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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!

OP posts:
hunkermunker · 15/01/2007 00:01

PMSL - I don't care! It doesn't look like it's a DFS one, if that helps - it hasn't got barber poles up the arms or a massive carved wooden plinthy bit underneath - it's just squashy and red.

It's also pretty old and will go on freecycle when we're done with it - probably when the children can be trusted not to wipe yoghurt on it, Expat So about 15 years time, maybe, if I'm lucky

hunkermunker · 15/01/2007 00:02

Too late, JP - I made an offer on that one earlier.

28p. Do you think they'll accept?

jampots · 15/01/2007 00:03

nahhh ive already bid 4.50 you got no chance girlie

jampots · 15/01/2007 00:04

actually having looked at it why didnt i win teh lottery this week????

hunkermunker · 15/01/2007 00:05

Can you imagine if it was one of those how low auctions where you bid the lowest unique amount and win something amazing for next to nothing?

jampots · 15/01/2007 00:06

ooh stop fuelling my fantasies hunker

Original poster
NotAnOtter · 15/01/2007 00:08

its bloody nice - (looks good value to me (not to say not pricey but a lot for your ££££'s)

OP posts:
jampots · 15/01/2007 00:09

obviously am not really buying it - i have no money i am a pauper

sunnywong · 15/01/2007 00:13

we will have no mortgage on the place we live in (extenstion and small house built in MIL's property built for cash) but then we wil have no equity - is that what you grown up people call it) and we have resigned ourselves to the fact that we will never own the place we live in until MIL carks it and we can build a proper house on half the block that DH will inherit.

So, living like bludgers for the moment, but it frees us up to buy an investment property and for dh's business to buy their own premises eventually.

VeniVidiVickiQV · 15/01/2007 00:16

I had never noticed your ceiling hunker, but I shall look next time .....

jampots · 15/01/2007 00:17

hey vvvqv leave hunkers house alone - you said enough avbout it last week

which reminds me = hunker did you get all your work done?

blossomsmine · 15/01/2007 00:17

We can't get a mortgage even though we are both working, have 3 kids and no sign of anymore money! Get a bit jealous of people owning more than one house and we would just like to be able to afford one small one.

hunkermunker · 15/01/2007 00:27

No, not yet, Jammy - came back here when DS1 was at preschool on Thursday though and slaved for two hours, then dashed back to get him - have Tuesday off work and will do the same while the boys are at MIL's.

We're having it valued on Friday, so I have a deadline! [terror]

VeniVidiVickiQV · 15/01/2007 00:28
hunkermunker · 15/01/2007 00:29
eidsvold · 15/01/2007 02:48

we have a small mortgage by aussie standards - about 2x dh's annual salary. It means I am able to stay at home with the dds and the babe due to come. We are able to get away a couple of times a year - no amazing o/seas holidays but fab holidays anyway. We were also able to take out a small personal loan to buy a good car - just a couple of years old.... so we are doing okay.

Had we stayed where we were in the UK and bought the equivalent of where we were renting - then we both would have had to work just to afford the mortgage.

OliveMumsnet · 15/01/2007 09:06

We have all Mumsnetters details on a big file in our swanky computers

And Xenia lives in a council flat in Dagenham

Original poster
NotAnOtter · 15/01/2007 10:06

just as i suspected!

OP posts:
Cloudhopper · 15/01/2007 10:12

Is it 5 or 6 times joint earnings or one income? The reason I ask is that even 6 years ago it was commonplace to be offered 4 times one salary - it was just joint incomes they didn't allow higher multiples than 2.5/3 on.

I would hesitate to go for 5 or 6 times joint earnings, but would feel more comfortable with 5 or 6 times one salary, because you may then have the flexibility to go back to work if necessary.

If your joint income is below about 60-70k, I wouldn't do it, because just living will take a huge chunk out of your earnings. But if you take home 100k plus, which it looks like you might, then clearly you are in a different affordability bracket. The fixed expenses of running a household (council tax, energy bills etc) take out a much smaller % of your income.

I can't be bothered to change my name to say what out mortgage is, but it is over 100k and less than 200k.

Original poster
NotAnOtter · 15/01/2007 10:13

cloud - you speak sense!

OP posts:
bettythebuilder · 15/01/2007 10:14

y'know that big house jampots linked to... What the 'ecky thump is a "Jack and Jill shower" when it's at home??
(slippy floor giving opportunity to fall over and break ones crown, perhaps?)

Original poster
NotAnOtter · 15/01/2007 10:15

lol ! I think its accessed by two rooms - kind of ensuite from 2 bedrooms

OP posts:
Judy1234 · 15/01/2007 10:16

cloud h is right. Someone might choose to spend 100% of that portion of their earnings over £100k on the mortgage whereas anyone earning less would starve if they did. Just like some women go back to work and use 100% of their net salary on school fees.

bettythebuilder · 15/01/2007 10:17

Oh!! that makes sense..two doors, two locks sort of thing. Never heard it called that before.

saltire · 15/01/2007 10:18

I'm wondering if i have one of the smallest mortgages on here. We live in an MQ, so rent ours out. We have a mortgage for £29,500.
The house was £31,000 13 years ago, we have never had it revalued, so not sure how much it's worth, but similar houses in area have gone for £90,000.