To ask if you own your home outright, how much is it worth?

Mortgage free, house worth circa £1.1 million, mostly by over paying but also by increase in value. Will downsize this year and enjoy spending for once!

Im 32 and mortgage free, home worth about £600k. I'll be taking out a new mortgage for my next house though

Being mortgage free was an anchor for us. It sort of put us off moving to somewhere we would have liked better with a mortgage that we could afford. Finally we did take the step and enjoyed the change.

We paid our mortgage off 3 years ago when I was 37, it's worth about £160000.

I will never move, the opportunities & lifestyle we have now we're mortgage free are amazing.

Whether to go mortgage free or keep upsizing or moving to a more expensive area is very much down to circumstances and what's important to you. Our mortgage was paid off in our mid 40s as the house was big enough for us, in a nice area and we wanted the mortgage gone by the time we were paying for our daughters to go through University. After that we focused on early retirement. Lots of our friends kept moving to bigger or more expensive houses but many of them are still working now to pay off the mortgages in their 60s whereas we retired at 58.

The house is now worth about £500k.

House £750k. Mortgage was £230k. We are 51/53. We paid off the mortgage around 8 years ago. No inheritances, etc. involved, we just paid it off over 15 or so years.

I know it's easy to say now, not having a mortgage, but I don't see the rush to get it paid off asap unless it specifically makes sense for your circumstances. And there are many circumstances where it doesn't make sense...

For instance if you're, say, mid/late-40s and paying tax at 40% and not maxing out your pension, instead of a £500/mth overpayment on a 5% interest mortgage you could put the same money into a pension and get 67% in tax relief for every penny you put in, never mind the growth of the pension itself which will very likely dwarf the 5% mortgage interest.

As an example, putting £500 (plus tax relief) per month into a pension, even if it only grew at 5% per year you'd have £100k in 8 years which you could get at when you're 55.

Overpaying £500 per month on a 5% mortgage would clear off around £50k in 8 years.

We were mortgage free by our 40's which meant we could save heavily for our next house which we then bought outright (a couple of years ago).
Value has not really risen since buying so still probably worth about £550k.

Being mortgage free for so many years also meant we could concentrate on pensions which enabled us to retire in our mid-50's.

Mortgage free, house worth about £220k, paid it off at 35 and 38 I think. Will be moving next year and taking about about £200k to buy our “forever home”, which will be in the range of about £500-550k

We paid off our mortgage a few years ago, our house was worth around £800k. Then we sold and borrowed £300k for a bigger place that needed lots of work doing to it. Huge mistake! Wish I just had a nice house with no mortgage and no stress!

We are not mortgage free but we have mortgage across several properties which means we can be generating income from some of our mortgage (if that makes sense). Overall we have about 2m of equity but have about 1.5m of mortgages too (across 4 properties). So we could be mortgage free but it makes more sense not to be. I am 39 and my OH is 10 years older.

What on Earth is the point of this. There will be people ‘mortgage free’ living in houses worth between £100k and £100million.

Much less than 500k. Mortgage free around 45 and have downsized (square footage, number of rooms) to a more desirable house of equal value.

£400,000
Paid off when I was 43. I'm 55 now.

If you have a decent income borrowing another 250k in your thirties isn't much.

No idea what it's worth - we bought it for 58k in 1998 (though it's had an extension since). Paid off last of the mortgage in 2012 when we were 43 and 45. This is generally considered quite early by most people.

The detached with a bigger garden over the road has been on Rightmove at least 2 years, stubbornly refusing to sell for 350k. Sold prices round the estate suggest ours might be around 230-250?

Is there anything you particularly want to spend the extra money on? More than you want to have a comfortable home?

Late 50s mortgage free since 40 (hard graft by us, not through inheritance). House currently worh 600k

early 40s, worth about 850k, mortgage free ten plus years due to inheritance

There really no need to be mortgage free in your 30’s and you really don’t have a big mortgage. You would be totally mad to downsize at this point. Effectively so long as you can afford it you’ll be putting your money into one of the best investments you can and in the long run it will only increase in value

I was mortgage free mid 40’s. House worth £1m due to a bereavement

Due to a series of unfortunate events I inherited a house in my twenties.

It’s nothing fancy - four bed semi that we’ve done up ourselves. We kept DH’s house that we now rent out that will be my pension.

I now get to be a stay-at-home-mum that I absolutely love (will go back when my youngest is preschool age). DH works full-time in a job that he loves. We could have decided to upgrade, could have bought something gorgeous, but we choose to start a family instead.

We’re extremely fortunate to have our lifestyle and freedom.

We've just sold to be mortgage free by moving from London to south of London but still commutable. Sold for 1.6m bought for 900k and paid off the remaining £300k mortgage. We're mid 50s.

About 250k. Aged 56. Paid if off a couple of years ago. Lovely feeling.

Mine is paid off I'm 62. Its worth £260k big three bedroom house 2 bathrooms and dining room and kitchen. It's cheap because it's rural West country. I downsized from a big house with a big mortgage in the south east because Ip didn't like living in the south east. I love it here and wish I'd moved a long time ago.

Over 500k and paid off about 10 years ago when in our 40's. I'm selling it and going home.

We actually spoke to our financial advisor about this and he said it would be a mistake to downside just now (late 30s). He suggested while we're both working (me PT) and happy to continue doing so, and we don't need the extra money being mortgage free would give us, now is the prime time to see our home as an investment. Then years down the line when we genuinely are ready to downsize, it will be more lucrative to us as we would have paid off more and the house value will increase more on a larger home than if we were to downsize just now.

For context our home is valued at £800k and we owe £490k so we could be mortgage free on a nice three/four bed where we live.

Our plan is to downsize when the kids leave home and buy a smaller home outright and a little holiday home abroad.

We're both early 40's now.