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?

8 years of payments of £1900 takes you to £182400. This ignores interest though. How long have you been paying £1900 a month?

How much do you pay off your mortgage per month? Have the payments been the same over the 20 years? This will give a clue …

Ask for the statements … In the meantime, ask him exactly when he remortgaged each time, how much extra he borrowed, the rate and if it’s interest only

I really don't want to read this alll the way through, because it sounds like heartbbreak,

www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

This may help answer your initial question, assuming you know the amount you borrowed each time. Wishing you well, OP.

I know someone in the same position. Turned out the partner was remortgaging then switched to interest only.

I also know someone in a similar position but her soon to be ex H forged her signature and blew the money.

Hopefully this isn't the case with the OP but it definitely pays to be on top of the numbers.

do you trust your husband? Finances should be transparent always

I hate to say that you just can't blindly trust your man with shared money. You poor thing OP

You say your name is on the mortgage so why can't you see it online or get statements in the post? You must also be paying money towards it so how do you do that - is it by direct debit or are you transferring money to your DH each month?
I think you also need to prepare for bigger mortgage payments if you are on 1% interest currently because it will be a lot higher by next August or even now.
My name isn't even on our mortgage, it is DHs house, yet he still shows me the current balance and payments etc when I ask.

You probably have an 'interest only ' mortgage where you need to pay the rest of capital at the end. This is usually done through special insurance policies or savings. We have an 'interest only ' mortgage and will pay the rest off with savings next year. For us that is about £250.000

Your husband has been defrauding you.

Sounds very much like it.

Sounds like your husband has either had the mortgage interest only for years or has borrowed huge sums ( over 100k ) without you knowing.

You think having an unaccounted £100k + is just being ‘a bit shit with money’? I’m ‘a bit shit with money’. It means I often run out a week before payday and have to eat a lot of beans on toast. I haven’t managed to spend £100k without telling my husband though.

How has it taken 19 years to realise this

No way does that sound right. Hope you get some clarity through the mortgage statements? They break if very clearly into interest paid and money off the mortgage.

At least in 8 years it sounds as though the bulk of it will be paid off.

No, it won’t be at all, the repayments don’t add up, it won’t be anywhere near paid off in 8 years.

1.9k per month for a mortgage of 203k. We pay 2.2 and our mortgage is 480k....figures definitely don't add up.

How have you never even questioned this before?

I really hope everything is ok but it doesn’t sound kind it. Get a solicitor and some financial advice. Please.

@ManyBooksLittleTime I think your DH is correct on current rates, assume 5% the repayment amount for 203000 over 8 years is £2570, the current rate may well mean it currently £1900.

Info attached

Although I think it's been on interest only for a while and now been switched to repayment.

I took out a mortgage in the days of 125% via Northern Rock and had still paid off more than you appear to have by the time my marriage ended a few years later so you most def need to question the numbers. I'm another who can't believe you've not been on top of this but do understand that there are folk who leave all the financials to the 'primary in the partnership' however misguided that may be.

This. Amazing you have been so passive about this OP.

I think that I was once told that in a normal repayment mortgage you look at it in thirds, the majority of the capital isn't paid off until the final third, the first being mainly interest.

It is quite sad to hear of women deciding to leave all that "financial stuff" to their OH.
If I have my name on account, be it savings, mortgage, loan etc. it is absolutely my business and I want to see all statements and correspondance. Joint accounts need joint decisions and transparency.
I am a grown woman and part of being an adult is taking financial responsibility.
If you stick your head in the sand and allow someone else to handle your money responsibilities then don't be surprised it that come back to bite you on the bum.