Massive mortgage!

Options
lovemygirls
lovemygirls Posts: 1 Newbie
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!

Comments

  • Silian
    Silian Posts: 165 Forumite
    Options
    £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.Generous
    Mr.Generous Posts: 3,379 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    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.
  • Hazelnutty
    Hazelnutty Posts: 720 Forumite
    First Anniversary First Post Name Dropper
    Options
    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:)
  • mark55man
    mark55man Posts: 7,926 Forumite
    Name Dropper First Post First Anniversary
    Options
    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
  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 298 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • staffie1
    staffie1 Posts: 1,965 Forumite
    First Post Photogenic First Anniversary
    Options
    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.
    If you will the end, you must will the means.
  • edinburgher
    edinburgher Posts: 13,463 Forumite
    Name Dropper First Anniversary First Post
    Options
    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:
  • Silian
    Silian Posts: 165 Forumite
    Options
    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
  • lessavyfav
    lessavyfav Posts: 232 Forumite
    Options
    :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
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards