How much is your mortgage?

[Birchwoods]

How much is your total amount owed and what are your monthly payments?

I know the answers will vary hugely but I’m curious as to what other people pay.

Our outstanding amount is £275k and we pay around £1600 per month.

I’m just being nosy, but is this manageable for you? I’m the high earner, DH is a civil servant, we have one DD in a private prep and my God I haven’t been this cash strapped since I was a student! Not helped by fact that our house is a project/derelict and needs about a £250k to make it naaice.

Makes me feel better 😂

Really interesting to see such a huge mix of payments here. We have £65k left and we’re paying £635 a month — it’s starting to look like a v expensive mortgage compared to some of the others on here.

£65000 and £280 pm

Our net monthly income is around £11k at the moment but that is split £7k/£4k so if the higher earner situation changed significantly you better believe it wouldn’t be manageable any more! Though there’s a lot of equity so we’d down size if push came to shove.

Yes! Investments outstrip mortgage rates and while that the case we won’t overpay on our mortgage. I totally get the desire to be mortgage free but I’m really surprised by how many people are overpaying!

I may be having to be in this situation soon

its devastating as im unable to work becasue he sent me round the twist and I went into psychosis

Our net monthly is at just over £10k. An extra £1k a month would make the world of difference! I take home 50% of my gross income so that would be mean a chunky pay rise.

£118k left- pay £820 a month.

we pay 2746 monthly. There's only 7880 left to pay. We are mid-late 40s.

£1.2 million owing on a £2million house
Pay £2k a month but have shares and investments which means we should pay it off in just over 2 years.

£321k left over ~25 years. Pay £1675 per month

Is the interest more than what it would cost for your account if you paid the mortgage off? It could be a false economy! You may save more by making an early repayment.

330, 000, £1166 a month.

£20k just knocked off 2-3 years off term when remortgaged last year. Did three year fixed over five years but will pay off within three year fixed period. Payment £490 plus £430 monthly over payment. Might pay off bulk of it sooner than three years but just need to be careful not to recur early redemption charges.

I'm so excited for you!!! Will you retire early?

I am quite pleased myself, will be nice to have the extra money. But no, no plans to retire any time soon.

500,000, pay £2900 a month

£0 mortgage left having paid it off last summer. Contemplated moving last year but we live in an expensive part of the country & to get what we would want would be a mortgage of £400-£500k and I’d rather have more disposable income than a mortgage to 65. We are both 45.

I will probably throw more money at it in a couple of months when I have lifesaving surgery abroad. My private health insurance company is paying for it but I need to cover the costs upfront myself first.

Sorry, I wasn't clear. I don't want to increase my term. It'll be paid just before 60, which is what I want.

What i was asking is why I pay so much for a £51k mortgage when others have waaaaay more & are paying similar.

I just don't understand mortgages, clearly, or pensions for that matter (discussing tonight that I'll need to get my head around it).

39k left and we pay £230 a month. We are on 1.24%, unheard of now! Our five year fix only has a year left on it, however.

695k left
3.1k pcm
Billlions of years left to go
We are 38

Thanks @EllaBob and @BellesAndGraces for making me feel less bad!

I know. Particularly those who took a long fix in 2021 before rates rose. That's like winning the lottery and burning the ticket.

Few points on this:

• Psychological safety of owning one’s home outright has value
• Having no commitment to long term debt management brings freedom of choice
• When rates were low returns were lower. People over leveraged so got trapped in bad financial situations with mortgages. Overpaying early would have avoided some of those pitfalls.

Mortgage free at 33 - home valued £700k. Not valued in net worth as we will always need somewhere to live.

Finnacially I’d be better off investing all that money in a high return tracker and renting. But I wouldn’t be better off in general.