Page 4 | If you’re in your 40s, how big is your mortgage?

MultipleMum5 · 2021-10-07T07:44:52+00:00

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?

Cameleongirl · 07/10/2021 15:04

47 and we owe about £140K, which is about 40% of its value We have to pay property taxes here in the US and they're high, so it's about £1,300 pcm total. We refinanced last year at about 2.5% though so not paying much interest.

The plan is to downsize in a few years as it'll be too big once the DC are in their 20's.

MrsBobDylan · 07/10/2021 15:16

I am 48 and have 103k left on our mortgage. Just had an offer accepted on a flat which will mean we are mortgage free once our house is sold.

It feels great to finally be in a position where we can save and won't be sinking financially 2 days after payday every month.

amyboo · 07/10/2021 15:28

Early 40s, Just over €200k, which is about 1/3 of the property value. Repayments €1800 a month. Mortgage rate is fixed at a very low rate of 1.75% for the next 12 years though (that's a thing in the country where I live).

uggmum · 07/10/2021 15:30

Mine is £120k. Costs me £100 pm
House is worth around £260k. (In Yorkshire where you get a fair bit of house for the money)

I have a share portfolio to use to repay the balance. My dividends are around £2500 pa. So it's not cost effective for me to sell any of the shares at present and repay any of the balance as I am running on a profit.

NisekoWhistler · 07/10/2021 18:44

Early 40s and just shy of 7 figures left to pay, this is depressing reading

buttermutt · 07/10/2021 18:49

i'm in London & most people I know have the biggest mortgage in their 40s

buttermutt · 07/10/2021 18:51

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.

Yes this often get overlooked.

Sparechange · 07/10/2021 18:52

Just turned 40 and the actual outstanding balance is huge, but the payment is around 30% of our take home pay, and we’ve got around 50% LTV so it feels affordable
The total balance is around 2.5x joint incomes now. It’s been as high as 5x when we bought our first house together

With overpayments, it will be paid off in 10 years which means one or both of us will be able to semi-retire not long afterwards

Loudestcat14 · 07/10/2021 18:53

Ours is 200k and we pay 1k a month. We only bought the house in our mid-40s – we were in a flat before that –but we have a LOT of equity – about £700k. Crazy London prices for you.

TheShades · 07/10/2021 18:59

40 and 47

£195k (including £45k recently added for renovations) with 20 years left to go, paying £930/month.

That's under 20% of our take home pay and we have almost £500k equity at the current (ridiculous) prices so we're very relaxed about it.

We're currently trying to boost our savings with a view to moving in the next year or 2 but we wouldn't be comfortable borrowing more and once we've moved I think we will aim to overpay.

oreo2020 · 07/10/2021 19:05

I am 43, my mortgage is 60k on 380k house.
I am about to increase to 250k in order to buy a 500k house (plus improvements).

Starting to think it's really stupid idea as my mortgage payments would be the same (950pm) but my mortgage term would increase from 5 years to 25 years. I'd overpay of course, but still......

NeverHomeAlone · 07/10/2021 19:50

I'm in my 30's, DH is coming up on 40 though.

We owe just under 3x our combined salary over 25 years. I would really like to have the mortgage paid off in our 50s if at all possible. For me it's about balance though, I wouldn't want to throw every spare penny at the mortgage at the cost of family days out and holidays.

LadyTiredWinterBottom2 · 07/10/2021 20:35

We have £77k but we are overpaying by double so it will be gone in 4-5 years. Thought about moving last year but decided against having a mortgage until we are in our 60s.

Alpacinoshoohaa · 07/10/2021 20:49

I must say I Csnt get my head around the equity issue.

So we have about 450 equity in our house and about 50 grand left on the mortgage.

I'd like to move to similar size house, very marginally larger in that I want at least two loos! However... We would need another 200 grand)mortgage which would be quite large out going for us? About 600 a month currently we pay 200 ish.

How do people do it? We don't have fancy holiday, would never dream of buying a package, always DIY budget.
We hardly eat out, we have the odd take away.
We don't have car loans or any loans I don't understand how people afford more.
I pay for dc to have tutors as they have sen.

Alpacinoshoohaa · 07/10/2021 20:49

I often wonder if I'm missing something...

Indoctro · 07/10/2021 20:53

42 and it was £310,000 but we paid it off recently.

CovidCorvid · 07/10/2021 20:58

7k I think. It’s about £100 a month.

Jmaho · 07/10/2021 22:01

@Alpacinoshoohaa

I must say I Csnt get my head around the equity issue.

So we have about 450 equity in our house and about 50 grand left on the mortgage.

I'd like to move to similar size house, very marginally larger in that I want at least two loos! However... We would need another 200 grand)mortgage which would be quite large out going for us? About 600 a month currently we pay 200 ish.

How do people do it? We don't have fancy holiday, would never dream of buying a package, always DIY budget.
We hardly eat out, we have the odd take away.
We don't have car loans or any loans I don't understand how people afford more.
I pay for dc to have tutors as they have sen.

£600 is a pretty small mortgage to be honest. When I think of it in terms of rent you could possibly just about rent a one bed flat near me for that but it would be a struggle. I guess it depends on your income. We don't earn a huge amount, not by mumsnet standards anyway but our mortgage is just over £900 a month and is very manageable. What would £600 a month be for you in terms of a percentage of your monthly income?

Original poster

MultipleMum5 · 07/10/2021 22:04

Thanks all for your replies- v interesting reading!

Ours is currently £205k, we have around £120k equity...

OP posts:

Hoolihan · 07/10/2021 22:06

Ours is £65k, £360 a month. We were actually mortgage free for a while when we bought the house but then took out a loan to get work done. We don't overpay but this thread is making me think we probably should. It would be great to clear it.

Shouldbeworkingnotreadingtalk · 07/10/2021 22:08

Hubbie is 60. Mortgage free. House is £1.1m. SE though, just got lucky snd bought in the 1990's. My kids stand no chance of getting on the housing ladder unless I croak it.

Iamsodonewith2020 · 07/10/2021 22:30

£300k mortgage but 2 properties worth over £1m

tunnocksreturns2019 · 07/10/2021 23:06

Mortgage free since my DH died aged 37

whattodo2019 · 07/10/2021 23:12

47yrs old £135K mortgage with £440K equity

Cameleongirl · 08/10/2021 01:06

I always thought I'd want to pay off my mortgage ASAP but where we live, mortgage interest on your primary residence can be deducted from your taxes...so it right now it makes more financial sense to keep the mortgage for longer!

If that deduction ever goes away, we'll pay the mortgage off as quickly as possible, but right now it's better not to.