[Finance] How much left on your mortgage?

SK1NT

Well-known member

Sep 9, 2003

8,732

Thames Ditton

• Jun 14, 2022

• #1

We are in the process of moving but in order to move from a flat to a house we are lumbering ourselves with a scarily high mortgage. Unfortunately there is no other way...

Got me thinking whether we are in the minority or majority...

Thanks [MENTION=3887]Uncle Spielberg[/MENTION]

 

Last edited: Jun 14, 2022

Harry Wilson's tackle

Harry Wilson's Tackle

NSC Patron

Oct 8, 2003

50,527

Faversham

• Jun 14, 2022

• #2

All bought and paid for, fortunately.

 

Badger

NOT the Honey Badger

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May 8, 2007

12,801

Toronto

• Jun 14, 2022

• #3

I'm 1 month into a scarily high 30 year mortgage, if that helps.

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #4

SK1NT said:

We are in the process of moving but in order to move from a flat to a house we are lumbering ourselves with a scarily high mortgage. Unfortunately there is no other way...

Got me thinking whether we are in the minority or majority...

Click to expand...

Guess it depends on how old you are. No idea if it’s still true but it used to be that you’d stretch yourself to the limit on a repayment mortgage…as long as you had 30 odd years to pay it off and a secure job.

 

Comrade Sam

Comrade Sam

Jan 31, 2013

1,597

Walthamstow

• Jun 14, 2022

• #5

All done 3 months ago!

 

SK1NT

Well-known member

Sep 9, 2003

8,732

Thames Ditton

• Jun 14, 2022

• Thread starter
• #6

Badger said:

I'm 1 month into a scarily high 30 year mortgage, if that helps.

Click to expand...

i am not even one month in yet... scary stuff especially as i do not like my job and dread most days.

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #7

SK1NT said:

i am not even one month in yet... scary stuff especially as i do not like my job and dread most days.

Click to expand...

This is not a good starting point

On the upside we crucified ourselves in 1988 moving from a maisonette to a big house needing a shitload of work. We sold for 72k, bought for 125k and had to spend 50k on the house. The country then went into a recession a couple of months after we bought the house. We shat ourselves but it all worked out

 

Swansman

Pro-peace

May 13, 2019

22,320

Sweden

• Jun 14, 2022

• #8

"Happy days, no mortgage"... and also no house.

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #9

**** me, look at how many don’t have a mortgage. Old, vagrant, renters, live at parents home or rich fanbase?

 

Last edited: Jun 14, 2022

SK1NT

Well-known member

Sep 9, 2003

8,732

Thames Ditton

• Jun 14, 2022

• Thread starter
• #10

Icy Gull said:

**** me, look at how many don’t have a mortgage. Old, vagrant or rich fanbase?

Click to expand...

 

Knocky's Nose

Mon nez est en Valenciennes..

May 7, 2017

4,137

Eastbourne

• Jun 14, 2022

• #11

Precisely £270,020.32p (my balance is on my Halifax app, staring at me every time I log in...)

 

T

The Optimist

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Apr 6, 2008

2,621

Lewisham

• Jun 14, 2022

• #12

In the £50k-£100k bracket, but that is a bit misleading as it’s a shared ownership property.

 

T

The Optimist

Well-known member

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Apr 6, 2008

2,621

Lewisham

• Jun 14, 2022

• #13

Icy Gull said:

**** me, look at how many don’t have a mortgage. Old, vagrant, renters, live at parents home or rich fanbase?

Click to expand...

Old.

 

Mr Bridger

Sound of the suburbs

Feb 25, 2013

4,461

Earth

• Jun 14, 2022

• #14

The Mrs and I paid ours off last October on the anniversary of when we first met 15 years previous. Celebrated by booking into Whittlebury Hall for a couple of days with a spa day and slap up dinner.

 

SK1NT

Well-known member

Sep 9, 2003

8,732

Thames Ditton

• Jun 14, 2022

• Thread starter
• #15

Must feel so liberating to be mortgage free. My mortgage payments for a 25 year mortgage is over half my monthly income.

I do think i am very lucky though to even be able to get a house.

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #16

Mr Bridger said:

The Mrs and I paid ours off last October on the anniversary of when we first met 15 years previous. Celebrated by booking into Whittlebury Hall for a couple of days with a spa day and slap up dinner.

Click to expand...

Do men do Spa days?

 

WATFORD zero

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Jul 10, 2003

25,950

• Jun 14, 2022

• #17

Icy Gull said:

**** me, look at how many don’t have a mortgage. Old, vagrant, renters, live at parents home or rich fanbase?

Click to expand...

I reckon Vagrants mostly

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #18

SK1NT said:

Must feel so liberating to be mortgage free. My mortgage payments for a 25 year mortgage is over half my monthly income.

I do think i am very lucky though to even be able to get a house.

Click to expand...

It is, but the downside is that you are probably in the sunset of your life

 

Icy Gull

Back on the rollercoaster

Jul 5, 2003

72,015

• Jun 14, 2022

• #19

WATFORD zero said:

I reckon Vagrants mostly

Click to expand...

You are picking on [MENTION=38333]Swansman[/MENTION] again aren’t you

 

Eric the meek

Fiveways Wilf

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Aug 24, 2020

5,378

• Jun 14, 2022

• #20

SK1NT said:

i am not even one month in yet... scary stuff especially as i do not like my job and dread most days.

Click to expand...

This issue is about timeframes. House prices rise with inflation over the long term. So does your salary. But your mortgage debt doesn't. So as the value of your house rises gently, so too does your equity in the house. Every month, you are improving your financial position.

As for not liking your job and dreading most days, we all have bad patches. But we all get through them. Your bad patch will pass. In thirty years time, or whenever you've retired, you will look back and smile at the way you feel now.