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??

Sell your home and buy somewhere cheaper.

@Aroundtheworldin80moves

Sounds like it isn't just the mortgage, but the fact in the last few years you've had a child with associated costs, lost part of your income and moved into more expensive housing? That is a big loss in disposable income so no wonder you feel it! Only way round it is to increase your income or find cheaper childcare...

Its 3k to have a live in nanny here and 2.7k for a nursery. We decided on nanny for now as DS is young and not talking. I would rather send child when he is talking and can tell me what has happened in school (schools here arent regulated like the uk)

You may win the lottery one day .. or you may not and have to carry on paying it.
🤷‍♀️

I think you just have to suck this one up, buttercup.

Your childcare and toddler costs will decrease, and 13 years isn't that long, I've got tights older than that. Won't be forever!

@PegPeople

You've got to be joking... Surely no one would be deliberately so blind to how privileged this makes them sound?

15 years for a mortgage is rediculously short but of course you already knew that before starting the thread.

Exactly what i thought. Maybe one of those indirectly to show off by asking an AIBU on something many won't achieve for a long time and knows it the norm

@Egghead81

Abu Dhabi?

Whatever the country - you’ve lost sight of the situation in this country. Understandable. I had friends similar.

Then they returned. And they struggled to say the least!

We are somewhere closeby. I have friends on mumsnet so wouldnt want to out.

Yes I think we will struggle back in the UK.

When I first took out my mortgage 8 years ago I was paying £300 a month over 35 years, house valued at £150k, mortgage was £80k. Had the deposit from sale of former marital home.

My circumstances changed, I've been slightly overpaying and just reduced the term by 5 years. House opposite is up for rent, £850 pcm.

OP, you asked if it gets easier with a mortgage. The answer is yes. Because they pile the interest in up front your repayments are higher at the start. In 2-3 years as you start to pay off more and more of the capital you borrowed , your repayments will lessen.
Everyone that buys a house with a mortgage at top of their budget struggles for the first few years. It's part of the journey of buying your own property.
Save and pay off extra if you can as you go, even an extra tiny amount each month when you've got past the first two tough years, will start chipping away at the equity debt.

In the meantime, pretend you are students again, living in a shoe string budget. You can have a house or you can have holidays & luxuries... it'll all pay off in spades in the end

Is your child male or female?

Reason friends moved back was because they could not raise their daughters in the country in question. It had become very difficult

Difficult to have any sympathy OP - youre paying to own a property, which is a relative luxury which many will never achieve. You and you OH earn massive salaries, your mortgage term is very short and you didnt need a deposit. You should feel very lucky and privileged. Otherwise go back to renting, simple.

Why did you buy so far away from your work, judging by the high petrol cost?

What is the interest rate? It's virtually nothing in most of the world.

A 15 year mortgage wow? Been paying mine now for 25 years, 8 to go.............

Yeh you’ve lost sight op. I was the same when living the expat dream.

And please don’t get used to the incredible cheap childcare.

My friend really struggled with that!

Look at the long term OP, you aren't lining a landlord's pockets and you'll have an asset you can sell. And you don't have to worry about paying rent when you retire.

Everyone struggles in the early years of a new house/mortgage but it gets better as you (usually) earn more as time goes on and the value of the mortgage gets proportionately less. Although it does seem like yours is very expensive compared to renting. In the UK renting tends to be more expensive, even when you factor in maintenance.

@PRsecrets

To be honest in your situation I would probably sell and continue renting (and put money aside each month as savings). What’s the benefit of owning there? Are you in a stable economy where you’ll actually be able to sell if you wanted to move again?

Is the mortgage so much higher because you also moved into a much bigger house?

I guess without putting a deposit down the “hardships” you’re experiencing now are the “hardships” many renters in the UK experience while trying to save up for a 15-20% deposit in order to get on the property ladder. The only difference is you’ll be getting equity while the renters in that situation are just throwing money at landlords.

Yes we would be able to sell whenever we wants. Houses are short here and everyone wants to buy.

I think we will have to sell if things get worse for us but right now DH thinks we are managing even though we have cut everything out!

This was the wrong place to post OP
Many won’t grasp the differences and how living in another country does impact your grasp of UK reality

But as others have said you have very cheap childcare in comparison. Swings and roundabouts.

e is on cows milk smile cows milk is very expensive here. Actually everything other than bread and pasta is expensive here

What food do locals eat? Seeing as you probably have far more money than most locals, they won't be able to afford things like cows milk so if you buy the same sort of food they do, it should be cheaper.

@WaltzesWithSnobs

Couldn't read and run

I'm going to ask MN if they can organise a fundraiser. Pergolas for ex-Pats.

This made me laugh :) Thank you!! I would be very happy with a pergola

Sounds like you should move out of that country if its soooo expensive !

2 years here and have 28 years left on our mortgage.... So unless I can reduce our mortgage term I won't be mortgage free until I'm 63. However I know I'm lucky to not be stuck in the renting trap so I'm sucking it up.

I paid a mortgage every month from the age of 22 to age 55. DH, the children and I went without many things to manage during the early years. Now we own three lovely properties outright, have a high disposable income and are contemplating a very comfortable retirement. It was worth it. It would be a very different story if I'd paid rent for those 33 years.

@Egghead81

Is your child male or female?

Reason friends moved back was because they could not raise their daughters in the country in question. It had become very difficult

We have a male, 2 years old. Yes I dont think I would have wanted to raise a daughter here too.

@Egghead81

This was the wrong place to post OP Many won’t grasp the differences and how living in another country does impact your grasp of UK reality

Thank you. Yes some posters are mentioning that I have no grip of reality. The reality where I live is very different to that of the UK.