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    • lovemygirls
    • By lovemygirls 13th Oct 18, 6:33 PM
    • 1Posts
    • 2Thanks
    lovemygirls
    Massive mortgage!
    • #1
    • 13th Oct 18, 6:33 PM
    Massive mortgage! 13th Oct 18 at 6:33 PM

    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!
Page 1
    • Silian
    • By Silian 13th Oct 18, 6:39 PM
    • 164 Posts
    • 305 Thanks
    Silian
    • #2
    • 13th Oct 18, 6:39 PM
    • #2
    • 13th Oct 18, 6:39 PM
    £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
    • By Mr.Generous 13th Oct 18, 6:51 PM
    • 2,153 Posts
    • 3,189 Thanks
    Mr.Generous
    • #3
    • 13th Oct 18, 6:51 PM
    • #3
    • 13th Oct 18, 6:51 PM
    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
    • By Hazelnutty 13th Oct 18, 6:51 PM
    • 200 Posts
    • 1,051 Thanks
    Hazelnutty
    • #4
    • 13th Oct 18, 6:51 PM
    • #4
    • 13th Oct 18, 6:51 PM
    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
    • mark88man
    • By mark88man 13th Oct 18, 6:55 PM
    • 3,729 Posts
    • 8,386 Thanks
    mark88man
    • #5
    • 13th Oct 18, 6:55 PM
    • #5
    • 13th Oct 18, 6:55 PM
    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!!
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • Mortgage Minimiser
    • By Mortgage Minimiser 13th Oct 18, 8:30 PM
    • 136 Posts
    • 600 Thanks
    Mortgage Minimiser
    • #6
    • 13th Oct 18, 8:30 PM
    • #6
    • 13th Oct 18, 8:30 PM
    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
    2016MFW#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 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750. Mortgage at 31/12/15 - £235,906.71. Mortgage @ 31/12/16 - £224,120.98. Mortgage @ 31/12/17 - £210,224.06
    Mortgage @ 31/12/18 - £190,821.21
    Mortgage today £187,449.11
    • staffie1
    • By staffie1 14th Oct 18, 6:47 AM
    • 1,620 Posts
    • 1,323 Thanks
    staffie1
    • #7
    • 14th Oct 18, 6:47 AM
    • #7
    • 14th Oct 18, 6:47 AM
    40 is still young (and not even half way through your working career). Don't worry too much
    Originally posted by Silian
    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
    • By edinburgher 14th Oct 18, 7:27 AM
    • 11,388 Posts
    • 60,973 Thanks
    edinburgher
    • #8
    • 14th Oct 18, 7:27 AM
    • #8
    • 14th Oct 18, 7:27 AM
    £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
    Originally posted by Silian
    London FTB deposit was roughly £90,000 as of this summer!
    • Silian
    • By Silian 14th Oct 18, 7:57 AM
    • 164 Posts
    • 305 Thanks
    Silian
    • #9
    • 14th Oct 18, 7:57 AM
    • #9
    • 14th Oct 18, 7:57 AM
    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.
    Originally posted by staffie1
    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
    • By lessavyfav 14th Oct 18, 1:21 PM
    • 209 Posts
    • 296 Thanks
    lessavyfav
    £485k owed on our mortgage, we’re in our mid 30s. Try not to compare yourself though!
    Giant London-sized mortgage (started July 2017) £480933.57 /£499,00 Current LTV 85%
    S&S ISA £22.83 (Started again from scratch early Feb 2019)
    M&S loan £7,235/£10,000 (2.08% I think?) 72.3% paid
    Bank of M&D £7,302.14/£14,000 (no interest or deadline) 52% paid
    EF £3,000/£3,000
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