[Finance] How much left on your mortgage?

[SK1NT]

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]

 

[Harry Wilson's tackle]

All bought and paid for, fortunately.

 

[Badger]

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

 

[Icy Gull]

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...

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]

All done 3 months ago!

 

[SK1NT]

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

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

 

[Icy Gull]

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

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]

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

 

[Icy Gull]

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

 

[SK1NT]

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

 

[Knocky's Nose]

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

 

[The Optimist]

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

 

[The Optimist]

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

Old.

 

[Mr Bridger]

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]

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]

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.

Do men do Spa days?

 

[WATFORD zero]

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

I reckon Vagrants mostly

 

[Icy Gull]

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.

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

 

[Icy Gull]

I reckon Vagrants mostly

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

 

[Eric the meek]

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

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.