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?

OP, glad you got to the bottom of this. I would have been in the same state as you were. I agree w/Butterflyfluff At this point I wouldn’t commit to the 2.5K payments. Is there something significant about the 8 year payoff?

Commit to something with lower payments and look to pay extra on principle (I am not overly familiar with UK mortgages, so take the overpayment advice with a grain of salt).

I’m guessing you are late 40’s-ish. Now would be the time to be a little more conservative with your finances and to keep your options open.

Errr thats not right, you should have a lot less by now! I think your husband may have been borrowing extra? We get mortgage statements posted, id phone the mortgage company myself,

@Needwine999

There is a handy "see all" button so you can read just the OP's posts without having to trail through the whole thread. Then you can read her updates before you post something.

They moved to a more expensive house during the mortgage term and obviously took out a bigger mortgage to pay for it. They also borrowed each them they renewed. The OP forgot about the house move and taking out a bigger mortgage than the original amount.

Please RTFT ffs! OP has updated with more facts. It’s not even hard to read all op posts now.

Maybe MN should introduce a feature that no-one can post on a thread where the OP has posted more than 3 times, or where the whole thread is 100 posts or longer, without a compulsory 1 minute viewing of all of the OPs posts, to ensure that they've had a proper chance to read them?

oh im sorry I didnt have time to read all the messages !!! BLIMEY CALM DOWN

How do you "forget" that you moved house?!?!?! This thread is beyond weird. I would suggest both op and her husband sit down with an ifa and ask for an idiot's guide to mortgages. They both seem financially clueless

@HollyGoLoudly1 op kept talking about the 8 years because her original mortgage 19 years ago was 27 years, meaning there would be 8 years left till the end of the term. But 13 years ago when she apparently made a very forgettable house move they upped the mortgage back to 27 years, meaning they now have 14 years until the end of their term. For some reason they are both obsessed with paying the mortgage off in 8 years, despite the fact they can't afford this and already have a history of "using the mortgage like a credit card"

Ah that makes more sense thanks.

OP I still think you both need to maybe sit down with a financial advisor or mortgage advisor to go through your options e.g. setting it up to make voluntary overpayments rather than commiting to £2.5k a month if it's going to be tight. Just a thought!