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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:

Agadorsparticus · 08/10/2021 04:41

Currently 0 at 41, in between houses but about to be £120k for a new one for 23yrs, we aim to have it paid off in 10.

FiveGs · 08/10/2021 04:53

40 & 47 here and we have £68k left and pay around £750pcm. Could pay it off in full but money is cheap right now so no urgency to do so. Realise what a lucky position we're in but never over extended ourselves with an expensive property.

careerchangeperhaps · 08/10/2021 05:11

I'm mid 40s. We owe £130k on the mortgage (house is worth £350k ish). We pay £700/month which includes a small overpayment of around £50.

MinnieMountain · 08/10/2021 06:14

Ours is £805 per month. I forget how much we have left but we have an offset mortgage and it’s fully offset against our savings.
We’re 42 and don’t plan on borrowing any more.

Shouldhavebutdidnt · 08/10/2021 06:36

Early 40s, 70k left, 620k equity

Could pay it off now with savings but would have financial penalties due to mortgage contract

Will have paid off by 50, no inheritance but putting all our money into housing

DazzleDrops · 08/10/2021 06:41

Zero, our last two houses were bought outright. Feel very, very fortunate.

FastFood · 08/10/2021 07:06

42, £250k remaining, £1400 a month.
I bought not a long time ago (FTB) and took a 20 years mortgage. I'm saving up for works now but will overpay the mortgage after.

ChaoBella · 08/10/2021 07:30

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

Just wait until the rates go up. Equity can vanish very quickly and be replaced with high repayments.

thedarkling · 08/10/2021 07:43

Just over 400k. I've done the maths on interest rates going up and it's terrifying. But the alternative is selling up and moving up north where we could be mortgage free, but taking lower paid jobs. Not quite in the head space to do that at the moment.

thedarkling · 08/10/2021 07:50

We didn't get on to the ladder until our early thirties as we were in London and had to save up a huge deposit. Flat made around 150k equity in four years so we used that to springboard to a house, but obviously had to increase the mortgage too to get there. I don't know how people do otherwise in the SE unless they bought before the boom and had income from elsewhere (for context when we took on our mortgage we were earning around 140k between us.) I often think I would've been better buying at 22 in my home town and not going to London for a career. Maybe a lot less stress about outgoings anyway.

felulageller · 08/10/2021 08:49

£260k left, chunk of equity, £750pcm

BaconMassive · 08/10/2021 08:53

250k mortgage - £999 a month on a 5 year fix. 4 bed detached.

I'm 41.

HarrisMcCoo · 08/10/2021 12:42

@ChaoBella

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

Just wait until the rates go up. Equity can vanish very quickly and be replaced with high repayments.

Exactly. You're not selling it to me! 😂

FreeBritnee · 08/10/2021 12:46

We are about to move into a larger property so the mortgage payments will stay the same due to equity, but the duration will be longer.

To be fair we will be moving to a much nicer area so I think the pay off will be worth it for the kids long term.

stuckinaGSCEloop · 08/10/2021 12:57

Absolutely stupendous amount, can't bring myself to write it. I'm 43, DH is 46. I'm not a high earner but DH is so it's not particularly high risk and if he were to lose his job / decide he didn't want to do it any more we have a lot of equity in the house and would just downsize, which we plan to do anyway when the DC leave home. Still, it does freak me out when I think about the sums. It's a lovely home though and we spend a vast amount of time there, and enjoy it with friends and family.

Interest only payments of £520 each month but we pay down capital in lump sums a couple of times a year.

Daisy829 · 08/10/2021 12:58

Approx £185k left but with around £350k equity. I’m 43 & DH is 53. We don’t have enough money to overpay unfortunately but we are comfortable with the standard repayments of £1000pm, have savings & if it all goes tits up we are very fortunate that the equity in this house would buy a smaller house outright in this area. We love this house & have no plans to move.

CeeceeBloomingdale · 08/10/2021 13:06

Mid 40s, £80k left, paying it off at about £750 a month as we remortgage over a short term.

HouseyHouse21 · 08/10/2021 14:28

Mid-40s, ours is huge by any standards, but I keep myself sane by thinking of it as a temporary measure. Once both DCs are through school we'll have the flexibility to downsize, hence spending hours on Rightmove most weekends!

StrawbRhi · 08/10/2021 14:50

36 and 42, 208k left on mortgage paying £780 a month, roughly 240k in equity.

outdooryone · 08/10/2021 15:01

Having 'started again' on my own: it is a miracle I will be paid off in 5 years time, owning roof above my head in a nice area and with a spare room. £80k ish.

pinkhampoppy · 08/10/2021 15:20

I'm 40, DH 53.

£450 p/m, £80k mortgage, £375k equity.

TwigTheWonderKid · 08/10/2021 16:03

We've just turned 50 and have about £70k left to pay off over the next 10 years though that might be quicker as we are overpaying a bit. House is currently worth £750,000. We were going to add on to the mortgage to finance a new kitchen and bathroom but because it would effectively double our mortgage and because we are concerned with everything going on that interest rates could climb (we're old enough to remember this happening before) we've decided to concentrate on paying it off asap and will save up for the improvements.

carolinesbaby · 08/10/2021 16:07

Mortgage free at 39 thanks to an inheritance. Would have been paying £750 a month for the next 10 years otherwise. Very, very grateful.

Walkingwounded · 09/10/2021 08:23

Had to start again at 50 following leaving abusive marriage. Mortgage outstanding 205k, house value currently around 500, so roughly 60% ltv. Payments 1350/month, runs til I am 67. Expensive area.

Can’t pay off any extra atm since still paying down moving cost debt, but hope to in a couple of years. Just keeping on keeping on.

Cosmos123 · 09/10/2021 08:39

@Walkingwounded

Had to start again at 50 following leaving abusive marriage. Mortgage outstanding 205k, house value currently around 500, so roughly 60% ltv. Payments 1350/month, runs til I am 67. Expensive area.

Can’t pay off any extra atm since still paying down moving cost debt, but hope to in a couple of years. Just keeping on keeping on.

Well done on escaping the abuse and best of luck in your new life. May the sun always shine.

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