If you’ve paid off your mortgage, how much is your house worth?

Worth about £125k, I bought it when I was 28 and paid it off when I was 43 (so 15 years on the mortgage). I constantly overpaid, and reduced the term by 5 years on one renewal, but I never earned more than minimum wage. The last £44k was paid off with an inheritance though. I expect I'll take on another mortgage to upgrade the house, and my income has gone up significantly so that should be do-able.

Yep, this year will be paid off.
Worth approx £800,000, late 40's

House worth approx 700k , no mortgage. Early 50’s

I bought a flat in 1994 and have been mortgage free for the past eight years. It's worth ten times what I paid for it but that doesn't actually mean anything to me in practical terms. I don't have access to that money without selling and I would still need somewhere to live. It's only a two bedroom so while I could technically downsize, there's not a lot of motivation for me to do so.

So last year?

Mortgage paid off. £400,000 valuation.

Enough to be worried about a ‘mansion tax’.

Ours was bought for c£60 k in the early 90s. We’ve remortgaged twice for extensions, extending the term for the second larger one, and once to change from the endowment at which point we didn’t extend the term but we paid the higher monthly fee.

Took 30 years to pay it, cleared it a few years early by overpaying. Now worth around half a million.

My house is worth £1.5 mill now, more than twice what I bought it for in 2003. Mortgage will be paid off in March 25

Mid 40s.

House bought in 2014 for £100k, now worth about £140k. Mortgage was about £80.

Paid it off last year when I got a chunk of inheritance, which spured me on to use savings, work overtime and scrimp and save to pay the rest off.

Actually, it's not paid off entirely. I paid it down to £1900 left, which is about £16 a month. I have easily enough in savings to pay it off completely, but I have a very old style Nationwide mortgage where I can pull back my overpayments at a moments notice without any questions. As I'm single it's very valuable to have that easy access to all that money should I need it. It's worth paying the interest just for that peace of mind

Never had a mortgage as we built our own house over a few years on our farm. Not sure of current value tbh.

We have paid off our mortgage. House is worth about £500k. We bought it for £150k around the turn of the millennium and have probably spent £150k on it on an extension and other improvements over the years.

I have owned several different types of property

Mortgages have all been over paid & paid off many years earlier than first planned

Other property has been bought via savings & redundancy money

I have rented out 2 properties owned out right & paid all taxes & completed all repairs
(Extra stamp duty
Capital gains tax
Tax on income)

My most recent purchase was a downsize

We bought our house in 2022. We have £150k left on it. We won’t be mortgage free any time soon!

We paid off by early 40s. Combination of always overpaying as much as we could (and not reducing payments when rates dropped) and using extra money from my job to make lump sum payments. We had no inheritance to pay it off.
When my income escalated we didn’t escalate lifestyle to match - we were never big spendy people and never felt any need to “keep up” with the latest car etc. I had colleagues who lived up to the max on similar incomes who still have mortgages.

We haven't had a valuation recently, so it might be worth more. It's a five bedroom detached house in a rural village near Denham.

Wow, 500k in the 90s for a property is a lot of money. I am surprised it’s only worth 2m now.

We bought our house for £500,000 with a £165,000 mortgage 30 years ago. We paid the rest with equity from the homes we owned before we met.

After several promotions and pay rises we were able to pay off the mortgage fifteen years later. The house is worth approximately £2 million now.

We have lived comfortably, but not lavishly and we have never had any debts apart from the mortgage.

Expensive cars holidays and designer clothes have never been our priority. Most of our money (after essentials) goes on creating a beautiful home, investing in our future and that of our daughter.

Ah ha - yes. This is one of those MN threads which are completely unrepresentative of the country as a whole!

The housing threads always go like this, presumably it’s the age of the posters. My favourites are the “we earn 20k a month but would feel stretched with a 1k mortgage”

Eh?

You owe £300 so it doesn't matter what yours is worth unless you sell it to give you cash to buy another house with.

I don't care how much mine is worth. Although I do exclaim loudly "how much!" and pearl clutch at the prices they appear for sale.

Mostly its ppl who paid it off before it was worth a lot. For example our neighbours probably paid off the mortgage when it was around £200k now its £400k. So we won't pay outs off until we're on our 60s.

Cost £200,000 in 1990, mortgage paid off 2010 now worth £1.25m.

Yep house worth £870k ish, mortgage about £500k and we’re in our late 30s with the term currently running until we’re 70!

My parents however had a mortgage to pay off of around £80k and it’s now worth 1.5m.

Because people that aspire, choose to do things differently and benefit financially are the bain of the UK mindset.

I bought a house in 1998 for £25K. At that time my salary was £7K, so it cost about 4 times my salary, plus I had some capital to put in from a divorce, so didn't need a huge mortgage. I then moved several more times. That first house came back on the market in 2020, I spotted it in the local property guide. I was doing virtually the same type of job, and then earning around £17K. (Admin and clerical NHS) However, the house was then £340K, so about 20 times my salary. This is why housing is so ridiculously hard for people trying to get on the property ladder, house prices and salaries are wildly out of sync.

I am mortgage free only because of substantial inheritance, which I chose to put into my house. The house we bought for £350K in 2005 is now worth about £720K according to estate agent valuation last year.