If you’re in your 40s, how big is your mortgage?

[MultipleMum5]

I’m nearing 40 and mine is the largest it’s ever been. Thinking of remortgaging in a few years to get the rest of the house done.

How big is yours? And is it harder to get the loan once you’re a bit, ahem, older?

We moved in 2019. Both aged 42. Our mortgage is 380,000. I think it's 30 years. I think they allowed that as we had a business we could sell in the future. We were self employed plus my pt salary at the time. We went through a broker to find ours as our main income was based on our business. We have a mortgage with a lender most people won't have heard of.

Slightly terrifying now as we have no business left thanks to covid and although we can still meet the mortgage payments our income has halved.

We paid ours off last year, we were in this house 18 years and had remortgaged twice for 2 extensions over that period. But we had also done them"living on baked beans" thing in the last recession so as not reduce the payments when interest rates were cut - which took 7 years off the overall term.

Both 41. 28.5 years left (its paid off the month I turn 70). I'm not sure about exact balance but estimate its around £255,000.

We have been paying a mortgage for 16 years though, arrrggghhh!

Single parent, £95k

Currently zero, but about to embark on buying a holiday home.

There's so many variables that it's a meaningless question.

Ours is tiny and (more than) fully offset, but few Mumsnetters would consider our house appropriately located, sized or fitted out so would need to take out a much bigger mortgage to get a bigger house in a better area with a more desirable quality of kitchen/bathroom etc.

You just have to do what is best for you. On age, I think they want you to have the mortgage paid off by retirement age, but that might not be a given if you have good pension arrangements.

For example if you're expecting a guaranteed income in retirement, plus possibly a lump sum, you're in a better position than many working people who are relying on their salary to pay the mortgage.

Single person, £85k. 16 years left to pay - I’m 49. Half inherited and bought a sibling out of their half as they needed the money and the property needed a lot of work that they couldn’t afford to share the costs of. It’s actually too big for me, and the council tax is £200 a month even with single person discount, so plan to finish renovating, sell and downsize in a couple of years.

70K left to pay over 7 years. Mid 40's

You can negotiate a mortgage with a bespoke duration (so less than 20 or 25 years). I usually do this when I remortgage (which I do every couple of years) and always aim for > 15 years on a decreasing basis. It means higher payments but paid off sooner obvs. So next remortgage will probably do a 10 year time horizon.

Sorry I meant < 15 years

48. 450k because we released a shitload of equity to buy a second property in the place we really want to live.

House will be sold and downsized when the children are gone, so I don’t think too much about the mortgage. We effectively have two properties worth a combined £1.1m but a mortgage of 450.

How big is yours op?

We are both 48 and have an outstanding mortgage of £20k, fully offset. We took out a 20yr term and have overpaid as much as possible. We have made sacrificies to do this though.

Outstanding around £200k, which is around 10% of current market value.

We are mid 40s. We paid ours off last year when we moved from the south to the midlands. Our outstanding mortgage was (approx) 200k, with the same in equity. We sold up and used the equity to buy a much cheaper but similar sized house 120 miles further north. We couldn't get a mortgage as I'd lost my job and dh had to leave his to move.

So our mortgage is zero now, but out income is less than our outgoings and we have virtually no pension so we just have different worries now! I'd consider getting another mortgage in future if our circumstances improve. Slightly different experience to the majority I should think.

I’m late 40s and have no mortgage.
I started my first mortgage in 2000 and moved in 2003 which increased my mortgage. However, I kept the term at the 22 years it decreased to. Did lots of over-paying and cleared it in 2013. Have not had one since and still live in the modest house bought previously.

All of this is due to desire to retire early in mid 50s. Being mortgage free is a big factor in determining date of retirement.

If we hadn’t moved and upsized the house considerably we’d have paid it off…..

However we’ve moved to a really expensive area and the footprint of the house is twice the size so just taken on a huge mortgage (400k) for the next 25 years.

We are 41 and 42 and our mortgage is 103k. The LTV is 60%. We are about to borrow another 10k to do an additional bathroom, porch and do the drive and front. I think our mortgage is quite low compared to a lot of people's so I'm not worried about doing this and it should add at least the same value.

We paid ours off last year when we moved from the south to the midlands. Our outstanding mortgage was (approx) 200k, with the same in equity. We sold up and used the equity to buy a much cheaper but similar sized house 120 miles further north.

I don't get this - if you used the £200k equity to pay off your £200k mortgage, how could you also use it to buy a new house?

I'm 50 😱 and my mortgage is £99,000. I think it's got 16 years left. 😅

Mine bigger than any mentioned so far ☹️

Albert, I think they sold the house for £400k, but they owed £200k, so paid that off and had £200k left to buy a property with.
Their house had £200k equity in it and £200k still on the mortgage. I think that's right.

Out of interest, to those of you with large mortgages and lots of years remaining, do you plan to keep working and pay off at the end point if the mortgage, or do you have another plan to pay off early......either by selling up and downsizing, or through some other funding that you're expecting?

Just wondering if these long term mortgages mean people expect to work until their late 60s/70s, or it's a temporary thing.

Ours is £250k with the same again in equity. Only recently got on the property ladder. But we’re planning to move somewhere cheaper and shrink the mortgage, I hate it – when combined with childcare it feels relentless.