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Massive mortgage!

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
9 replies 1.4K views
lovemygirlslovemygirls Forumite
1 posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe

Hi all,

I'm new to here, have been reading some threads and am inspired by many of your stories, however I am yet to see somebody with a massive mortgage!
Is there anyone out there with a mortgage remaining over £200,000? Im nearly 40 and feeling like I will never repay my mortgage!

Thanks!

Replies

  • SilianSilian Forumite
    165 posts
    £200k is tiny for the South East. We are currently on £270k and moving to a mortgage of £365k (which is also tiny for the South East and probably just the deposit for London).

    40 is still young (and not even half way through your working career). Don't worry too much :)
  • Mr.GenerousMr.Generous Forumite
    2.6K posts
    1,000 Posts
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    Console yourself by thinking fondly about the origin of the word mortgage.

    From the French language I believe.


    Mort, as in mortician, mortuary, mortality etc meaning "death".


    Gage, meant a pledge, but a lifelong one. Also a chain.


    As in mortgage, death pledge, or death chain. A loan on property so substantial it was traditionally passed to your decendants upon your death for them to continue paying.


    Bet that's cheered you up.
  • HazelnuttyHazelnutty Forumite
    335 posts
    100 Posts Name Dropper First Anniversary
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    It also depends on income and circumstances. My mortgage is about £155k but I'm paying it on my own on a lecturer's wage, which has been going down in real terms for years. Whatever your MFW project, and however you can tackle it, there's support and advice on here, so welcome :)
    Choose kind:)
  • mark88manmark88man Forumite
    5.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    for me this month is special - after 20 year my mortgage which started at £135K and peaked at £195K (major extension and loft conversion and some debt consolidation) and is now finally back under what we paid for it!!

    I am now looking to be MF in 7 years on the Coventree 7 year fix at 2.09%

    good luck!!
    I think I saw you in an ice-cream parlour - Drinking milk shakes cold and long - Smiling and waving and looking so fine (5 years - Bowie)
    Weight/Health - 1/1/2020 - 121kg : 27/06/2020 - 107Kg - Last month +1kg
    12/19: CC:[email protected]% - Car:[email protected]% - Mort:[email protected]% = £140K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K 2020 (YTD): -£15K
  • Mortgage_MinimiserMortgage_Minimiser Forumite
    213 posts
    Sixth Anniversary 100 Posts
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    Hi and welcome!

    I don't have my own thread - something I am thinking about - but am a very long time lurker and post occasionally.

    I am in the North West and my mortgage (on my own) is £267k.

    The fact you are here trying to beat the banks as much as you can is credit to you.

    Oh, and I'm 47, so quite a bit further down the line than you are.

    Good luck, first step made... we can all do this.

    MM
    xxx
    2016 MFW#46 O'Pd- £3641.26; 2017 MFW OP'd £7779.28 ; 2018 MFW OP'd £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    Mortgage at start (01/2/2015) - £243,750. @31/12/15 - £235,906.71. @31/12/16 - £224,120.98. @31/12/17 - £210,224.06. @31/12/18 - £190,821.21
    Mortgage today £16,235.87
  • staffie1staffie1 Forumite
    1.8K posts
    Part of the Furniture 1,000 Posts Photogenic
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    Silian wrote: »
    40 is still young (and not even half way through your working career). Don't worry too much :)

    Well, it is if you’re happy working into your late 70’s, you’re capable of doing so, and someone will continue to employ you.
    God, Grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference.
  • edinburgheredinburgher Forumite
    11.9K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Silian wrote: »
    £200k is tiny for the South East. We are currently on £270k and moving to a mortgage of £365k (which is also tiny for the South East and probably just the deposit for London).

    40 is still young (and not even half way through your working career). Don't worry too much :)

    London FTB deposit was roughly £90,000 as of this summer! :eek:
  • SilianSilian Forumite
    165 posts
    staffie1 wrote: »
    Well, it is if you’re happy working into your late 70’s, you’re capable of doing so, and someone will continue to employ you.

    I guess that's true if you started working VERY early, but don't most people start working in their early 20s?

    If we use 20-65 working life then half way is 42.5
  • :wave: £485k owed on our mortgage, we’re in our mid 30s. Try not to compare yourself though!
    Giant London-sized mortgage (started July 2017) £472,561 /£499,000 Current LTV 85%
    S&S ISA £947
    EF: £15,000£15,000 100% to goal
    Renovation fund: £7,275/£10,000 72.5% to goal
    Car savings fund: £9,580/£13,000 73.6% to goal
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