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?

That does seem v strange. I took out a mortgage 9 years ago for 170000 and it's down to 102000 now.

It's not a case of your husband hopefully remembering how much you borrowed. He has records and you need to see them, because at least an extra £100k has been borrowed against your house, and you have seemingly signed off on it.

Your husband definitely knows more than he is letting on. I had reduced a 25 year repayment mortgage from 200,000 to around 120,000 by year 10 without making any over payments. That's 80,000 in 10 years compared to your 40,000 in 19 years.

I've paid as much off in 5 years as you have in 20. Time to get the truth out of your husband

Your mortgage is “apparently” less than double what mine is but your payments are over 4 times higher….

Thanks for all of your advice. The mortgage is definitely in my name too. I just think we have borrowed far more than I thought. So I think that when I've come to sign, I must have been looking at new monthly figures and interest rates rather than how much we were borrowing and the complete figure. Our interest rate is great at under 1 per cent, but DH wondering about changing now as we have this fixed term until August. He is worried that in August the interest rates will be through the roof. At least in 8 years it sounds as though the bulk of it will be paid off.

uh-oh :-((((((( "A bit more"??????

sounds like you now owe more than you originally borrowed and have no way to repay in 8 yrs..

You need to see ALL your mortgage statements ASAP.
If he won;t show you, contact the mortgage lender and ask them to provide copues direct to you.

In answer to the thread title, no, that absolutely does not ring true.

It’s not totally accurate because of the way interest works, but with a 25 year mortgage, after 20 years you’d expect to have nearer one fifth left to pay

You have more than 4 fifths left

Your DH has been doing stuff you weren’t aware of with this

Comparison:

I’ve paid off £22k in 3 years, about 8% of the capital with 27 years to go.

So no, £42k in 19 years doesn’t sound right. And it doesn’t sound right you could pay off so much more by August next year.

So each time you’ve changed mortgage and borrowed more, plus possibly adding on an arrangement fee - have you not been required to sign something? You need to start being way more curious about these things with your husband.

Rates we’re 5-6% not many years ago. Was it always repayment and not interest only, how much extra did you borrow, was the arrangement fee added, what’s the current rate etc.

And I’m on a 3.3% interest rate.

This.

Something is very off about that.

Quiet as in he doesn't know how to tell you the truth?

But why wouldn't you have had a conversation between you about the extra money? What's it been used for? A substantial amount must have been added over the years for you to end up here!

A bit quiet? Bypass DH and go straight to the lender, if your name is on there you'll be able to access all the information you need without relying on his memory or dodgy maths.

With no extra borrowing your mortgage balance should be well under 100k with 8 years to go. Your dh has borrowed at lot more than 5-7k a couple of times

This isn't good. You need to have a serious talk with your husband.

I may be a long way out of date, but if you have an interest-only mortgage shouldn't there also be an endowment policy as well that builds up the capital to repay the loan?

In my time there were many shortfalls on endowment policies (i.e. they were supposed to, but didn't, repay the whole loan) but they still provided a big chunk of money

Something doesn't sounds right...!

Hm doesnt sound right-you need to find out exactly how much extra was borrowed

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 borrowed a bit more each time we' ve changed mortgage provider”
Well there it is then. If you keep borrowing more money it will take longer to pay it off.
Genuinely don’t know how that surprises you.
You haven’t only paid off 42k, you have borrowed more than the original amount.
Do you even know how much?
It’s not going to be down to 181k by august if you are paying off 1.9k a month.

You need cold hard facts. Sounds like your husband has been frittering away money for years and hiding it in the mortgage.

I've paid off 22% of my mortgage in 7 years. Mortgage term was 23 or 24 yrs.

Just to compare -we borrowed £285k 13 years ago and currently owe £226k- that’s with an extra £100k taken out to build an extension a couple of years ago. If we hadn’t done that we’d owe £136k (I can see exactly as there are separate ‘pots’ in the mortgage). We have overpaid slightly over the years but I still think there’s closer to £100k extra on your mortgage too….

We have definitely only added onto mortgage twice and never been interest only. I am going to take all your advice and get the statements

Why haven’t you seen the mortgage statements? Contact the mortgage providers and ask for all the paperwork.

Why do you continually switch providers? If you are doing this every 2nd or 3rd year you must be taking out more every time to be at the figure you are talking about.

I moved house after 8 years with original mortgage value taken out was 260k and when I moved I owed 190k. There is something seriously wrong with those figures.

Get on to your mortgage provider tomorrow. Your issue is you won't have full statements of 20 year history as you kept switching. They will only know what they gave you. You will need to see the previous institutions statements to know what you had left at the time of switching each time to determine how much additional money you have taken out.