How big is your current mortgage?

Dan_1976

No mortgage, i want to keep it that way but I am guessing in about 4-5 years I will be buying again!!

PS, I am not clever I did it the painful way as you can see in my sig! It is nice not owing a penny!

de1amo

£50,000 - £99,999

i dont see my mortgage as debt--if its not a mortgage it would be rent and that never comes to an end-also mortgages stay the same wheres rents keep pace with inflation-when i am 65 55k will probably be about 30k in real terms of today and if in all those years i havent saved 55k i would be a disgrace to mse!!!55000 divided by 18 years is 3055 pa --an isa
i would like to carry my mortgage into 'death'--maybe a secured loan at 70?- if they wont give me another mortgage.

begbeer

£300,000 or over

300K mortgage in 2006, now 182k only allowed 10% overpayment so will be 164k in june this year and will hopefully pay it all of by dec 2012. Am living very frugally as you can imagine. interest only.

de1amo

£50,000 - £99,999

be interesting to know from the poll how many people can still keep within the parameters of their lenders multiples on earnings--i cant--despite a low ltv and mortgage i would need about 7 times what they accept as earnings--leaves me on a svr at the mercy of the rates!

Spangled

£100,000 - £149,999

NewLeaf wrote: »

ok so we have 2 mortages one is £94891k and the other is £220109k for the same house which is a grand total of £315k. We have 21 years and 6 months left.

Spangled, our joint income is about £150,000. why wouldn't we be on MSE? (just curious)

Hi New Leaf - I was being rather flippant to be honest. Just really saying that if you're earning megabucks (eg £100k+) then saving pennies isn't going to such a pressing concern as for someone earning £15k a year. But you're right of course - everyone, no matter what their earnings, wants to save money. :money:

That all said, I've been a lurker (and occasional poster) on this mortgage board for 3+ years and I've rarely seen mortgage questions from people with £100k+ salaries or needing £300k+ mortgages. A few, yes, but very few and far a between.

Pete111

£300,000 or over

Spangled wrote: »

Hi New Leaf - I was being rather flippant to be honest. Just really saying that if you're earning megabucks (eg £100k+) then saving pennies isn't going to such a pressing concern as for someone earning £15k a year. But you're right of course - everyone, no matter what their earnings, wants to save money. :money:

That all said, I've been a lurker (and occasional poster) on this mortgage board for 3+ years and I've rarely seen mortgage questions from people with £100k+ salaries or needing £300k+ mortgages. A few, yes, but very few and far a between.

This is going to sound silly to some but a joint income of 100k is not mega bucks in the SE. It's very good money certainly but you are unlikely to feel massively wealthy or exude 'money' from every pore unless you save very little of it.

Our current household income is approx twice that and whilst we feel very comfortable and have nice holidays etc we are not bathing in champagne or driving Ferraris!

On the other hand, our Mortgage was 385k in late 2007 and will be under 250k by April so maybe that's why....

P

PS I have just take out a tesco credit card to get the points etc as per Martins guidance. Free stuff is still free stuff no matter what you earn!!

Boozer

£50,000 - £99,999

1ubthrifty wrote: »

Plan on increasing overpaymet by 10 pounds a year to try and shorten the term.

I am no mortgage expert, but i do not think 83 pence a month will reduce the term too much:).

7 years left for me without overpaying, hope to get rid in 3 or 4, but then its only a small flat, so no doubt have to upgrade to house and the mortgage shortly.

de1amo

£50,000 - £99,999

İ am puzzled with this paying off the mortgage lark!-my svr is 2pc and i can easily get that on my savings-the svr will rise but so will the saver rate-i can access my savings wheres getting a'reinjection of cash if things get difficult from a lender is getting almost impossible at a decent rate!--i agree debt should be balanced but there are things like pensions that need to be scrutinised!!

Pete111

£300,000 or over

de1amo wrote: »

İ am puzzled with this paying off the mortgage lark!-my svr is 2pc and i can easily get that on my savings-the svr will rise but so will the saver rate-i can access my savings wheres getting a'reinjection of cash if things get difficult from a lender is getting almost impossible at a decent rate!--i agree debt should be balanced but there are things like pensions that need to be scrutinised!!

With an SVR like that it could well make sense but you realise you have to pay tax on the interest from (non isa) savings right?

If you pay 40% tax then it can make saving less attractive currently (given the rates) compared to paying off the mortgage - especially if you are not on such an advantageous mortgage rate as yourself

For example the 3 year Fixed term mortgage I've just started is 3.89% and I would need a savings rate of 6%+ to make saving more worthwhile than paying the mortgage off

Spangled

£100,000 - £149,999

Pete111 wrote: »

This is going to sound silly to some but a joint income of 100k is not mega bucks in the SE. It's very good money certainly but you are unlikely to feel massively wealthy or exude 'money' from every pore unless you save very little of it.

Our current household income is approx twice that and whilst we feel very comfortable and have nice holidays etc we are not bathing in champagne or driving Ferraris!

Too true Pete111. I lived in London for 13 years and my money seemed to drain through my fingers at an alarming rate! Have moved to a half hour commute north of the city and amazed at how much cheaper everything is here - from house prices and eating out to tradesmen and nursery fees.