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Poll: How much is your mortgage owed or rent
200-400 14 (23.33%)
400-600 20 (33.33%)
600-800 12 (20%)
800-1000 7 (11.67%)
1000-1200 1 (1.67%)
1200-1500 3 (5%)
1500-2000 1 (1.67%)
2000+ 2 (3.33%)


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Author How much is your mortgage owed or rent
John
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Registered: 30th Jun 03
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14th Feb 12 at 20:00   View User's Profile U2U Member Reply With Quote

ENB has 31 years Andy, chances are he'll be lucky if he's not negative equity.

I'm stuck at 5.something for another year and a bit, was by far the best deal I could get.
RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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14th Feb 12 at 20:04   View Garage View User's Profile U2U Member Reply With Quote

I fixed at 3.99% so seemed reasonable given that I have myself 2 years to get myself straight!!
craig8
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Registered: 31st Dec 04
Location: Glasgow
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15th Feb 12 at 18:28   View Garage View User's Profile U2U Member Reply With Quote

622/ month mortgage


E36 328
NovaGTE2
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Registered: 26th Sep 06
Location: Peasedown St John, Bristol Avon
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15th Feb 12 at 18:52   View User's Profile U2U Member Reply With Quote

1175 mortgage on house and 150 shortfall on the flat i have rented out! Both on full repayment tho so will be worth it in the end!
ENB
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Registered: 24th Apr 06
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15th Feb 12 at 23:49   View User's Profile U2U Member Reply With Quote

Yea, I have 31 years left. With overpayments, it'll be paid off in within 13 though, at least that's the plan.

Luckily I'm not in neg equity either, 5% deposit, worth 120k, owe 108k.
Ben G
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Registered: 12th Jan 07
Location: Essex
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16th Feb 12 at 01:13   View User's Profile U2U Member Reply With Quote

may be a silly question but how do you know if you're in neg equity?

our house cost us 176k, is valued at 185k and mortgage is 156k, thats pos equity right? as i have 19k difference there.

apologies if being a retard, i just got a letter through detailing 35 years worth of repayments and total repayment was 297k.
Ian
Site Administrator

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Registered: 28th Aug 99
Location: Liverpool
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16th Feb 12 at 01:15   View Garage View User's Profile U2U Member Reply With Quote

What it's worth minus what it would take to pay the mortgage off.

If you owe 156k and it would make you 186k then you're 30k up currently.

The 297k is what it'll cost you to pay it off if you own the debt for that amount of time, ie. while you're trying to pay it, it keeps going up.

If you sell you won't have the debt long term and it won't grow like it would if you kept it.

[Edited on 16-02-2012 by Ian]


Corsa B lap belts required
Ben G
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Registered: 12th Jan 07
Location: Essex
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16th Feb 12 at 01:20   View User's Profile U2U Member Reply With Quote

oh yeah cheers, not bad then i guess.

seems like a daunting amount when i log in to online banking and see the amount left to pay off
whitter45
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Registered: 15th Nov 02
Location: Norton
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16th Feb 12 at 08:45   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ben G
may be a silly question but how do you know if you're in neg equity?

our house cost us 176k, is valued at 185k and mortgage is 156k, thats pos equity right? as i have 19k difference there.

apologies if being a retard, i just got a letter through detailing 35 years worth of repayments and total repayment was 297k.


word of warning - it might be valued at that but its what they are selling for that counts

However its irrelevant unless your thinking of selling

I could have got about 15k more if I was willing to wait for the right person to pay that but it just doesn't work like that any more

[Edited on 16-02-2012 by whitter45]
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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16th Feb 12 at 15:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by whitter45
word of warning - it might be valued at that but its what they are selling for that counts



This.

I had a mate many years ago who was the first of us all to move out into his own house. After being there for 6 months, us used to come out with shit like "i've made 20k in equity already". Twat. He's still there today, and masn't "made " a bean
Ben G
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Registered: 12th Jan 07
Location: Essex
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16th Feb 12 at 19:48   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by whitter45
quote:
Originally posted by Ben G
may be a silly question but how do you know if you're in neg equity?

our house cost us 176k, is valued at 185k and mortgage is 156k, thats pos equity right? as i have 19k difference there.

apologies if being a retard, i just got a letter through detailing 35 years worth of repayments and total repayment was 297k.


word of warning - it might be valued at that but its what they are selling for that counts

However its irrelevant unless your thinking of selling

I could have got about 15k more if I was willing to wait for the right person to pay that but it just doesn't work like that any more

[Edited on 16-02-2012 by whitter45]


true.

we had an offer of 179k when we put it on the market a year ago (was up for 182500 then) but the current selling price in our area for the same type of property is 185k as we asked a few estate agents. not thinking of moving any time soon though, but it's still worth knowing.
Russ
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Registered: 14th Mar 04
Location: Armchair
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16th Feb 12 at 20:02   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Aaron
quote:
Originally posted by whitter45
word of warning - it might be valued at that but its what they are selling for that counts



This.

I had a mate many years ago who was the first of us all to move out into his own house. After being there for 6 months, us used to come out with shit like "i've made 20k in equity already". Twat. He's still there today, and masn't "made " a bean
sounds like Aj.
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
16th Feb 12 at 20:24   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Russ
sounds like Aj.


Shane

Oh...
Chris
Premium Member

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Registered: 21st Sep 99
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25th Feb 12 at 01:10   View Garage View User's Profile U2U Member Reply With Quote

It better to ask the question whats the % of income, rather than actual cost.

Over paying the best option, can reduce term by 10 years.
jacko198
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Registered: 1st Mar 07
Location: Buckinghamshire
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26th Feb 12 at 19:18   View User's Profile U2U Member Reply With Quote

595 rent. Takes the piss at the moment, im an assistant for the next 2 years, so not getting paid too good.

7500 a year going out on rent when it could be put towards a deposit. Ahh well
strick206
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Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
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27th Feb 12 at 07:16   View User's Profile U2U Member Reply With Quote

596 mortgage, with around 22 years left, not overpaying at the moment because i haven't got a pot to piss in but hopefully soon when i start getting my new salary

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