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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:
FrownedUpon · 07/10/2021 10:29

40k left. Will be paid off in next couple of years. I wouldn’t want to take out a big mortgage or add to this one at this stage. We both want to retire early though.

3luckystars · 07/10/2021 10:34

@Jmaho handy that you work in mortgages, I’d say you have a few interesting stories! Has anyone ever totally shocked you with a request?

itbemay1 · 07/10/2021 10:37

46 & 52 £180k left around £400k equity but looking to remortgage for an extension

Mintine · 07/10/2021 10:38

Just took on larger mortgage we’ve ever had, I’m 49 , DH is 50.Mortgage is 228k, payments for £1386, but will over pay quite a bit to pay if off in 9 years, rather than the 15 it’s over.. we’ve put down £152k deposit and have held back a bit to spend on it, as it’s needs work. DH has done a lot of diy over the years, so at least he’s got some skills to save us money.
We both love the house, we’re making some great discoveries, original shutters, stone floors, all sorts. So, don’t regret it.
We were supposed to be buying a chapel, which would have been cheaper, but the vendor pulled out, so this is a great second, not moved in yet, still in rental. We will move in neck month, when we’ve moved some of the crap and muck out.

Coriandersucks · 07/10/2021 10:40

How big is yours op?

TurquoiseDress · 07/10/2021 10:50

We are early 40s and our mortgage is 295k

Just over £1300/month payment

This is for a 2 bedroom split level maisonette, we have 2 young children

We are in SE London which explains the above figures!

Now currently looking to upsize but I'm getting the wobbles by looking at the economy, inflation & utility bills going up, crazy asking prices compared with even 6 months ago.

DH is v keen, I just don't know...in some ways we should just go for it, we're in the area we want to be in, DC at a wonderful state primary.

Looking to increase our mortgage up to £375 however looking at the potential monthly payments are giving me palpitations!

HarebrightCedarmoon · 07/10/2021 10:52

About £150,000, should have paid it off by the time I'm 55.

Silkieschickens · 07/10/2021 10:52

Paid off now

HarebrightCedarmoon · 07/10/2021 10:53

Equity about £500,000.

elizabethdraper · 07/10/2021 10:53

900€
about 70k left

Nap1983 · 07/10/2021 10:55

I’m 38. We owe 50k on ours and have chosen to stay in our current house extend rather than move to a bigger/newer house. I like my lifestyle and dont want to compromise that for a larger mortgage.

turkishteeth · 07/10/2021 10:57

I pay £6k a month in rent to the bank as it owns 40% of my house. I’m 47 and have absolutely no interest in paying off the capital early. At some point in my dotage I will downsize to a property worth the equity. This is how most people live in London.

Nap1983 · 07/10/2021 11:01

Some of the amounts of rent/ mortgage seem absolutely mental to me, I honestly don’t know how you do it. I have a nice 4 bed house, good schools and area. I’m in Scotland, there is absolutely nothing that would attract me to moving to London…

FloconDeNeige · 07/10/2021 11:06

We are 39 & 40. 1,900 CHF (Swiss Francs) per month. About 480,000 of equity in the property (deposit was 170,000). We also have a house in Provence that we bought cash.

I should say that neither of us come from wealth or have inherited anything! (I went to a comp in B’ham). But being highly qualified ex-pats in Switzerland is lucrative. Nobody ever wants to leave (although I might retire to Pembrokeshire!).

OublietteBravo · 07/10/2021 11:08

We’re both 46. The current mortgage is a little under 2x my salary (or 1x our combined salaries). We don’t currently overpay. But we will once the DC are through school and university (they’re currently 15 and 17). We have 60% equity in the house. I expect to be mortgage-free by the time I’m 60.

Teesdale2622 · 07/10/2021 11:12

49 and 50k left on mortgage, 450k equity. Hope to be mortgage free in 3 years and this will allow dh to go part-time as he hates his job Smile

mafted · 07/10/2021 11:35

I'm 40 and DH is 44, we're mortgage free. Although we're considering buying a property for student DC to live in so may not be for much longer.

Grenlei · 07/10/2021 11:38

Paid off mortgage on house I live in now so currently zero (I'm 49). However in 2-3 years am looking to buy somewhere else and likely to need to take out a 200k mortgage with DP.

Nanananani · 07/10/2021 11:44

Approx equal to 2 years gross salary at 55% LTV. No rush to pay it off certainly at current interest rates so putting what would’ve been overpayments into investments

DevonSunsets · 07/10/2021 12:05

Because crazy prices, at one point every £1K we saved per month houses values were going up £2k, steep rents and having to study to get qualifications to increase our incomes - we were super late to house buying.

In fact we would never have got on the ladder at all as we were being super out paced by the market. Just as we had given up - DH's employer made a massive mistake with a prominent customer. They mistimed a project and accepted a contract for which they had absolutely no capacity to work. They offered a very lucrative O/T rate and bonus to get the job done so as not to suffer a reputational loss. My DH worked every single evening and weekend for nine months solid knowing this was a one time deal and our only chance to get ahead.

Originally our very last mortgage payment is due shortly before we are due to start our state pension.

The mortgage PCM is my whole salary and we reduce the term each time we remortgage and overpay (only a small amount but every little helps) so we are slowly whittling it down.

HarrisMcCoo · 07/10/2021 12:20

@Nap1983

Some of the amounts of rent/ mortgage seem absolutely mental to me, I honestly don’t know how you do it. I have a nice 4 bed house, good schools and area. I’m in Scotland, there is absolutely nothing that would attract me to moving to London…
Same. Air pollution must be horrific there as well...
SparklesAndFlowers · 07/10/2021 12:39

I'm 40, DH early 50s. Mortgage remaining about £100k, monthly payments are £650. I think I have another 15-16 years left, so I should be mortgage-free by my late 50s.

We got lucky with a small mortgage because I had equity from my shared ownership London flat and DH owned a flat in the SE outright. So our deposit was nearly £250k.

BorlandRd · 07/10/2021 12:43

@Nap1983

Some of the amounts of rent/ mortgage seem absolutely mental to me, I honestly don’t know how you do it. I have a nice 4 bed house, good schools and area. I’m in Scotland, there is absolutely nothing that would attract me to moving to London…
What an interesting addition to the discussion!
De88 · 07/10/2021 12:43

My partner is 43 and I'm 38... mortgage is 225k and repayments just over £1000 per month, just got a 5 Yr fixed taking him to retirement age Confused. That doesn't feel comfortable at all. Once youngest gets her free nursery hours we'll start overpaying, and increase that again once she's in school which will take a huge chunk off before we remortgage again!

Bluntness100 · 07/10/2021 12:44

It’s not really how much it is that’s important, it’s more how much is it in line with your earnings and equity in the property.