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??

@Montalbanosono

I'm going to ask MN if they can organise a fundraiser. Pergolas for ex-Pats. Ooh...sign me up. I don't actually have a garden but I'll put it up in the lounge.

OP were the places you were renting a lot smaller than your dream house? I have to say 15 years to get the house of your dreams doesn't seem too bad but maybe you could downsize if you feel you are too stretched?

No, it was the same but a lot older and we were forced to move out because landlord decided to sell without telling us and one day we got a knock on door from new owner expaining the situation and telling us we should leave by a week because he would be moving in.

Wow our rent is 1000 and our mortgage will be 600....I cant WAIT

Do you only want one child?

I’m sorry. You take home over €11,000 a month

I have not a lot of sympathy.

@Egghead81

* 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* All the positive bits that actually make it worthwhile living in these countries - gone.

So you’re just left with the negatives. Of which, I am sure you’ll agree, are numerous.

Unfortunately OP you made a big mistake

I agree.. but the renting was so stressful too. I guess moving back to the UK is an option but it seems more sensible sucking this up paying off and then when we move to the uk we can sell the house here and buy something nice there.

I doubt we would have decent wages there and so wouldnt be able to get a mortgage

wow 300 a month for a mortgage? May I ask what sort of house you can get for 300 a month

That would be around £70k over 25 years. You'd need £10-20k on top for a deposit, which is probably pocket change for you.

But it would get a 2 bed terrace in many areas of the UK outside SE England, so perfectly adequate for a small family.

@Egghead81

Do you only want one child?

Yes, just one child.

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?

Been paying a mortgage for 20 years and still have 18 years left due to going back to full term to buy dream home

You restricted to one child unless you want to have a female child there (you don’t

More urgently
How are you going to afford international school fees? Please say your company is paying!!

@Hubstar

I’m sorry. You take home over €11,000 a month

I have not a lot of sympathy.

This might be a lot in the UK but here it really isnt too much. We pay 1k electricity! 600 for petrol.

Its like earning 4k in the UK. Its comfortable but in no way amazing

£4K in the uk would be very comfortable!

@Egghead81

You restricted to one child unless you want to have a female child there (you don’t

More urgently
How are you going to afford international school fees? Please say your company is paying!!

DH company will be paying DSs school fee (they have a contract with a private school for all employers children from ages 4-19) which will save us the nannies fees in 2 years time.

Wow only 13!

Where do you live OP? Not sure if I missed it.

@Hubstar

£4K in the uk would be very comfortable!

to be honest I have been out of the UK for 10 years now, I was 19 when I was last living there so I have no idea what comfortable and hard is. But here 10k is comfortable - you can go on family outings, eat fancy and life ok. But if you have a mortgage or a loan its much harder - eating out family outings holidays are off.

With 10k and now mortgage you still couldn't afford a holiday abroad

@Carbara

My (UK) mortgage on a three bedroom ex-council house with three gardens, views, garage, bought for £120,000 five years ago is £110 a month. A house across the road that’s a bit smaller than ours in being rented for £650pm. You and your husband made a shit choice to get such a big mortgage in the Middle East, I’m sure you’ll figure something out. 🤷‍♀️

I’m sorry but that can’t be right....

I got a mortgage for the exact same amount, 6 years ago, but I had £65,000 as a deposit and bought my house for £185,000k

So we’ve got a good loan to value amount and my mortgage is still £500 a month. So I can’t see how yours can be £110 if you paid £120 and had a 10% deposit. Unless you took it out over 60 years....

4k earnings here in the UK would be amazing , wish we earnt that. I meant can you sell up and move out of that country OP? It sounds very expensive to live there, can you cope with 13 more years?

its a long time since I had a mortgage,& i wondered if it would ever get to the finish line, it was at the time £48 per month, i used to count how how many Fridays were in the month,always hoping it was 5 sadly it didn't work out that way,but I sold my little flat & bought a 3 bed,then moved again,then again, it was a great shame the industry stopped doing endowment mortgages as at the time,were the best its hard but it will end.

So if your DS goes to school in 2 years time, your disposable income will rocket, so there's light at the end of the tunnel?

Many people struggle financially in the childcare years, but things will improve.

More I think about more I’m surprised you bought

I have a few friends and acquaintances who have lived abroad

Some exceptionally high earners

none have bought

@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?

Without Covid I did private lessons as an extra (also work) but right now we have lockdown so no private lessons. Maybe once lockdown eases things will get easier if I start back on a few private lessons.

Private lessons - they pay a good deal for my British accent here. I do teaching as extra but its not teaching - its basically just having a chat with others so they can practice speaking English.

People to be being a bit nasty. You have decided to stay out there permanently so buying is good idea (as long as the host country will let you stay forever of course not sure if you only have a right to stay for 5 years etc) we had some years with no money even of basic things like orange juice and hair conditioner because of a large mortgage and expensive full time childcare but it paid off in the end.

Dying to know where you are op. I guess one of the stans?

I wish my money worry at the moment was the fact I had to save a few months for a pergola.