400K mortgage to shift

kassytbag

hi, im new to this so please bear with me - is it at all feasible to clear a 400k mortgage in say 5-7 years - my husband has a great salary 5k a month but nearly 3k of that goes on our huge mortgage - any ideas or support would be greatly appreciated

Pandora123_2

Even if your husband's entire salary of £5k per month were put towards the mortgage, it would still take 8.5 years to pay off (at 6% interest).

There is a calculator here you can play with to see the difference overpayments can make. Even small overpayments can make a big difference.

There is lots of info on these message boards on how to reduce your spending and increase your income. Have fun looking around!

:A

kassytbag

thanks for that i will check the calculator out - i have been reading so many stories on here of people saying that they dont feel that they have anything to show for what they have spent - do i know how that feels! still up and onward!

Jonbvn

Wow 60% of your income paid on your mortgage. Your lender must love you!

kassytbag

your are telling me - we are keeping at least a couple of bank staff in wages - some of the mortgage is for a property abroad we have invested in as part of a group so we are hoping that in a couple of years we can pay a big chunk off but at the moment its all hands on deck trying to keep our heads above water

setmefree2

Good luck! 50% of our income is going on mortgage and Mortgage overpayments at the moment. I can't help feeling that we've all been had:rolleyes:

kassytbag

i cant help but agree - i know the mortgage is a result of my gross stupidity with money - but the banks have to be held accountable somewhere down the line - i sufferred with depression for a number of years , hid my debts from my husband and kids got into such a downward spiral - to cut a long story short we are now working our hardest to pay it all off and what do i get in the post - a note from my bank offering me a credit card with a guaranteed £10k credit limit - talk about kids in a sweetshop - i had to rip it up straight away so i was never tempted

i envy you being able to make overpayments - i hope we will be in that position soon:T

robp

It sounds like you have taken another couple of steps forward from the depression, posting here and ripping up a card offer! I know how bad these can be, having a relative with depression.

Do you feel well enough to take a part-time job somewhere? You could put that towards the mortgage and watch the interest payments drop.

Good luck!

kassytbag

yep - i do some ironing for a few people which brings in about £40 a week - but i am applying for loads of part time jobs - emailed one yesterday for a post with the nhs so keep your fingers crossed - the thing that i find so hard is having teenage kids to deal with - i love mine to bits but its so hard to watch as a parent when they are fed up because all their friends are off on holidays and we cant - does make you feel really grotty - i try to do my best with days out etc and trying to keep a positive spin on things but it can be a !!!!!! at the best of times!! still if it was so easy everyone would be doing it !!!! being on here helps so much - seeing that there are thousands in the same boat all working towards a goal really helps - you dont feel you are the only one watching the pennies:j

setmefree2

Hi Kassy,

Teenages are expensive :rolleyes: My eldest loves clothes but has come to realise that he soons grows out of them, then there is the afterschool stuff, The dinner money(:eek:), the CDs, Books......my youngest (11) is still cheap - hates clothes and has £200 of his pocket money in the building society...

However, because of my MSE attitude I think they are both finacially aware (some times I think too much so) and hopefully will be OK with money when they get older. I feel for kids these days - all that student debt hanging around there neck. One of my kid's teachers was telling me that she owes £28K. How long will it take to pay that off!:o

Maybe you will make significant money on your property abroad - where is it?

[Deleted User]

Hope your property abroad is farmlan in lithuania and not a flat spain or the likes :O ! Most property is definatly not a investment but more a pyramid selling scheme/market bubble.

You might want to downsize your house to reduce the mortgage, then you can pay it off quick and then save up to buy the next place. Living for now is incredibly expensive in the longrun and you will basically ensure by acting that that the bank gets most of your hard earned salary.

If your foreign property fails to cash in then dont be ashamed of admitting defeat and selling up, the world market isnt going to see such a bubble for a while as the current house price inflation is being set on fire by the subprime and BTL induced bubble. Its better to have the money and not pay interest then to be paying 6% interest with dead or negative HPI.

www.whatsthecost.co.uk will tell you what things cost you if you dont know basic maths.