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??

OMG are you for real, this is life unfortunately unless you win the lottery or inherit.

We had our mortgage for 20 years and had twins and I work part time.

Now we are both 51 mortgage free and will downsize in due course.

Did you not know how a mortgage worked? I’ll give you a clue, yours ends in 13 years.

Revolutionary you know these mortgages.

@LST

Only 13! I'm on year 2 and have another 33 years left. Count yourself lucky!

Agreed! I'm on year 4 and still got 29 years left. I'll be paying it into my sixties unless have a windfall.

You said you have bought your dream home?

Unfortunately this comes at a cost, perhaps you should lower your standards and sell and buy what you can afford then your outgoings will be less?

Is this a subtle brag?

Why didnt you buy a cheaper property? Difficult to complain if you overextended yourselves beyond what you can afford. Did you do a budget before agreeing to the mortgage?

I am dreading another 13 years of this!... Does it end? I mean doesn't that answer your question?

@ChristmasAlone

Is this a subtle brag?

No. It’s not subtle.

@ChristmasAlone

Is this a subtle brag?

I suspect so

But it’s backfired

Aww boohoo

@UhtredRagnarson

Are your diamond shoes also too tight?

Is this necessary?

@ChristmasAlone

Is this a subtle brag?

Not exactly subtle, is it? I'd give a limb for £4K a month and a dream house with a 13 year mortgage.

Usually your earnings will increase too so you get more disposal income again. Maybe via promotions or moving roles?

You took out a 4200 a month thing and now are sad you did so. Couldn't you have thought of this before?

You're speaking to people for whom rent is usually way more than a mortgage payment, and sound like the sort of perpetually baffled person who can't foresee basic consequences.

Sell the house and go back to renting.

So your mortgage is 3600 a month... which over 15 years values your house at around £650,000

Oh lord. The bad maths boggles.

You can't possibly guess the property value from the mortgage monthly payment without knowing the interest rate.

If mortgages are much more expensive than rent I'm guessing it's because the currency where OP lives is devaluing. This goes hand in hand with high interest rates. So OPs mortgage might be 3 x the cost of rent today but by 5 years time the rent may likely have caught up or exceeded the cost.

@Asia98 Did you set up the level of the payments so you could pay it off quicker? I had a friend that set it quite high in the hope that he would then pay it off quickly, but he found it difficult/impossible.

Could you remortgage or rearrange the terms?

Often a mortgage is lower monthly than renting.

@wdmtthgcock

Little sympathy from me I'm afraid. Surely you should have done calculations beforehand and worked out exactly how much it was going to cost and how that would affect other outgoings. Also, you should have considered worst-case scenarios such as job loss (which is what happened), illness or pregnancy and maternity pay.

Daft to ask "When is this going to end?" Obviously, it's going to end in 13 years when your very short-term mortgage runs out.

Very helpful advice you can step down now from your pedestal

@MishMashMummy

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

Only in the short term. You have to pay rent forever but a mortgage only for a finite term.

Why on earth have you bought property in a country where the economy is so unstable? Surely it would have made more sense to buy at home with an affordable mortgage?

I guess the way to look at it is that in a years time you can swap nanny for nursery which will save a little and then the year after that you'll have him in school so should save some more. You might have pay rises or bonuses or you might be able to earn some extra. In the meantime rent prices could keep rising, you might have to keep moving which might increase your petrol costs. As long as your mortgage interest rate is stable, things could look very different in a couple of years, not 13.

I'm afraid you took on that obligation so you are stuck with it. Harsh as it is, 13 years is nothing compared to the decades some pay.

I don't mean this to sound harsh but didn't you do your sums and realise the implications before you signed up for the mortgage?

It is tough the first few years of a mortgage when the bottom figures doesn't go down. When we paid ours off three years ago we did feel immense relief along with the knowledge of how fortunate we were to be mortgage/rent free. We both dropped a day at work to help with childcare for our granddaughter and we couldn't have done that if we'd still been paying mortgage or rent.

So the country you’ve bought in isn’t financially stable??? I can see why your pissed off, that was a silly thing to do wasn’t it!?

Sadly dream home on paper does not equal dream lifestyle if you're stretching your means and you can't afford to do the things you want to do. You either sacrifice the house for something cheaper or accept the sacrifices. I don't live in my dream house because it's about 10 times my annual salary and even if I made some compromises to get something within budget I don't really know if it's worth increasing my mortgage and mortgage duration for when my current payments are comfortable and will end well before retirement age.

Is the ‘dream house’ big? Do you have a spare room and bathroom you could rent out to a lodger?