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?

About 150k and paying about £550 a month. About to pay it off as sadly inherited money. Going to keep a small mortgage "just in case"

We've just remortgaged to add an extension so it's around £350k. have masses of equity in it though. We're mid 40s. no problem with age getting mortgage.

Late 30s here both of us. £370k left on our mortgage but equity in the house is about £350k. I was actually looking at Rightmove earlier to see what we could afford if we sold up and bought mortgage-free! But we love our house and will probably be here for next 10-15 years at least.

We are mid 40s and owe about £200k to with around £650k equity.

We have a 5 year fix and fully over pay every year.

My parents are scandalised but I do love our house and life. We earn around £120k, one child, no childcare costs.

about £37k (340pcm) thanks to inheritances on my DHs side. We could halve it but DH insists on keeping some in the bank.

We dont earn a lot so its nice to have a low mortgage. House is ok but needs some work. If we didnt have free wood and a log burner we wouldnt have any heating.

41 and owe 87k. We pay 1k a month (overpay by £250) and should be paid off in 8 years or so.

41. About £80k left, £720k equity, mortgage is currently about 13% of our income / month. We could overpay but there’s no need while rates are so low, our money works far harder in pensions.

Paid off

£1100, 2 years to run before paid off. Freedom!

£280 k, 970 a month. It's just me on my own and when the kids turn 18 I will have to sell the house and downsize so I'm sincerely hoping the marker doesn't dramatically crash between then and now as I will be screwed.

Nap1983 Thu 07-Oct-21 11:01:41
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…

I completely agree! I've lived in London, but I'm now in Scotland. Our house is 5 beds, right on the seafront. You can see Edinburgh from our windows. Haven't had it valued recently, but I'd estimate it at around £280k, whereas in London it would be well over £1m.

I divorced 10 years ago so had to remortgage buy him out and start all over again. I have around 230,000 left and pay 1800 a month.

But I have around 1million in equity.

I plan on selling in 5 years and clearing the rest of the mortgage then and returning to the UK (currently in Europe).

@ILoveJamaica

*Nap1983 Thu 07-Oct-21 11:01:41 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…*

I completely agree! I've lived in London, but I'm now in Scotland. Our house is 5 beds, right on the seafront. You can see Edinburgh from our windows. Haven't had it valued recently, but I'd estimate it at around £280k, whereas in London it would be well over £1m.

But move that house into Edinburgh and it will be on par with London.

We have 500k mortgage left, around 500 in equity. We'll downplay now we are not paying childcare fees

Mid 40s - would love a mortgage but not sure I will ever get one or a chance to buy own home.
Facing the reality of paying high rent indefinitely 😩

I'm 43 and have about £50k to pay and our mortgage is £280 a month on a 3 bed extended semi .

@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…

There are a million and one reasons why living in London is great and very attractive to lots of people. Making a million+ in equity on their homes is one of them.

However, this isn’t a thread for London bashing.

I am 44 and have around 160k left on mine pay just shy of 600 a month but over 30 years I think. This is because I divorced 5 years ago and had to start again solo. I will be well into retirement age if I stay here but I won't. Got married last year and dh also has a house with a mortgage so around retirement age we will sell both and downsize to also leave us a retirement pot. I have around 220k equity in mine atm and dh around 60k.

39 and have 280k left on a 20 year. As we earn more, we remortgage at a lower time so hopefully we won't have 20 years left. Bought our house for £415k in 2019 and our NDN's house which is similar but smaller, has just sold for £495k.

Hardly London bashing… more a statement..

@BorlandRd didn’t read my previous comment contributing then…

45 (single). Mortgage of £170k, monthly payments £770. Equity around £400k. Will downsize when kids are older as have next to nothing pension wise

I paid mine off, was £90k when I was 46 by downsizing.

Oh and I'm 50 now.

Recently divorced, so that's skewed things but I'm early 40s and owe about x2 annual salary still. It's about 1/3 of my take home pay in mortgage payments every month, which is a lot but then I can't really move and it's just about affordable.

About 150k but will be increasing to about 300k next year.