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Original poster

Who wins the prize for the biggest MUMSNET MORTGAGE?

251 replies

NotAnOtter · 13/01/2007 22:51

I am in the process of moving and dp and i are debating borrowing the most hideous amount of money - basically over 5 or 6 times earnings.

Anyone care to share ( feel free to name change!!) what horrors they owe?

Go on - make me feel better!

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Original poster
NotAnOtter · 13/01/2007 23:27

just feel i want to be in a house we will stay in so want an end rather than a mid !! We live in a very pricey area so your money does not go far!

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jajas · 13/01/2007 23:28

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mustrunmore · 13/01/2007 23:31

jajas. I'm sure there's lots of people like that. But I know I couldnt handle that much debt. I'm still panicking because I owe my Dad £5,000 from when we bought this house.

Original poster
NotAnOtter · 13/01/2007 23:32

for now ...still short of our anticipated debt if we move!

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Original poster
NotAnOtter · 13/01/2007 23:33

we need some more people who can do without sleep to make us feel better!

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jajas · 13/01/2007 23:35

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handlemecarefully · 13/01/2007 23:44

Tbh - really don't think you should consider a mortgage at 5 / 6 times over your earnings. Seriously not a good idea.

We are under mortgaged compared to family income and it is great. So much more disposable income.

jajas · 13/01/2007 23:47

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handlemecarefully · 13/01/2007 23:49

Ah but holidays - that's a good way to spend money!!

Original poster
NotAnOtter · 13/01/2007 23:51

hmm i just said to dp - its kind of saving????

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Perigrine · 13/01/2007 23:51

51.500 and I still feel like its cripling some months

jajas · 13/01/2007 23:56

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movingmadness · 13/01/2007 23:57

Just taken on another mortgage !!! Now have 2... Greedy I know . Hoping to rent out 1st house so mortgage payments won't be too bad until then, but before anyone rents it, we've got to tighten our belts somewhat . (We still don't owe half as much as some of you on here, but then we do live UP NORTH !!)

Original poster
NotAnOtter · 13/01/2007 23:59

maintenance could be an issue..Jaja ...i think given a couple of years you kind of catch up so its worth the worry now.

I am in Yorkshire BTW !!

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handlemecarefully · 13/01/2007 23:59

The thing about not over extending yourself is that you have some spare cash left over to make your living space really nice. In the last couple of months we have had a top notch conservatory built and are currently landscaping our garden (it will be fantastic)....

We could have bought a house for say £1.25M but then... we would struggle to decorate and furnish it how we wanted it. What's the point of very grand surroundings but using empty orange boxes as your bedside table?

(Sorry jajas -not directed at you, don't want to make you feel bad...just feel strongly that people over extend themselves)

Original poster
NotAnOtter · 14/01/2007 00:01

i know what you mean...

All i do is family and i have a big one and would love a nice home...

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jajas · 14/01/2007 00:02

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handlemecarefully · 14/01/2007 00:03

Yes it's an awful dilemma - you probably really need more space if you have a big family - and so the temptation is there...

Original poster
NotAnOtter · 14/01/2007 00:03

are prices rising round you jaja?

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handlemecarefully · 14/01/2007 00:04

That was to Notanotter....

Jaja's - I sympathise, I really do!

Original poster
NotAnOtter · 14/01/2007 00:04

we are late 30;s - i think its now or never and the only way is to borrow more

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handlemecarefully · 14/01/2007 00:05

Is your household income likely to increase Notanotter?

jajas · 14/01/2007 00:05

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JanH · 14/01/2007 00:07

After 20 years of much robbing Peter to pay Paul (and being lucky with flotations a couple of times; and inheriting from a parent when the is embarrassingly moderated by the [phew]) we are down to the last £3K of ours which will be paid off next October.

Our house is only worth a max of £200K but the idea of no more payments (at least until we borrow some more for improvements, eg to stop the roof caving in ) is such a relief. Hang in there, guys

Original poster
NotAnOtter · 14/01/2007 00:08

not here - naff all !
here and altrincham cheshire highet prices outside south east! grrrrrrrrrr

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