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Original poster

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

133 replies

MultipleMum5 · 07/10/2021 08:44

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?

OP posts:
Iwannabeadog · 07/10/2021 08:48

I am 47 and ours is currently about £700/month but will be paid off in about 2 years. However we live in a pretty small terrace and have chosen to be mortgage free over another move.

WhatsAppening · 07/10/2021 08:49

£375k. £1700pm.

It pains me. But we have a gorgeous house with about £200k equity and we can afford the repayments, although it’s about the same amount I earn a month 😬 so if DH fucks off I’d have no chance of keeping the house (he’s not likely to).

FAQs · 07/10/2021 08:51

On my own and have £105k to go but once my daughter is settled I’ll downsize and hopefully reduce to around £30k

Konyeshno · 07/10/2021 08:53

I'm 49 next week yikes and like Wanna, ours was about £650 a month until we downsized in February and are now mortgage free. Our kids are teenagers and will soon be out in the world. We probably made the move a few years too soon, but fell in love with a unique house and the opportunity wouldn't have arisen agin.

magicstar1 · 07/10/2021 08:56

€174k costing €993 per month. Right now we have about €220k in equity, but that because the prices are ridiculous. A similar house to ours just sold for €395k and we paid €270k six years ago.

SuperLoudPoppingAction · 07/10/2021 08:57

Currently 84k and 830 quid a month. The high payments are because of being
Ahem
Older.

They will usually lend until you reach retirement age unless you can prove a beautiful whacking great pension to keep the payments up in your late sixties and seventies.

On the plus side, higher payments means lower interest paid overall

BorlandRd · 07/10/2021 08:59

Me and DH are both 43 and we just took out at £365k mortgage. We got a low interest fixed rate 5 year mortgage and the payments are £1311 per month. Bit of a shock to the system as we have massively upsized and our old mortgage was £440 per month! We didn't have any problems getting the mortgage, if you need a recommendation for a mortgage broker let me know :)

AliasGrape · 07/10/2021 09:00

42 and 44 here. Mortgage free thanks to DH mainly, before he met me he was a real saver and spent very little, mostly choosing to overpay on the mortgage instead. When I moved in we were able to overpay by more, then he got an inheritance which combined with my own savings allowed us to pay it off. Recognise we’ve been hugely lucky (me in particular as, as I say it was DH’s house and hard work in the first place.

That said, it’s a bit of a crappy house, a small 2 bed terrace in desperate need of a facelift which keeps getting put off whilst we go round in an endless loop of whether to move and take on another small mortgage to get something bigger now we have DD, or whether to spend money on doing up the house we have. We go round in circles and do neither it seems.

TheCategoryIs · 07/10/2021 09:03

About £150k (London so just a two bed flat!) which is £877 a month. Was £250k six years ago so we are working hard on getting it down.

eurochick · 07/10/2021 09:07

We could have been mortgage free but have just moved at 45/46. We plan to overpay and clear it ASAP.

Howshouldibehave · 07/10/2021 09:09

I’m 45 and we have £45000 left on it. We are overpaying as well (should be £500, but we pay more). House is worth about £500,000 (bought for £180k many years ago).

I’d rather pay it off than borrow more and extend the house.

Jmaho · 07/10/2021 09:14

We are 41 and mortgage is £210k outstanding at £910 a month. 21 years left to go. Rate is now fixed for 5 years at less than 1%.
Have near to £200k ish equity
I work in mortgages no problem with you going up to retirement age. No problem going passed retirement age actually as long as you can prove you pay into a pension and retirement is more than 10 years away.

blackfriars · 07/10/2021 09:20

Circa £850k and payments £3350 a month. I would guess there’s about £300 equity in it, but that’s a guess as we’ve done a bit of work on the house since buying.

Malin52 · 07/10/2021 09:22

Just under $2m NZD

Confused
Atla · 07/10/2021 09:23

It's about 48k and we pay around 300 pcm. Next year we will probably re mortgage to get kitchen and bathrooms refitted and then look to move in a few years time - I don't think we will be here forever by any means.

Atla · 07/10/2021 09:24

We were lucky buying as the market was low and we had a big deposit due to inheritance, we live in a cheaper part of the UK also.

Elephantsbreath9 · 07/10/2021 09:25

Our mortgage is about £475k. It feels big! But we have about £400k equity in it.

AlexaShutUp · 07/10/2021 09:27

I'm 48, and we paid ours off around 3 years ago.

Snowdropsandbluebells · 07/10/2021 09:32

We have about 90,000 left. Its beautiful detached we will never move. We basically bought it cheaper than market value and did years of work.
I bought my first home in a really dirt cheap area at 23 and worked as the Teacher and in part time jobs.
We are in early 40s.

middleager · 07/10/2021 09:39

48 and 47.
14 years/£117k left on mortgage = £725 per month.
House worth around £400k so hopefully just under £300k of equity at current prices.

We moved for school five years ago and regret it. Our old mortgage would have been cleared and I loved that house. This matters as I want to leave my job and go freelance, but mortgage commitment worries me.
Might downsize in a few years.

mrsm43s · 07/10/2021 09:43

I'm late 40s, and we paid ours off about a decade ago (through overpayments, rather than inheritance etc).

We've spent our surplus money sending the children to private school, but they are due to leave in the next year or so, so at that point we'll probably remortgage to extend as we'll have a lot more disposable income.

Having the mortgage paid off has been the most important factor in our financial security for the last few years, and we wouldn't have considered embarking on the commitment of school fees without it. That said, we are still in a relatively modest home, where as many of our peers have moved up the property ladder into much more expensive homes, with the large mortgage that goes alongside.

Marmite27 · 07/10/2021 09:43

Early 40’s. About £68k. £420 a month.

iloverainandrainbows · 07/10/2021 09:47

I'm sure I've just answered this thread! Have you posted it twice??

HarrisMcCoo · 07/10/2021 09:59

Luckily mortgage free. For several years now.

lazyakita · 07/10/2021 10:27

@blackfriars

Circa £850k and payments £3350 a month. I would guess there’s about £300 equity in it, but that’s a guess as we’ve done a bit of work on the house since buying.
We are similar. Our mortgage is about 630k with about 550k equity. We're both early 40s. The amount is a bit daunting but we will do our best to pay it off early. Currently on a 22 year term.