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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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44 replies

mrsspoonn · 22/03/2023 19:02

How old will you be when you pay off your mortgage?

OP posts:
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tinytemper66 · 08/01/2024 18:32

I was 50.
Now 57.

KnowledgeableMomma · 08/01/2024 02:10

66

PaintingPictures · 08/01/2024 02:07

We have two, I’ll be 46 for one and 50 for the other. I’m 44 so not long now.

Crishell · 08/01/2024 01:58

Mortgage paid off this year. I'm 34 and my DH 37.

RobertaFirmino · 08/01/2024 01:55

Took it out at 27, had it paid off by 35. I'm now 47. Mind you, my house cost 40k.

coxesorangepippin · 08/01/2024 01:52

51, all being well

Ballymac · 08/01/2024 01:51

I’m 44 now and if we cleared our savings out, we could clear it now but we have 3 years left on our deal, which is good (1.19%), so our savings are in a high interest account. We will just continue to pay, so 47. My hubby will be 46.

At the last time of changing our mortgage we reduced our term from 16 years to 6 and made the call to pay as much as we thought we could afford per month to get rid of it as quickly as possible. I consider us very lucky for getting our last mortgage rate when we did.

Slimemonster · 22/03/2023 21:32

cherry2727 · 22/03/2023 20:31

@Slimemonster 34 and will be forever mortgage free, trapped in private rental sector and won't be able to leave anything to my children when I'm no longer here.

You could take out a life insurance policy and make your children the beneficiaries when you pass?

Great idea, thankyou. I didn't even realise it was an option x

cherry2727 · 22/03/2023 20:31

@Slimemonster 34 and will be forever mortgage free, trapped in private rental sector and won't be able to leave anything to my children when I'm no longer here.

You could take out a life insurance policy and make your children the beneficiaries when you pass?

cherry2727 · 22/03/2023 20:30

55! I want to start overpaying to essentially reduce this to a few years shorter!

Slimemonster · 22/03/2023 20:29

34 and will be forever mortgage free, trapped in private rental sector and won't be able to leave anything to my children when I'm no longer here.

hoophoophooray · 22/03/2023 20:29

45+14, so 59

bubbles2023 · 22/03/2023 20:29

3 years ago when I was 37. We were lucky enough to have made a lot (100%) equity on our previous home in SE over the 14 years we owned it. Sold up during pandemic and bought a bigger, nicer house in my hometown for half the price.

emmathedilemma · 22/03/2023 20:28

55 if I run it to full term but I’ve got it on fixed rate for 5 years and looking to over pay as much as possible so ideally somewhere between 50 and 55.

DialsMavis · 22/03/2023 20:27

75 which isn't realistic obviously, if it isn't paid off by inheritance we will downsize

Hesma · 22/03/2023 20:21

65 but I’m overpaying and hoping for 60

tinytemper66 · 22/03/2023 20:18

Paid mine of before I was 50. Around 7 yes ago. We were lucky.

Itstarts · 22/03/2023 20:17

We'll probably move again in a few years and take on more so 60+. At present we could be mortgage free in our 50s.

scoobydoo1971 · 22/03/2023 20:16

I was mortgage free at 29. It was back in the day when you could buy a fixer upper in London and make a fortune quickly. That gave me enough cash to buy a modest house outside London, and it went from there.

aroomwithaperfectview · 22/03/2023 20:12

67 and hopefelly just about to retire. My partner will be 63 but he already owns a flat that is mortgage free and rented.

BingoBonus · 22/03/2023 20:09

Oops

I'm 55

nokidshere · 22/03/2023 20:02

I was 58 & DH 66 but we were only able to do that because of inheritance sadly. Had MIL not died it would have been another 8 years.

We never once overpaid our mortgage, nor paid off lump sums, sometimes when we were younger and interest rates were massive we couldn't pay at all.

GlmPmum · 22/03/2023 19:58

9 years time when we're 50, over pay by the maximum amount every year!

name985 · 22/03/2023 19:56

49

ChopSuey2 · 22/03/2023 19:54

50, if not earlier. I regularly overpay and also pay off lump sums when money allows. There's a small possibility I'll upsize in future (from one bedroom to two) which would mean a bigger mortgage and longer until I was mortgage free.