[Finance] How much left on your mortgage?

[WATFORD zero]

Do men do Spa days?

Having recently returned from a holiday at a 'spa resort' it seemed that when Mrs Wz was doing her classes I was extending breakfast by an hour and went when she had her spa treatments I was on the beach reading my book.

So I think that's a no

 

[Igzilla]

Only 13 years to go...

 

[Dorset Seagull]

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.

Liberating indeed, except for the times in the past when interest rates were at 16%

 

[LamieRobertson]

 

[Knocky's Nose]

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?

 

[crookie]

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

Similar, 19 years left

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[luge]

340 something K, 22 and a bit years. got a fix for 4 more years - will put any extra into paying as much off as possible in lieu of a big rate rise.

 

[Harry Wilson's tackle]

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

I bought for £57K in 89, with 60% of my take home going on the mortgage. Not long after it was 85% of my take home, thanks to Lawson. I had the house valued: £35K. Locked into negative equity, I went 3 months with no payments made by the bank as I headed towards a £5K current account deficit. Then I got very lucky (I posted on this on another occasion and won't repeat myself). After Blair got in, my situation improved hugely and by the late noughties the mortgage was paid off.

They say the worst days are the first days. Not quite true in my case, but if you survive the early tremors, you'll benefit eventually.

 

[Harry Wilson's tackle]

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?

My life has been so weird that I barely noticed paying it off.

 

[portslade seagull]

All bought and paid for, fortunately.

Same as this, used some of my pension lump sum

 

[luge]

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.

This. We swapped our home in London for one in Sussex. Paid 20k more than what we sold for for more space etc. Had originally wanted to downsize, but bet that the lack of stock in the country as a whole, and especially down here would make our equity rise. And it has. It looks like 90-130k rise in the price of this property in that time (one year).

We had around 60% equity on moving, now around 67% and that's with penalty of 50 odd grand stamp duty and moving costs - effectively paid 70k extra. Mortgage payments are cheaper, however.

 

[Eric the meek]

This. We swapped our home in London for one in Sussex. Paid 20k more than what we sold for for more space etc. Had originally wanted to downsize, but bet that the lack of stock in the country as a whole, and especially down here would make our equity rise. And it has. It looks like 90-130k rise in the price of this property in that time (one year).

We had around 60% equity on moving, now around 67% and that's with penalty of 50 odd grand stamp duty and moving costs. Mortgage payments are cheaper.

Yes, I forgot to say that, as you reduce your mortgage debt over time, by increasing your equity, you are less of a risk to a mortgage lender, so better mortgage deals open up at say, 50%, 60%, 70% loan to value ratios.

 

[SK1NT]

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.

Lovely post and a great point that my dad mentioned to me a few weeks back, a point i never really thought about. As inflation, house prices and salary increases over time the debt will remain the same. I will be more comfortable when my debt gets below 250k.

Could have been mortgage free in 5 years had i stayed in my 2 bed flat but it was becoming untenable with 2 kids, 3 cats and working from home.

 

[swindonseagull]

All bought and paid for, fortunately.

getting older has some benefits.

 

[GT49er]

Same as this, used some of my pension lump sum

Same as this, but used ALL of my pension lump sum!

Mind you, I took the mortgage out more than 40 years ago, so I reckon I'm entitled to be mortgage free! I do worry about the size of the mortgage committments the youngsters have to take out these days - must be scary. Mind you, a few months after we took out our mortgage, a huge hike in interest rates meant that the monthly repayments were higher than my total salary, and we had to use some of the wife's salary to pay the mortgage too - so perhaps it wasn't much less scary back then!

 

[Weststander]

Down to the final £3m, but the pad’s worth £10m.

 

[Paulie Gualtieri]

24 years and c£312,000 to shift

Getting made redundant next June but hoping to utilise my pay off to overpay, assuming I walk straight into another job


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[luge]

Yes, I forgot to say that, as you reduce your mortgage debt over time, by increasing your equity, you are less of a risk to a mortgage lender, so better mortgage deals open up at say, 50%, 60%, 70% loan to value ratios.

Exactly. Who knows the future, but it's likely with increased value of housing, plus downpayments - we should be on for something like 75-80% equity come re mortgage time

 

[Da Man Clay]

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

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.

 

[papachris]

Very fortunate to move abroad and pay cash for a much better house than I had in England from the equity I had. Alternative was to pay £1k pm for another ten years. Means I could retire at 59 happy days