To ask how much your owe on your mortgage and your age?

[Pussywilloww]

Recently remortgaged and the massive rate rise got us thinking. Made me wonder - what is the average people owe? Yes it depends on area/value/when bought etc. But to make it simple I'd be interested in
A) how much owed
B) your age

I'll go first! We owe £115k and I'm 31.

£210k
Age 51
Single parent

But plan to port mortgage to a shared house with my partner next year so the burden will be shared and plan only to stay in that house until all teens are fledged (5 yrs) then will downsize to be mortgage free

I'm 31 and owe £307k

Paid off at aged 53,( am not that now)

Run your maths for the hypothetical scenario where your mortgage rate was 5% for that 11 year period, not 1.5%.

would you have paid it off yet?

about £750k
39

My 2013 mortgage was fixed for 5 years at 3.89% and that was very average. My 2008 mortgage was 7%.

£37,000

I’m 41, partner is 43

You need to know LTV as pointed out, some saying they are mortgage free aged 30 might live in a £80k 2 bed flat. Someone with a 300k mortgage may live in same size flat in central London but it’s value is going on 10 times more. Massive difference in wealth. (Random figures used as an example)

I’m 35, husband is 44. We have £215k mortgage but LTV is showing as 39% so we have £335k deposit as it stands for our next property if we were to sell now.

I think a more telling question would be, how much equity do you have in your home?

48 - house owned outright, no mortgage.

350k
38 and 42

Planning to upsize in the next 3 years so it'll be bigger before it's smaller.

@FlipFlop1987 I agree. My outstanding mortgage (£462k) looks huge to
most on here but my house is worth around £1.1 million, so we have over £600k of equity. In comparison my brother has an outstanding mortgage of £125k, but his house is worth £200k, so we have around five times as much equity as him. I’m just using that as an example because it’s one that I know about.

What’s your point? A 5 year fix wasn’t sub-2%? Fair, but the 2017 one will have been, especially with their LTV. It’s not hard to pay down a small mortgage with a fucking tiny interest rate.

Paid off at 50, but we didn't have a huge mortgage to start with (not because we're rich, our house was less than £80k)

You made it sound like they'd had a 1.5% mortgage rate for 11 years, nowhere near 5% as it is now. I am saying that mine (and many people's) over the last 10 to 13 years was closer to 4% overall.

I don't disagree with you in general, but let's not speak to such posters in the same tone reserved for the "Ooh, it was 15% in my day" lot.

Plus, for those who got 5 years at 0.99% in 2021, it's good advice to spend the next 3 years overpaying where possible.

Surely it would be better to save (my savings account interest rate is 3.20%) rather than overpay if you have a very low interest rate?

@Nellynoowhoareyou our monthly repayment is £3k. We fixed for 5 years two years ago so will remain that for a while. The payment is manageable on our combined income, we're both working FT. I do worry sometimes about the length of the mortgage but as I say we'll try and overpay over time.

200k 58

£0; 66

Just borrowed £450k on my own as a single parent aged 48. Painfully expensive but I needed the house so went for it on a two year fix. Am hoping rates will lower slightly by then.

340k, LTv 45%, late 40's

I’m no expert but I agree to a max of 10% of the total loan per year.

It’s closed to new customers now but I opened an “easy” access saving account with Hanley BS. Tracks BoE. Currently 4.5%. Max £50k. Chip is very easy access at 3.82%.

£85k left to pay.
House probably worth £475k or so.
Age 48.

If you are saving, then it is well worth looking at the Goldman Sachs Marcus account. It offers better rates than the UK banks, by not a lot but they keep it competitive at all times (or at least for the five or so years since I opened it). And once the account is opened, they automatically change the interest rate to follow the market up, or down.