Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

If you’ve recently bought: How big is your mortgage / how old are you?

101 replies

polka62 · 04/04/2023 09:12

FTB. Early 30s with a 350k mortgage. Glad to finally be a homeowner and not renting. But in the 6 months or so of paying a mortgage, feel like it’s not even been chipped away at with the interest being added back.

Is this how everyone feels?

OP posts:
SilentHedges · 04/04/2023 20:33

Bought in June 2021, aged 51, mortgage was £156,000 @1.29% fixed for 5 years.

Roughly 2 years in, the mortgage is now £113,000. I pay 10% off each year, and will clear the whole lot in the remaining 3 years. No inheritances or cheating, I'm the sole earner, on a decentish wage and making sacrifices to complete my mission of paying it off within the 5 year term.

Itstime1 · 04/04/2023 20:46

Late 20s. Bought in 2017 (early 20s)with 180k mortgage. Just sold and upsizing to one for 585k 😂it’s our dream home and we plan to overpay thankfully.

rattlinbog · 04/04/2023 20:49

Early 30s, 600k mortgage 😭

Ginmonkeyagain · 05/04/2023 07:35

You'll start to see it go down rapidly in a few years. Over pay what you can when you can. Even £100 more a month can make a difference.

Pogpog21 · 05/04/2023 17:04

Eek makes me feel a bit sick. 32 and 36 and ours is 1mill. Put down a large deposit though…

Ginmonkeyagain · 05/04/2023 17:40

Top humble brag there!

Mushroo · 05/04/2023 17:47

We’re looking to move next year and will borrow £500k (I’m 32) for a 4 bed semi in a residential area.

It sounds a lot, but we’re overpaying our current mortgage so that we’re essentially paying the same we will pay on a £500k mortgage and it’s doable.

Thinking it will only go down as our salaries should rise, and we can always downsize in the future if needed.

It does make me irrationally annoyed though when I look at ‘sold’ prices on Rightmove and even just 5 years ago the same houses were about £200k cheaper.

all these big mortgages for young people will ruin the economy as no one will have much discretionary spend.

Diyextension · 05/04/2023 22:32

When we bought our first house in the 90’s a victorian villa ( terrace) it was 30k. The house was built in 1900 and came with all the original paperwork ,well parchment and still had the wax seal on it. It was £1000 new so really had only increased 29k in over 90 years 🙂

Itsonlyagame · 05/04/2023 23:12

60k 25 year mortgage I'm early 40s am starting again as a single parent of disabled dc, only work pt.

SzeliSecond · 05/04/2023 23:52

35 £102k mortgage over 30 years, bought end of November.

Plan was to overpay to reduce term but not been able to as repayments are more than the rent was due to high interest rate but will keep trying

beezlebubnicky · 06/04/2023 01:09

£115,000 and I'm 33, buying with my fiancé. Interest rates are bloody ridiculous right now, we could technically borrow much more but with the monthly payments on mortgages being so high we had to buy a smaller property than we wanted.

I still feel very fortunate that we're able to buy at all though.

Sleeepdeprived · 06/04/2023 08:39

Early 30s, £280k, 32 years. We just had to remortgage so now we’re paying a lot more but we’re actually paying off less capital/equity than we were before with the lower mortgage due to internet rate increases.

123sunshine · 06/04/2023 11:32

45 and husband and 51, had a property last year with a £50k mortgage we could have paid off with savings. Brought last year a property at £865,000 and took on a mortgage of £375,000 over 18 years. This won't be a forever home as it will be too large when kids all move out, we wanted/needed space at the present though to keep our sanity. Likely we will downsize and be mortgage free before the end of the mortgage term. Currently spending ££s rennovating the property, however once we've completed work,will will also look to overpay the mortgage.

coronafiona · 06/04/2023 11:38

I'm 46, bought 15years ago 25y mortgage. Inheritance paid off a small chunk. It's only now with a few years left you can see the difference in the amount owing on the statements, at the beginning it's pretty soul destroying isn't it. Hang in there it gets better.

