What is the "average" amount of mortgages these da

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aoa321

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What is the "average" amount of mortgages these da

I would be interested to hear any views or get your thoughts on the following ...

Just wondering - what is the "average" amount of mortgages these days?

My wife and I want to move house at the moment, currently we owe about €140 K on a house valued at about €430 K. To me this is a "huge" mortgage and I find the idea of increasing our borrowings even further terrifying - we are both in jobs where we earn about €50 K per annum.

Several people I know have found my attitude quite amusing - seeming to imply that we have quite a small mortgage by current standards.

What's happened? did I miss the day at school when the teacher explained that borrowings of over a hundred thousand euros is no big deal ?
Am I just being a stick in the mud? should I lighten up, get with the program and borrow a few more quid to move to our even bigger dream house?

Like I say any of your thoughts would be appreciated !!
 
Re: What is the "average" amount of mortgages thes

Reckon this all depends on what stage in life you are at. If you are in your 30s and have 140k left on a 430k house then its pretty small and I'd go borrowing for the bigger house if I were you.

However, if you are in your 50s and have only around 10 years to pay it off then it will put you under more pressure.

It also depends on how much you want that dream house - theres very few people out there today living in their dream house that aren't borrowed up to the max.
 
Re: What is the "average" amount of mortgages thes

Rutigur,
thanks for the input, I'm in my 30's, my job is probably a bit dodgy at the moment, but I have been saying that for a few years now

I know it's an entirely personal choice - and there is no such thing as the "right time", what I'm really wondering about is - is my attitude to borrowings old fashioned?
 
Re: What is the "average" amount of mortgages thes

I think it depends on the individual really. There is no point in extending your borrowing if it doesn't suit you, you don't need to, you are maintaining significant savings at the same time or just because others think that this is a good idea. I cleared the mortgage a few years back after about six years of a 20 year mortgage and it was the best thing that I ever did even if some people would criticise this approach as locking equity into the property leaving it difficut to touch again. I am very happy to be debt free. Others might prefer to leverage their investments (including PPR) to incur debt and spend it on other stuff that they want/need. I prefer not to.
 
Re: What is the "average" amount of mortgages thes

I have a 70K mortgage, with my bank offering to throw money at me. We threatened to move house last year and decided on a new build near Mrs Stobears parents in Tipp, have a site and are just starting off.

But my attitude towards borrowing is the same as yours, I would very very nervious to extend it, wife and I have good jobs and enough to kill off existing mortgage but I prefer to put it towards the new build. Collegues of mine 'need' both incomes, one to pay off mortgage (FTB) and the other to pay utilities and live, I think its mad myself.
 
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