To think this is a shit mortgage situation at age 40?

[Greenredbluena]

I really don’t know if this is life for most people or I’m surrounded by people who are mortgage free or owe very little.

I am on my own with a 7 year old so there’s no fall back here. I turn 40 next week and my re mortgage is due the month after. I’ve started looking at options today and it’s bleak even thinking that im in this situation.

House has been valued at 520k at a push, probably more like 500k. I owe 190. I’ve been trying for the last two years to get this down by overpaying around 400 extra a month and I feel like I’m just being ran into the ground trying to pay it off when realistically it’s still a shit situation. I’ve shared these concerns with my parents and they were adamant that id have enough inheritance to pay it off and more but of course I can’t rely on that and i certainly don’t want that that to happen so I hope it’s a long long way off when it does.

I just suddenly feel so alone and very much like it’s me and DD against the world. I feel ashamed I am in this situation when everyone around me is counting down to mortgage free and will be around their 40th. Just having a low moment and probably not helping that I have a ‘big’ birthday coming up

@StrictlyCoffee its not a massive house though I’d say its an average four bed.

Mortgage free at 40 is unheard of. I think the average age of a first time buyer is 35. I am in the top 4% of salaries and we'll pay ours off when I'm 55.

You don’t need 4 bedrooms for 2 people though. You could easily downsize

Bought my first house at 42. Maybe we'll be able to pay it off early but 20 years to go as of now.

300k in equity is a good position to be in. You own more than 60% of your house already.

Why would it be unfair on your daughter to not live in a 4 bedroom house?
It's just the two of you.

Move somewhere cheaper and be mortgage free.

Downsize to a 2 or 3 bed.

Our house is worth similar- about £500k- and we owe about £230k on it.

We are both 40.

I feel like you are doing great, do you need to run yourself into the ground for it so hard?

If it’s just you and DD why do you need a four bed? That’s a large house. But no I wouldn’t say your situation sounds bad at all.

Mortgage free at 40?

Not sure what circles you swim in but they aren't normal.

You've 300k equity. If you had a 300k house itd be paid off now. You can always downsize if its bothering you that much.

That is not a shit situation at all. It’s a really good one. You have lots of equity, you are overpaying by a huge 400 a month and you are only just 40! You are doing extremely well for yourself.

I was told earlier on another thread about some families having children who cant afford uni fees or for them to have a bedroom each that it was sad and depressing and such a lack of aspiration to only plan for your kids to have the 'bare minimum'

As if being housed, having a good life but having to share a room and needing to either work through uni or get a bigger loan is the 'bare minimum' and virtually Dickensian

It is this mindset that leads someone to think that its 'not fair' on a child to have a 2 bedroom property (which is what a mum and a child need) and therefore they cant downsize from a 4 bed, albeit just an 'average 4 bed'

Quite remarkable.

@likelysuspect i don’t understand your post? Surely it’s just about doing the best for your child with what you have?

But it is over double the amount of your mortgage so it is practically the same thing. I think you are being a wee bit dramatic. You should count your blessings you have 300k of equity at 40.

I don’t understand what the problem is. You have a big house, you can more than afford to pay for it by yourself.

You can afford to downsize for a smaller house and be mortgage free.

It’s not a shit situation because you can’ t live in a big house for free.

This
think about the loan to value here!
£500k house, £190k outstanding
That is preety good going to have paid off more the half.
your options are to just keep plugging away at it and realising very few people are “mortgage free” at 40 or you could sell it and buy something cheaper to reduce the mortgage payments or could you be mortgage free all together.
we are near Nottingham and £500k buys a fantastic place round here for that money!

So sell the house and downsize then! You’re far better off than many other 40 year olds.

Could you down size and pay smaller place in total? Then no mortgage.

How many bedrooms does she need?

snap

? Mortgage free 3 bed, or 'technically pay for larger' you don't need? That's your decision..

I don’t know where you’ve got all this from?

£190k on a house of that value at 40 is fine

when you’re paid it off it’s your asset. Yours. And will be worth way more. Chill out

It sounds like you grew up to expect a big house and lots of money = status. so that’s what you aspire to.

Downsize and spend the extra money doing fun stuff that your child will remember / not the number of bedrooms that she really won’t care about !

You are one person with one child

how many bedrooms do you need?????? She needs 1 bedroom and so do you.

id be selling and buying something smaller, cheaper bills and having some amazing holidays if I was you!

You are doing fabulous well and to even own your own home as a single parent is fabulous. Love to you.