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??

OP, there is light at the end of the tunnel for you! In 2 years time, your kid will go to school so you'll keep the 3k you're spending for the nanny now. Also, hopefully after the lockdown finishes (and it will, sooner or later) you'll be able to earn more money by tutoring/teaching English. And who knows, either you or your DH (or maybe both) will be able to get a better paid job/extra work later on. So - hopefully things will be better for you, everyone needs to tighten their belts when childcare costs are high. A couple of extra years is doable, and then things will slowly get easier.

... and yes, you can always sell if things are getting worse, but so far, it looks like you only have a couple of "tough" years and then things will start to look brighter.

*extra tough years

OP, do you have a schedule of payments? Does the interest reduce as you repay the loan?

Is the problem really the mortgage, and associated lack of disposable income, or are you just not happy?

It sounds like you had a dream, represented by the lovely house with the pergola, and have actually found yourself in a situation that you can't see changing for 13 years.

Did you not understand how a mortgage worked before you bought your house? If we only had 13 years left we'd be very happy.

@Asia98 couldn't you do lessons by zoom?
Op when we started our first mortgage the interest rate went from 10% (yep that high my young mums netters) to 17% within less than 6 months - I kid you not we had to literally scrape by - how many ways can you use a tin of tuna as a main meal (dh won't touch tinned tuna now) & dhal & rice etc - we managed just - but it did get better over time because the amount we could afford to pay without stress increased with our income increase. The first 5 years are the hardest but it does get better & you are investing -never loose sight of that. Think positively - even if it takes longer to get things appreciate what you can get. Once a week make a really good meal & make it special. If you go out picnics can be fun too & have a coffee/tea/cake or snack as an occasional treat when you can afford it - even if its only once every couple of months - don't focus on what you had. Remember no one is going to tell you to move.

TableFlowers dunno how long it’s for, we own a few properties, but it’s correct. £110 per month. Can’t remember what the deposit was, but I’m not some nutter making up lies about my mortgage on the internet 😂

It doesn’t sound financially sensible to me, you could invest 2k in a mortgage on a property in another country as an asset, pay 1500 on rent and still have 1k spare each month. Why on earth did you buy in such an unstable place? Surely if interest rates are so high you would be better off paying 1500 rent and saving 3k a month and making interest?

Can you come back to the UK?

You say you left at 19... is your partner British? Are you happy to stay out there?

Do you mind me asking what possessed you to settle where you are in the first place?

From your posts it sounds like it's ludicrously expensive on every level, legal protections eg for tenants are non existent, schooling options, whilst private are restricted and it's a very backward country in terms of women's rights.

I'm baffled as to why you would choose to settle there unless you really love hot weather or have family out there?

Peoples replies aren’t nice as you earn good money and the equalivent here of £4K is a fab salary

But why didn’t you take it out over 20yrs and over pay or remortgage later

In 2yrs your outgoings will drop and won’t be paying nanny full time as at school

Wh6 is milk so much

It’s a basic drink. 4pints is roughly a pound here

Does he need to drink so much if having a good healthy diet which you say you are as food bill so much

@Carbara

TableFlowers dunno how long it’s for, we own a few properties, but it’s correct. £110 per month. Can’t remember what the deposit was, but I’m not some nutter making up lies about my mortgage on the internet 😂

Fair enough but your deposit must have been massive or you’ve over paid by 10% for the last 5 years - if it’s none of that, please message me privately with your lenders name and I’ll be sure to call them if they can get deals that good!

Yes it ends .

@DoLallyTapMum

It doesn’t sound financially sensible to me, you could invest 2k in a mortgage on a property in another country as an asset, pay 1500 on rent and still have 1k spare each month. Why on earth did you buy in such an unstable place? Surely if interest rates are so high you would be better off paying 1500 rent and saving 3k a month and making interest?

How many countries allow you to get a mortgage with no deposit as this one does? You’re assuming they have the assets for a deposit. Quite apart from the hassle of owning property in another country that needs managing.

Wrt renting - in the short term OP would be better off but in the long term she’d be considerably worse off. After 13 years they will have something to show for their money with a mortgage, but with rent - all that money will just be gone.

[quote olderthanyouthink]@Egghead81 OP said male

I don't get being fine with raise male children in a super misogynistic country either but... [/quote]
That was my thought too, but then I wouldn't want to live in a country I wouldn't be happy to raise a daughter in.

@SavingsQuestions

Can you come back to the UK?

You say you left at 19... is your partner British? Are you happy to stay out there?

Yes partner is British. I moved out for him when he managed to get a good job there. I am happy as we had a relatively comfortable life here in comparison to my friends in the UK who are still looking for jobs trying to get by etc.

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.

@Asia98

I am an expat living abroad. So rent with the currency here was 1500. But now I am paying 4200. Because interest levels are sky high here banks don't give above 20 years with 15 being most common.

We used to be able to do loads, go out for meals, order in have a cleaner come in etc and right now I have had to cut out on loads. Right now I want to do a pergola in garden yet its going to take a few months to raise the money! Before the mortgage we wouldnt have to think twice to get something done. We pay the mortgage, bills, petrol, food and thats about it. Once every 2 months we are able to buy something extra

If that is what interest levels are like, I strongly suspect that you will find rent levels rising steeply, particularly in relation to landlords who are themselves mortgaged. If you're happy where you are and better off than you were before, I'd sat you're doing pretty well. And maybe look into online tuition?

I think there are a huge number of “lights at the end of the tunnel” for you:-

1. Being able to start your second jobs again
2. Your son going to school and so you no longer need the nanny (this one is massive!!!!)
3. Inflation will erode the value of the mortgage compared to your income
4. In a couple of years could you take out a new 15 year mortgage based on the amount you owe then and so lower payments
5. As your debt:equity ratio reduces you may be able to take out a better mortgage with lower interest rates

Not sure how many of these will apply where you are but presumably some will?

Its better raising a male as DH and I are completely into equality and DS would be raised seeing this. With a daughter its worse because society wont leave her alone. She will get effected by this. With boys its easier, they can play out late, wear what they want talk how they want. However if a girl does all of this she will be subjected to horrible comments by the boys and men and tut tuts by the women!

It won’t matter that you and your DH are all about equality. He’ll witness the misogyny from the rest of society. I know I couldn’t raise a son in that environment anymore than I could raise a daughter.

Poor you ... not!

I rent and don't get all these luxuries. I wish I could complain about paying so much into a mortgage and having to save up a few months for luxuries, all while having a nanny and two cars and a house I will fully own in just over a decade. YABU but surely you know that?

Anyway, what I find concerning is that you and your partner are choosing to live in a country that you would never possibly raise a daughter in due to the misogyny. You are raising your son around that and you think that's acceptable? And your reasoning is what, that you would earn less in the UK?

@UhtredRagnarson