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?

£300k at 39 and 43. 25 years to go.
But it's 45LTV now. Also it's a large house (5 big bedrooms) and we both have very decent pension pots already so if we do want to retire early then we can downsize / cash in some of our pensions as a lump sum. That said, we both really enjoy our jobs and would probably prefer flexible retirement to early retirement. I'm definitely not counting down the years to retirement!

Age 40, married, 120k to pay over 21 years. May move again before then, would increase the payment but not the term

I'm 41. Mortgage is paid off in full.

Mid 40s. Think there is about 75k left, but I’m married to an older man who wanted to ensure we were mortgage free by the time he is 60.

Just 40. 400k. 19 years left. It was originally 525k. No issue remortgaging recently, but we are now high earners.

Much harder when we first bought a house 10 1/2 years ago. Pregnant with my first. Had only 18 months of accounts (self employed). We were on a really bad deal for 3 years (1/2 interest only) until I could get some accounts under my belt. It was still cheaper then renting (SE).

A few year's ago I got out of a divorce with very little, and started again at age 42 with a 26 year mortgage. It's a bit scary, but it's ok and I'd rather have the mortgage and be happy than be miserable l!

230k but my house is worth about 900k. We don't overpay and we really should.

About £70k, ltv is around 35%. We don't have a huge house and live in the Midlands. Two children 8&4. We might move somewhere bigger when the time feels right. We're 43&44.

Somewhere north of 800k. LTV is just over 50% and have recently taken some money out to do some work. Young kids so not lots of extra cash to pay off, 20 years to run and hope to pay off more in 4-5 years.

Bloody love the house though, commute is great and love the area we are in.

Just 40. £200k on mortgage, house worth around £550k. 24 years left on mortgage as we've just moved. Managed to get a low % mortgage rate fixed for 5 years, so at the moment investing S&S ISA rather than paying off what's effectively a very cheap loan.

£195k with 28 years to go 41 years old. I’m hoping once the kids are both at school we can overpay and get it out the way by 55

Mid 40s Ltv of 25%. We used some of my inheritance to extend so we didn’t have to move (dc are teenagers). £93k left to pay but we are overpaying a lot so hoping to pay it off in next 4-5 years.

@freesolo

A few year's ago I got out of a divorce with very little, and started again at age 42 with a 26 year mortgage. It's a bit scary, but it's ok and I'd rather have the mortgage and be happy than be miserable l!

I'm mid 40s and doing the same thing right now, can't tell you how reassuring it is to read your post!! Well done

I don’t have a mortgage as my late husbands life insurance paid it off. It was £400k on a £1m house. I actually disagree with @WombatChocolate over the risks of taking on a bit mortgage in your late 40’s.

Our plan had always been to take on a bigger mortgage around now. There was never a plan to pay it off. It would be about maximising the increased value in the house. Take on big mortgage, enjoy bigger house and downsize before retirement or when the house felt too big and clear the mortgage that way. The net result is likely a bigger cash pot than saving into a pension.

@MoiraNotRuby it is why I still have a big mortgage too. But zero regrets. Far rather be free of my ex than free of a mortgage.

I'm mid 40's and 0. All by myself too. It's small but in a good location and 100% mine. Not having a massive debt opens up so many options for me without depending on anyone else.

Single mum 62k mortgage but I live in a cheap area for housing, have a 3 bed terraced that cost less than 90k to start with. Have about 20 years to pay on it

I’ve tried to max the overpayments this year (still nowhere near theoretical max we could pay on the terms). Next year I think I’m going to put more of the overpayment into S&S isa as it has more potential to grow faster than the mortgage interest rate.

Reading some of the amounts on here really highlights the disparity in house prices around the country.

75k left to pay and 11 years of we don't overpay. I'm 44 and frankly it would have to be something out of this world to make me take on more debt at this point. I'm. Incredibly risk-averse though.

Same as @Oneforthemoneytwo - we took out a bigger mortgage for a bigger 4 bed detached house when we moved. Our plan is to hopefully have at least £450k in equity once we're aged 50/55, DC will have moved out by then (maybe?!) and we can move to a smaller 2/3 bed house and be mortgage free.

We are also likely to inherit quite well when one set of parents pass away. But we don't like to assume that will be the case - who knows how much care they might need and that could eat all of their assets, along with inheritance tax. Or they could leave it to charity 😁 So we don't factor any of that in to our future plans.

40 with £7k left, should be finished in 7 months but DH and I are both low earners (nurse and postman) and I'm struggling with my health so the plan once it'd paid off is to reduce my hours. My monthly wage will decrease by the same amount as our mortgage payments so we won't see any benefit but it'll be good to have our roof securely over our head. I'm very relieved we prioritised clearing the mortgage all those years ago or I'd be really worried now. It's no joke when you're struggling with disability.