Does this financially ring true?

[ManyBooksLittleTime]

We bought our house nearly 20 years ago for 245k. Now, 19 years later, we still have 203k left on the mortgage. I know the first years is basically paying interest , but only 42k in 19 years??? We have had good interest rates too.Also, my husband reckons it will go down to 181k by August next year. Please can soneone more astute with finance let me know if these numbers can be right?

You have paid way more than £42k in interest, you have just paid off a small amount of the actual loan. Look at a calculator online to give you an idea. What sort of mortgage do you have?

How long was the mortgage taken out for? Is it repayment or interest only? Have you re-mortgaged in that time?

What have your mortgage statements been saying for 19 years ?

(And how are you only just realising this?!)

You are going to pay 22k off your mortgage in 10 months?

How much is your mortgage?

No that doesn't sound right at all. I would challenge your husband on this because something else has happened. Like remortgaging or switching to interest only.

Is that a repayment mortage. We have one over 25 years and it will be paid off at the end of that time

I was going to ask about the mortgage statement. Mine shows opening balance from previous year, all the payments then the new balance and I can easily work out how much was interest and how much came off the capital.

Do you think your husband has remortgaged and released equity?

It was taken out for 27 years. 8 left on it. We have borrowed a bit more each time we' ve changed mortgage provider- husband v quiet about this

If you have borrowed more money then of course you have more to pay.

What’s ‘a big more’?

My guess is that at some point you've moved to an interest only mortgage. You need to check this with your mortgage provider urgently.

Ffs ‘a bit more?’

What do you mean he’s quiet about it? Surely you were both party to the decision to take extra when you remortgaged, and you know how much extra was taken and what it was used for?

It was taken out for 27 years. 8 left on it. We have borrowed a bit more each time we' ve changed mortgage provider- husband v quiet about this

That's why

What are your monthly payments? Something seems a bit off to me, the remaining balance is a lot to pay off in 8 years.

We have similar figures to you (15 years) but we have taken out an extra £50k in that time to pay for a loft extension & new roof

That does not sound correct at all.

Our first mortgage was £240,000 over 30 years, and by the time we moved six years later we had paid off nearly £40,000 without making any extra payments.

We then extended it to £355,000 when we moved and reduced the remaining term very slightly to 22 years. By the time we took out an extra loan for an extension five and a half years later it was down to £300,000.

I think you might have mixed up how much left with how much gone. Unless you were on interest only for years.

Mortgage statements must be electronic. I haven't seen them. Dh does seem to think it will all get paid off in 8 years as we are over paying. I saw the balance today as he is investigating the best interest rate and Mortgage lender to switch to and they emailed me a copy of findings

Unfortunately OP, sounds like your husband has increased the borrowing.

How many times have you remortgaged?

What does he say about it?

Just for comparison we’ve paid £40k of ours in 5 years.
The extra borrowing is the reason you have so much left to pay.

Was the extra borrowing for home improvements and the like, OP?

What's the value of the house?

Definitely 203k left. Paying 1.9 k a month now

I don't understand how you've never seen the statements and have never questioned that?

So how is it going down 22k in 10 months?

That's definitely not right for a standard repayment mortgage. But it sounds like that's not what's happened at all. Is the mortgage in both your names? If so, how do you now know what's happened to it over the years? You must have been signing documents to remortgage?
if it's in his name and he's extended it each time without you knowing, what's he been using that money for? Paying off debts?
time for a very frank conversation, you can't let him get away with going a bit quiet, you need to find out all the details.