barefootgoddess · 06/04/2023 11:42

We borrowed £375k 5 years ago and are now down to £335k. So it does decrease! Just feels slow at first

WestminsterAbbey · 06/04/2023 12:08

Mine is on a short term and low rate- goes down £3k a month.
Look at the Martin Lewis calculators-even overpaying by £100 a month can reduce interest
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Dont have a longer term than you need- it is a false economy

Quizzed · 06/04/2023 15:45

I'm 39 and have an £80k mortgage. I've just paid my first mortgage payment and have taken a 30 year mortgage although I do plan on over paying my mortgage to reduce the term after I've finished doing some work on the house. My mortgage payments are quite low as I haven't borrowed much.

RM2013 · 06/04/2023 20:10

We’ve recently moved house as we desperately needed more space for our teens. I’m 48, DH older than me. Ours was an unusual situation because due to bad financial planning and bad luck (redundancies, injuries etc) we had swapped our mortgage a good few years ago for interest only but had no means to pay it off and we were basically getting nowhere. We had also accrued a lot of credit card debts.

Fortunately we had a fair bit of equity so we sold up, cleared the interest only mortgage, paid off all our other debts and bought a newer larger house.wasn’t what we planned as if life had gone to plan we would have almost paid off our original mortgage by now but we now have a 15 year mortgage and owe £210k - we put down a hefty deposit on new house so we have equity in it.

one day we will be mortgage free 🤣

FishWithoutAName · 07/04/2023 00:10

50, divorced, mortgage for 35 years at 240k.

Am so sad my dream of being mortgage free by retirement has just blown well out of the water and now I have to live in near-poverty the rest of my life. Well, until I downsize because the kids have left home I suppose.

TomatoSandwiches · 07/04/2023 00:40

39, bought 9 yrs ago, LTV 48% paid off last October, low interest rates were ideal time to over pay, fortunately our rate finished at the end of September and we had the final balance available, no extra penalty fees.
I won't lie, it is a huge relief, worth going without for nearly a decade at our ages.

littlelandlord7 · 07/04/2023 06:29

720k 32

benten54 · 07/04/2023 06:46

47
£1m
30 years left.
😳

Hudsonriver · 07/04/2023 06:56

Polik · 04/04/2023 09:35

We've just moved and upped the mortgage from 90k to 275k. I'm 47.

We have a different plan than normal mortgages - it's a 25y term but we are not expecting to pay it off via the mortgage. We plan to downsize in 10y or so to pay it off.

We have 4 children and now 3 of those are teens, we needed more space. Moved from 4 bed to 6 bed. But there's no way we want to stay in a 6 bed when the children start flying the nest.

So we deliberately increased the term to 25y with no intention of actually keeping the mortgage for 25y. It just meant we could buy a bigger house without increasing the monthly payment too much. In around 10y we will downsize to a 3 bed. We already have enough equity to do that mortgage free.

Isn't this relying on house prices remaining the same or similar?...

katienana · 07/04/2023 07:03

We are 39/40
Currently have 130k mortgage but looking to upsize so will be borrowing about 400k. We've had a mortgage since we were 22. We first bought in 2006 at the top of the market and it took a long time for the market to recover after the crash. In 12 years we paid off about 25k of the capital. At the start it feels like you're getting nowhere but it soon builds up.

MariaDingbat · 07/04/2023 12:20

I'm downhearted at people getting £400k mortgages and above, there's no way we'd be able to get a mortgage that big despite both being professionals. I do realise that people don't want mortgages that big for a family home, but it would buy an amazing house where we live.

We bought a 4 bed end terrace in 2021 for £172k mortgage, which now stands at £165k. Thankfully it's value went up so it's got about 55k equity. We've 2 under 2.5 so there's no chance of any extra money to overpay for at least another few years.