 12 years left then you own a property. May get better then age depending and dcs.

@Hopdathelf

As a renter, in the UK you generally cover your landlord’s mortgage, expenses, and then some profit for them. As such, rent is usually higher than mortgage on the same property. However to get a mortgage you have to have at least 10% of the purchase price as a deposit.

This means it is very hard for many people to obtain a mortgage and buy a property, particularly on a low income or in a high property price area like a city or the south east. If you can get a mortgage it’s for 25 or even 30 years normally, so into retirement for many who can’t buy young (which is increasingly the case).

That’s why you’re being slated by some posters. We’d love if the bank just handed out mortgages and if rent was cheaper.

I now understand why some posters where harping on and on. Wow 10% deposit.. we would have never managed to buy if the country here was like that!

Here you dont need a deposit, you just need a long stable job and I think a certain wage. Eg you earn 8k you can get a mortgage of 3k as the bank would access that you wouldnt have problems paying it off.

How much is the house valued at?

Well if your max mortgage is 20 years, why not change it to that?

As it is, you are choosing to give up current luxury to pay of your loan sooner. But you could choose otherwise. If you really wanted to.

And of course (whisper) you could sell and buy a cheaper house.

Or you could sell and rent.

Do whatever it takes to happily own your decision as the best you can do in the situation you have.

And yes, usually as time goes on, the relative value of mortgage payments goes down. Usually.

Where do you live?!