Mortgage makes me worry

reformedEffortMaker_2

mirry, I am 27 yrs old with a £147k mortgage-want to swap?

reformedEffortMaker_2

v.rajput wrote: »

I saved a lot of money with little =woods and 3g how can i share this info with everyone?

I would like to know!.....Start a new thread and tells us all! (pm me if you dont know how to) or respond to this post if you dont know how to pm!..;)

tosco12

Mine is £60000 and im 59 and i have a mortgage until im 74, but i will pay it off hopefully by the time i retire at 65, i never got on the property ladder till i was 41, a consequence of being in the army for 24 years 180 days

Destined_to_be_skint

Mirry if you are that worried then take out a payment/income protection policy. Personally I would love to have a £38K mortgage!

HammersFan

Maybe have a look at off-setting. Its made me worry less - knowing I can claw back money from the mortage if I really need to, but incentivising me to pay it down too.

Kaz2904

tsharp wrote: »

But don't you have a policy to cover those kind of things?

Someone I used to work with told me that he and his wife paid off their mortgage, at great expense and hassle, then she died of cancer, which would have paid it off anyway, so he regretted not having spent all that cash on something more enjoyable and rewarding! Sad story.

Yes we have cover that would pay off the mortgage but if one was to become critically ill at a young age then nothing would pay out until death so we would still be in the !!!!!!. We just like the fact that we will be taking control of our own futures with our financial planning. We don't do without because our kids are still too small to look after themselves so we're not in a position to be off galivanting all the time. We have to holiday in peak times too because of school. We are using this time to make our small amount of money work its absolute best for us.

getmore4less

Kaz2904 wrote: »

Yes we have cover that would pay off the mortgage but if one was to become critically ill at a young age then nothing would pay out until death so we would still be in the !!!!!!.

Check the policy Critical illness policies often pay out on diagnosis of a terminal illness.

I did a search for (life policy payout on diagnosis)

[Deleted User]

Try being 27 and having a 180k mortgage to fret about

Kantankrus_Mare

The amount that is owed on a mortgage is all relative though.

I know we are lucky that we have quite a low mortgage at £34,000 and would love to pay it off asap but........neither of us are in brilliantly paid jobs and having a 12 year old and a 14 year old around eats into your disposable income.

What Im trying to say is that some people with big mortgages have bigger incomes and sometimes no kids so it becomes more affordable for them but for others it would be a living hell trying to find that money each month.

Don't know if Ive made sense and yes Im aware that property prices being as they are at the moment...you have to take on these huge loans to start on the property ladder. I really feel for first time buyers these days and can see that in a few years time buying not being an option.....unless they introduce 50 year mortgages :eek:

raq

10 year ago we had £36k morgage. Then was freigtening but so glad we got onto the property ladder as 8 years later sold at £120k. Only had 15 years left but jumped to 23 years, but no regrets, honestly. We are now in a bigger house with a higer morgage and I would honestly say I worried more 10 years ago than I do now. We have 3 kiddies aswell. Most of your money goes to the everyday bills and food. If we worried day in day out we would all be so miserable. Oh we are 37 years old by the way.