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?

DH and I had progressively larger mortgages for about 20yrs prior to that. Never longer terms than 25yrs. We paid our last one down early when a business we part-owned sold.

56k left on mortgage.

I've got about £80k left - but I hope to move to a nicer house/new area in my early fifties so plan to borrow more then. I know that living somewhere I really love will give me more pleasure than being mortgage free.

We've just taken out a mortgage for a house we've bought (mid 40s and early 50s). Mortgage is for £475k, over 14 years. With max overpayments for the initial fixed term of 2 years plus savings, we should be able to clear it in 30 months. 🤞

@WombatChocolate

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.

I plan to keep working til my late 60s - my pension won't kick in til then so I won't have much of a choice! I imagine I may not be full time though. I think that although early retirement has been quite common in the last 20/30 years, for our generation it will only be possible for a very small minority of high earners and the super frugal. I am neither!

£30k with an LTV of 7.5%. We are late 40s and have been overpaying for years.

I’m hoping to either downsize or possibly just work a lot less as my mortgage payments will have been massively reduced by inflation over the next 20 years. I have enough quite now (at 40 ish) to buy a house outright if I moved somewhere cheaper. Who knows what’s round the corner though?

We are both in our 40’s. We bought our house in 1999 and paid off the mortgage in 2004. It was a private mortgage as dh’s family knew the owners. We’ve been extremely lucky to not have any debt since.

330k here, wish it was lower! We moved to a substantially bigger and more expensive house aged 40, it was worth it but I hate having such a large outstanding debt. Even making large overpayments it feels relentless.

Dublin - mortgage €430k. LTV 60%. Age 48. 16 years left 😳

@ShipwreckSunset

330k here, wish it was lower! We moved to a substantially bigger and more expensive house aged 40, it was worth it but I hate having such a large outstanding debt. Even making large overpayments it feels relentless.

At the risk of sounding like a Viz Top Tip (remember them?) you can simply lower your mortgage by living in a smaller house in a cheaper area .

Paid ours off by 45.

Your just going to get a bragging thread, OP

I'm early 40s (H is older) and we have about £150k left. It will be paid off in 5 years.

@fuckyouRW
That's impressive you guys are planning to clear it in 30 months! Without any interest, that is approximately 16K/month. Can you please share some tips, or do you simply earn a very decent salary?

Late 40s, £92K.
Which just reminds me that my first mortgage when I was 27 was £92K.
So yes, I’m in a house now not a flat, but I do have moment of, “uh? How come I still owe the same amount?!”

I don’t overpay because for me, pension savings are looking like the better decision.

I have 17 years to pay, but intend to either pay it off from pension lump sum when I retire (early, hopefully) or just continue to pay it monthly - whatever makes sense at the time.

43 and zero. But we’re now looking at buying a bigger house. Expect mortgage to be in the region of £300k.

We’ve paid ours off but have a small house so little capital.

I don’t understand why people buy a bigger house in their forties. Our dc have left home and we don’t need the space now. What’s the point?

Op not sure about it being harder to get a loan on account of just being older. Older usually means higher income which helps. But imm sure how many years you have left before you plan to retire comes into it.

@backoffice

We’ve paid ours off but have a small house so little capital.

I don’t understand why people buy a bigger house in their forties. Our dc have left home and we don’t need the space now. What’s the point?

Because our kids are young and we need more space as they grow?!!

Agree if they’d left home that upsizing would be odd.

I’m 41 and ours is £90k. LTV is 15% so we have a good chunk of equity. Repayments are a very manageable 12% of our income and we overpay as much as possible. We are undecided between aiming for being mortgage free in 5 years or buying a much bigger house and taking on a £200-300k mortgage.

@backoffice

We’ve paid ours off but have a small house so little capital.

I don’t understand why people buy a bigger house in their forties. Our dc have left home and we don’t need the space now. What’s the point?

Fancy a change ? Don't want to grow old in current house ? Loads of reasons and still being young in your 40's is a good time to make the move.

Ours is about £200k but we have about £700k equity. We are early 50’s and could sell and retire at 55 if we downsize or move to a different area… we have really great schools here though so undecided.

Our DD is 9 so it doesn’t follow everyone in their 40’s have older children.

Well yes, but we like the area and kids are settled in good schools. I don’t regret the move, but I think I was more engaged with work when we moved whereas now I have more retirement considerations! Like others, we moved with young kids at 40 for more space.