[Finance] How much left on your mortgage?

[Questions]

I really wouldn’t have wanted to rent all these years……. I’d have hated that……

 

[nwgull]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

It's a personal choice, but I'd go holiday every time. When the kids have grown up and buggered off, you're going to look back fondly on the memories of family holidays far more than you would on the memory of not having a mortgage that you're only paying 2-3% on anyway.

Another alternative I've been doing since 2018 is to make massive salary sacrifice payments - as in up to the max of 40K per year - into my pension. I can retire a decade early and use the 25% tax-free lump sum to pay off the balance of my mortgage. If I took that 40K as income instead, I'd only end up with 23K (net of tax and NI) left to make any mortgage overpayments.

 

[BLOCK F]

I remember when our kids were about 8 to 10ish, we told them we would take them to Disneyland. They obviously had a chat about, and came back and asked whether we could go to the Isle of Wight instead (where we had spent a few long weekends).

We had a week on the IOW

The IOW was a firm favourite for us for several years when when the children were young. Also Cornwall and Scotland.
They never suffered, and in their adulthood have visited far more of the globe than their dear old mum and dad have ever done.

 

[zefarelly]

Property 'values' in most of rural West Sussex are ludicrous, just for a laugh I looked at what RH20 prices are.

Apparently £750,000 for our 3 bedroom Cottage, I can only presume that it would have to be a DFL who would bite at that.

Not that we have any intention of going until we are carried out...

This is whats crazy, seemed mental to me to borrowand spend £100k when we only had just over 50 left to pay . . .but we have a lovely house/garden and ar rapidly homing in on 7 figures, which is utterly bonkers in itself. I have a few decent lock ups which are worth more each than I paid for my 2 bed Maisonette 30 years ago.

 

[Uncle Spielberg]

Just a head's up. Anyone that has a mortgage where their rate ends this year prepare yourself for a big payment shock. All the clients I have who need to get a product transfer or re mortgage from the last 2-5 years where on 1-1.5% rates now the lowest are 2.5-3% which is a big difference depending on the size of the mortgage. Look into this and prepare. Best to start preparing 6 months before your rate ends and research. I am happy to help. PM me

 

[folkestonesgull]

Just moved to a new house and have a big 30 yr mortgage after reaching the point we could have cleared it in a few years on our old house...was reaching the point I had to go for it if I wanted the dream home.
managed to lock in for 5 years at 1.49% though

 

[zefarelly]

I really wouldn’t have wanted to rent all these years……. I’d have hated that……

I got on the ladder @ 20 as it was cheaper than renting, which even as a kid I always thought was paying someone elses pension . . . . big difference between then and now is a deposit was the equivalent of 6 months salary, not 2 years.

 

[Clive Walker]

just under 30 years left to pay back 350K. I own 29% of my property which makes me feel happy each time the % moves up a notch. Brick by brick is my motto.

Previous house was a shared equity and I am so glad to be out of that. handing over 20% of the sale price was heartbreaking but couldn't have done it without I guess.

 

[Questions]

I got on the ladder @ 20 as it was cheaper than renting, which even as a kid I always thought was paying someone elses pension . . . . big difference between then and now is a deposit was the equivalent of 6 months salary, not 2 years.

I’m watching my kids with the whole property thing now and I just think wow…..

 

[AmexRuislip]

No mortgage for us, but the poll a trip to see how many rich b@stards are on here

 

[SK1NT]

It's a personal choice, but I'd go holiday every time. When the kids have grown up and buggered off, you're going to look back fondly on the memories of family holidays far more than you would on the memory of not having a mortgage that you're only paying 2-3% on anyway.

Another alternative I've been doing since 2018 is to make massive salary sacrifice payments - as in up to the max of 40K per year - into my pension. I can retire a decade early and use the 25% tax-free lump sum to pay off the balance of my mortgage. If I took that 40K as income instead, I'd only end up with 23K (net of tax and NI) left to make any mortgage overpayments.

That is a very good point.. i may put some thought into just adding more to the pension... the one down side is if mortgage rates are high when my mortgage term ends then i will be hit by massive monthly payments... i want my remaining mortgage to be as small as possible when my 5 year fixed ends.

 

[zefarelly]

I’m watching my kids with the whole property thing now and I just think wow…..

we're a few years off that, but yes, the numbers are eye watering, I think we become almost blind to inflation as we get older . . .

I had some rather bad news yesterday, but it will make things a little easier in this respect.

 

[SK1NT]

Just moved to a new house and have a big 30 yr mortgage after reaching the point we could have cleared it in a few years on our old house...was reaching the point I had to go for it if I wanted the dream home.
managed to lock in for 5 years at 1.49% though

Same position as me. Could have been mortgage free in 2 years but wanted that bigger house. Couldn't have our 2 kids eating on their laps forever. Not our dream home but considerably bigger. The saving grace to the big mortgage is that i won't ever be going bigger than our current mortgage. The only way is down. The next move will probably be a downsize and equity release... more than likely to help the kids out (although only 5 and 1 now)

1.49% nice work... i got 2.2% 5year fixed. Very happy with that considering how rates are increasing. I definately wouldn't have been able to buy if i waited a few months later with how rates are. Another rise yesterday.

 

[nwgull]

That is a very good point.. i may put some thought into just adding more to the pension... the one down side is if mortgage rates are high when my mortgage term ends then i will be hit by massive monthly payments... i want my remaining mortgage to be as small as possible when my 5 year fixed ends.

I have considered that scenario. However I'm looking at working for no more than 6-7 years once my current fix ends, and the extra 3-4% interest I might have to pay in that time on the money I sacrificed instead of used to pay of my mortgage is going to be insignificant in relation to the money saved by not paying 43.25% tax on every pound - and that's not even accounting for fund growth, which generally averages at somewhere between 5-8% over a longish term.

 

[El Presidente]

Paid off for fourth time, twice before divorced, twice since.

 

[StonehamPark]

I’m one year into my first mortgage.
Got a fixed rate when rates where as low as they’ve been here at 1.9%.
Theory crafting what rates and payments could be when renewal comes up in 4 years.

If the market is right, considering packing up, selling and moving to Portugal at renewal.

 

[Psychobilly freakout]

Are we allowed to guess which currently six posters have still got between 1 and 1.5 million left on their mortgage ?

My Guesses are
1: Bozza
2: Steve Foster
3: Crodonilson
4: Knocky's Nose
5: SeagullsoverLondon
6: Questions

 

[saafend_seagull]

800k, ends in 2043 and 2046 2(will be 61) :/ fixed for 15 years at 1.8%.

(Germany not uk)


Sent from my iPhone using Tapatalk

 

[Sorrel]

Moving house is the real killer for this; now on my fourth house and got close-ish to paying off each one before then took on a larger mortgage for a new home. And each time I upper the term by a year or so, so I'm going to be paying back for around 30 years in the end, not the 25 I started with.

Sounds like it's going to be fun in four years time if interest rates keep going up. I am also on a cheap four year-left deal.

 

[Publius Ovidius]

Paid off years ago….supposed to hear that I was going be made redundant today ( didn’t happen the ********) so once the mrs has finished school, the world is our oyster and we will spend the pension money on holidays and wine ( and cruises and hotels).


Anyone want to add me as a friend and family to have my tickets when I am not there!