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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:
amyboo · 07/04/2023 17:48

Age 42, 190k mortgage, fixed till the end (2034) at 1.57%. Mortgage is approx. 30% of the value of the house.

ChannelyourinnerElsa · 07/04/2023 20:47

33 years old, £140k left on mortgage with 18 years to go.

house worth about 375000 now.

TrudyProud · 07/04/2023 21:02

Mid 30s. £600k mortgage (£300k equity). Just completed an extension and modernisation so expecting the value of our house to go up.

We're in west london.

NotCopingWell1 · 07/04/2023 21:09

Aged 31 and mortgage £170k. 18 years to go, worth about £400k. Could upsize. Apparently we could borrow £450k. But don't need the space or want to move really. Will get mortgage paid off ASAP and then get investing.

Abcdefgh1234 · 07/04/2023 21:17

I’m 34 single income. I got 2 houses.

one repayment mortgage only left £32000
8 years to go

the other one buy to let still £100k. After finished my mortgage i will pay this as repayment.

FiddleLeaf · 07/04/2023 21:21

38 with £560k house & £485k mortgage. Household income of £120k. Very good area with rising house prices.

Initially we thought we’d live here for a short time & tweak it then sell but now it’s likely to be our second to last house.

Littlessweepy · 07/04/2023 21:22

£880 and 44 - I don’t always sleep well :(

Littlessweepy · 07/04/2023 21:23

K, obviously, would sleep amazing if owed less than a grand!

WingingIt09 · 07/04/2023 21:23

We are in the process of upsizing. Current mortgage has 230k left on it (bought 5 years ago, mid 20s, mortgage was 260k at the time). We're upping to a 400k mortgage (80% LTV) in our early 30s, have stretched the term to 33 years to reduce the monthly payments to start with. It's very daunting to commit to a mortgage that big but we need the extra space with DC3 arriving this year and unfortunately house prices in our area are ridiculous.

We have fixed our monthly payments for the next 5 years just to have certainty of what we will pay each month and will start to overpay by redirecting money budgeted for nursery fees as and when the DC become eligible for funding. Hoping with overpayments to manage to pay it off sometime in our 50s...

riotlady · 07/04/2023 21:49

Bought last year age 30, mortgage 126k for 37 years, household income about 32k.

PurpleBananaSmoothie · 07/04/2023 21:52

We’re both 33 and our current mortgage is £170K with 34 years left. Our fixed rate came to an end last month and we will hopefully be moving in a few months. The house we have put an offer in on will take us up to £300k and back to a 40 year term. Not ideal as that will take us beyond retirement but plan to overpay when DD gets funded hours and when DH pays off his student loan, then also if either of us gets promotions/significant pay rises/new jobs.

We bought at 27 (2017) with a mortgage of £174k and a 5% deposit and 40 year term. For the first two year we were just clearing the interest really. We remortgaged in 2021 and took £10k out of equity to do up the house. We had cleared some capital by that point but not a lot and we went up to £180K. However, in two years we have taken £10k off the mortgage without overpaying. House prices have risen over those 6 years and we have a 20% deposit for our new house.

KentishMama · 07/04/2023 22:05

We are always super cautious in the past, but after a serious illness, I realised that I only live once, and who knows for how long... So we decided to buy our dream home when my treatments were over. With a hefty mortgage, after being mortgage free in our previous home. Currently owe about 2x our joint income on a twenty year term. Repayments are about 25% of our monthly take home pay, so we can afford it, but on paper the numbers are scary looking.
But our loan to value is about 40%, so if we ever had to downsize, there would be enough equity for a more modest home in there.

And in the meantime I'm living the dream, for as long as I can. Although I've got to admit, the dream house is really a Victorian money pit! I'm learning a lot about old houses!

34and3 · 07/04/2023 22:10

Took out a £85k mortgage just for an extension . House was otherwise owned . Payments £500 a month.

Cinpple · 07/04/2023 22:11

Late 30s. 1st mortgage 100k taken out in mid20s, paid off in 10 years - overpaid pretty much all the way through, it was a 30 year term! Moved and started a new mortgage, this time 110k. On a 25 year term. Overpay by £250 a month but not sure if we can sustain that with the current price rises. We live in a pretty cheap property area (4 bed house was 250k).

eurochick · 07/04/2023 22:23

Mid 40s. Had got the mortgage on our last place to the point where we could have paid it off with savings. But didn't love the house so we moved 18 months ago. Have about 400k on the mortgage now. Aiming to get it paid off by mid-50s if all goes to plan career-wise.

MumOf2workOptions · 07/04/2023 22:33

We are 42 and 48 and have just mortgaged £180k over 20 years!

Not ideal never wanted a mortgage into my 60's but a better option than renting

GuyFawkesDay · 07/04/2023 22:33
  1. 10 years left to go, £92k left to pay. Over Pay and can't wait to get rid. Household income a very average £75k
lazyakita · 07/04/2023 23:12

Both early 40s, in what we hope will be our forever home. We have just over 600k on the mortgage with a fixed rate for another 4 years. Roughly 600k equity in the house, so LTV is reasonable, but I really would like to overpay more than we have been. Mortgage term is 20 years.

RainBlue13 · 08/04/2023 00:09

Late 30s, bought forever home last year with a £330k mortgage over 25 years.

elodiesmith · 08/04/2023 00:34

£4,600 now. I'm 36

Bought 10 months ago and interest rates have been depressing.
Was a lot less.

elodiesmith · 08/04/2023 00:36

Sorry house is just under £1mn, for deposit I think we paid £270k (it's a second home so had give a hide chunk) 🫠

MyMarmite · 08/04/2023 04:42

In our 50s, £280k mortgage with 7 years left to go but we are interest only so will sell before then. House is worth over £1m. Mortgage has increased from £450 a month to £1,100 a month in the past year, it’s a pita.

Teachingteacher · 08/04/2023 05:07

Very similar to you OP. DH and I are both 35. Just bought a house with a 25 year mortgage of 300.000€. It’s our ‘forever’ home, or at least, our home until our DC are grown and move out.

I know it seems like you’ve made no progress, but we just sold our apartment (to buy our house) and after 5 years we already had 100.00€ of equity. 50k in what we made as mortgage payments and 50k of growth. We spent hardly anything on renovations. That was really encouraging.

However, I often think that I’ll be 60 once this mortgage is paid off… I like to think that we’ll make extra payments or try and pay it down faster, but in reality I know that probably won’t happen.

Badleg85 · 08/04/2023 08:25

FTB in Feb, 100k mortgage aged 32 and 35, we took out a 20 year term but hoping to overpay and have it done in 15

Littlegoth · 08/04/2023 08:27

325k. Early 40s. We are overpaying by £100 a month.