[Finance] How much left on your mortgage?

[Deleted member 2719]

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

Let me tell you Icy, this forum is full of Tories.

 

[Weststander]

Bleak isn’t it - mine does the same with my natwest app. 220k or thereabouts for me. Just the 28 odd years to go although overpaying as much as I can.

It’ll all take shape over time. You’re a relative spring chicken.

Just think of the repayments as cheaper than rent on a place (I assume) you like, enjoy life and it’ll all be yours at some stage.

 

[Mr Bridger]

Do men do Spa days?

Last time I checked, I am, and I did.
Bloody lovely!

 

[zefarelly]

Do men do Spa days?

Yes, yes they do. . . . You say 'day' I like to make a long weekend of it. .

 

[zefarelly]

Let me tell you Icy, this forum is full of Tories.

Some of us are Thatcher kids, not by choice, we're a bit 'Rik'

The only way to get by, and not get shafted by the system, was to get on the gravy train.

I've been paying a mortgage 30 years and should/could well be clear by now, but we decided to spaff £100k on the house 2 years ago . . . Its lovely, but I won't be retiring any time soon. .

 

[carlzeiss]

My dream is to be mortgage-free. I'm overpaying at the moment in order to get rid of it as fast as possible.

To those who have no mortgage, and this is a genuine question, does life change all that much when you clear it off - and if it does, in what ways have you noticed?

and my bank
Paid mine off on a whim 10 years ago when business was on the up during a tea and biscuit appointment at my bank , can't say I've missed it that much

 

[banjo]

12 months to go.

 

[pasty]

Currently just under £80K, but in the process of moving out of Brighton, and the move will leave us mortgage free. If all things go well with the move, my last ever mortgage payment will be July 1st

 

[wellquickwoody]

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]

That’s what you do when you move up the ladder. The fact that you are actually thinking that it is scary is good, hopefully you won’t overstretch yourself. I remember sitting down after agreeing to buy my previous home thinking ‘f.x.x.k., what have I done?’ I no longer have a mortgage, a position that I can heartily recommend.p

 

[Da Man Clay]

It’ll all take shape over time. You’re a relative spring chicken.

Just think of the repayments as cheaper than rent on a place (I assume) you like, enjoy life and it’ll all be yours at some stage.

Oh yeah I am in a very lucky position. I’m 35 and this is the house we plan on staying in for the foreseeable. It’s just a stark number to be presented with every time you open up the banking app! Eye watering what some of my mates have to pay on rent in comparison

 

[doogie004]

Payed off ours last week feeling chuffed


Sent from my iPhone using Tapatalk

 

[wellquickwoody]

My dream is to be mortgage-free. I'm overpaying at the moment in order to get rid of it as fast as possible.

To those who have no mortgage, and this is a genuine question, does life change all that much when you clear it off - and if it does, in what ways have you noticed?

Oh yes, it changes. All those things that you may have wanted but couldn’t afford? You can now afford them but do not really want them!

In reality, it iis rather lovely.

 

[Deleted member 2719]

We could pay of our mortgage, but choose not too. With interest rates being so low, the savings are not significant enough to pay it off.
So a sizeable buffer is in place in case we get inflation or a recession around the corner...........and it always happens.

 

[Weststander]

Oh yeah I am in a very lucky position. I’m 35 and this is the house we plan on staying in for the foreseeable. It’s just a stark number to be presented with every time you open up the banking app! Eye watering what some of my mates have to pay on rent in comparison

I know exactly what you mean. £220k is a big figure.

But your place is probably worth a lot more, the average new mortgage now is £170k and over time it’ll feel much smaller compared to the house value.

I know individual house prices are 6x or more greater than in 1994. An £80k or £100k mortgage then seemed a huge millstone. Over time, equity increased, repayment mortgage balances naturally fell, it all worked out.

 

[Brian Fantana]

I was mortgage free last June, after absolutely hammering the over-payments for a while. Decided to move into a bigger house though, so I'm back up into the 100-200k bracket. Similar bracket for my buy-to-lets.

 

[fly high]

Seeing how many have zero mortgage suggests an older demographic on NCS or a lot of renters

 

[Elbow750]

Paid mine off 10 years ago when my mum passed away and left me enough to do so. But 5 years ago borrowed another £50k for much needed building works, new kitchen, second bathroom etc.

I've just retired and could now easily pay it all off with pension lump sum but kept the cash as mortgage is fixed at 1.59%. My son is buying his first house so will need a helping hand with bits and pieces. (why is a new boiler always twice what you think it will be?).

My first mortgage was £30k and monthly repayments were over 60% of my take home. We had some super scary times when wife had to give up work (no part-time working in those days) as we had two nippers in nappies and mortgage rates 12 - 15 %. But we got through and mortgage was always cheaper than or similar to renting .

Good luck to everyone with big mortgages and young families. It will come good in the long term.

 

[Deleted member 2719]

Some of us are Thatcher kids, not by choice, we're a bit 'Rik'

The only way to get by, and not get shafted by the system, was to get on the gravy train.

I've been paying a mortgage 30 years and should/could well be clear by now, but we decided to spaff £100k on the house 2 years ago . . . Its lovely, but I won't be retiring any time soon. .

Neil, neil......orange peel....
We were in a similar position we considered upgrading about 6 years ago, but decided not to.....because we hate spending!!
There are times we wished we had, but we are not materialistic at all and I in particular hate to follow trends!

If I was a young as you, I would have probably done it too.

You can always flog it and downsize, if it added value. I have seen too much of late that doesn't want me to push my family to our financial limits.
So steady as she goes for me ATM.

 

[Gazwag]

Technically very little as kept it going in case we needed to easily borrow more, which we have now done to help daughter and partner buy a small house

 

[jakarta]

My dream is to be mortgage-free. I'm overpaying at the moment in order to get rid of it as fast as possible.

To those who have no mortgage, and this is a genuine question, does life change all that much when you clear it off - and if it does, in what ways have you noticed?

Yes, yes it does, knowing the bricks & mortar around you are all yours makes a big difference to your mental health, probably shouldn't but it does.