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

[polka62]

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?

50s. £240k mortgage interest only. House now worth £700k. Lovely house but don’t believe in the forever home idea as things change. Currently selling and may get a mortgage with the next one, May not. Depends where we end up but we don’t need anything bigger and will probably buy a fixer upper. Plan to rent for a bit whilst looking.

Forgot to say, 25year term.

4 bed at the moment. We work from home and have ‘stuff’ so it’s already feeling a bit full. We plan on selling in 5 years and Vera. 5 bed, which will probably need a bigger mortgage. We will be mid 40s/ v early 50s then. Will have 2 small children by the end of the year and they will need their own rooms (boy/girl) and we will still work from home and have ‘stuff’.

We will probably downsize once they leave home but can’t see us downsizing below a 3 bed x

It buys a very bog standard house where I am in the South East though. £550k plus for a semi. We've a mortgage of £750k (with rubbish LTV) because we wanted a detached. Four beds, in need of renovation, it's a scary amount especially with the interest rise. Others we know are paying £350k plus for small basic flats with no garden as they're priced out. And now stuck there with children and a huge mortgage

''@peanutbutterkid
I got a quote last week, 15 year term, I am mid 50s. They will only lend me 1.7x my salary. Kind of depressing, will put me off buying for > 12 months after which I should have a lot more capital/deposit.''

I would suggest speaking to a broker.

I am 53 and just got a 12 year mortgage with HSBC for 3x my salary. I did have a large deposit but going through a broker was really helpful.

Late 30s, 600k mortgage.

FTB 25, 110k. 35 years fixed for 5 years

We are in our mid 30s and have a large mortgage with 35 years left on it. This would suggest we’d have a mortgage until 70 but we’ll be able to pay it off sooner or downsize if necessary.

We got a great mortgage at 1.5% which has another 5 years on its fixed term, so it’s good to know we have the same, quite affordable payments for the next 5 years. And in the meantime our spare money can be put to better use elsewhere earning more than our mortgage costs us. When we remortgage we might decide to pay off a chunk of the mortgage using that money depending on what rates are doing at the time.

Worst comes to worst, we sell. This does rely a bit on house prices not tanking completely but we should be ok as we have a decent LTV. Also our house is a reasonably rare, desirable type of house in central ish London so I don’t think it would fall in price as much as others. Plus we got it for a good price.

House 1 bought for £270k 6 years ago, £220k mortgage over 23 years. Just sold for £335k, mortgage had gone down to £172k.

Now upsizing for £510k house with £320k mortgage over 30 years. Feels steep and I think this wasn’t far off the max bank might have been happy with. 4 bed semi, good schools. We were able to port our existing mortgage so monthly payments coming out at £1490/month. Planning to overpay by about £100/month to start with and then increase when youngest is out of nursery and student loan is paid off in the next couple of years. Fixed for 5 years and then will see if we can bring the term down. Household income about £100k but both work part time and could increase to full time if we wanted.

£120k mid 40s. Moved last year so have 24 years to go. Am single adult. Mortgage fixed for another 4 years at £550 which I'm pleased about.

31- 50k left to pay on my mortgage. Just a terraced house three bed with small garden. Could move it a bigger house but no real need as only have 2 kids. We have more disposable income for holidays and treats.

43 £210k 25 year term

We literally couldn't afford a penny more!

Mortgage free and 49, dh is 41.

We moved 200 miles north to buy outright via property auction.

We also bought a two bed house for a family of five.

We were sick of struggling financially and even though we earn way less financially, our standard of living is so much better.

26/26 , 220k mortgage for 3 bed semi, large garden , in outer Birmingham. Was really pushing our limit on 50 k joint. Worth around 280k now. Bought 1.5 years ago on 90% LTV , 35 year, 5 year fixed at 3%.

1DC looking at 1 more.

Could afford much more now - approx 400k mortgage possible.

Will stay here for now as need to get through nursery fees stage and stay within our means. Due to interest rises.

£700k mortgage, 35 year term, mid 30s, bought 2021, household income £200k/year but could work more to earn more (we don’t want to). Overpaying double as we sold some other investments at roughly the same time. Plan to pay off in 15 years. No plans to move. We only felt comfortable getting that size mortgage as we have other investments to fall back on

40 years old, bought last summer. £140k, 25 year mortgage, fixed for 5 years. No plans to ever move tbh, and if we do we would probably rent this out to our kids and use that money to rent elsewhere (live in SE where prices are high, circumstances mean we only had to borrow 50% of the cost of the house)

I've just got a big mortgage and I'm 50. The numbers are scary.

But I remember feeling how you do. What I did was put whatever I could towards the mortgage. Sometimes it was only £5. I chipped away at it and made a really good profit when I sold.

You will get there. It's a long game.

£270k is the biggest mortgage we ever had, paid it off in our early thirties, now early fifties, never had a mortgage since.

Bought at 38 for £155000 (midlands)

just offered on a new house in Essex. Our mortgage will be 550k on a 700k house. We’re 27 & 29 so 35 year term 😬

age 37,
£166,000
31 years to go…

44, £160k mortgage on £500k house. Third house, been home owner for twenty years.

I'm 40s and DH now in 50s. Borrowed £235k but only over 18 years and also relatively low LTV (35 per centish)

Ps yes that's usual OP. I felt the same when I bought my first flat. You need to look at the long term life plan, not the short term statement.

£190k mortgage 8 months ago on 26 year term. Borrowed more to move so extended the term. Was going through just as Truss made her economy killing announcement and mortgages starting getting pulled so feel like I got a fairly good deal at just over 4% interest rate fixed for 10 years. Plan to have it paid off well before 26 years with overpayments. I’m 41.

Bought not long ago at 48. No mortgage on a £1m house. Cleared previous mortgage via a life insurance payment but it was a £440k mortgage and had 22 years to run. Current house is slightly smaller than the old one but still 4 bed 2 bath and in a lovely area. Expect to be here forever and feel very happy settled and secure.