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

Bought for 360k 2 years ago. No mortgage , paid with cash inheritance. In our late 20s. I understand we are very lucky!

editing to say lucky to be mortgage free, not lose a loved one!

Would do the same looking back, or would you have stayed?

House paid off by an inheritance. Much rather have my parents here though.

Not just earn more, although that obviously helps, but for many it's what they choose to spend on.

It also depends on when you bought and whether one or both of you came with a property. We are mid 40’s. Owe £150k house is worth approx £1M.

God I wish I had overpaid , had a mortgage for 23 years really annoyed with myself that I haven’t , got 11 years left yet and I’m 51 . Suppose I could / should start paying some off now .

I'm 45. First house I paid off, bought for £300k, mortgage £150k (had made money from previous houses). Second house, bought for £1 million, mortgage £125k.

No inheritance or any family help, just two salaries for most of that time (had a few years when DH retrained and earnt pennies, and I had mat leaves) and fairly frugal living. Neither of us would be considered to earn well by Mumsnet terms but we don't have flashy cars/handbags etc, although we have had some nice holidays.

Flat bought for £295,000 in 2000. Paid off mortgage in 2015. Flat now worth around £1.2 million. We saved one third of our take home pay to get rid of the mortgage early, which was depressing and uncomfortable.

Bought our first house in the early 2010s and paid it off within 10 years, but then moved and borrowed again. The original house was 110k and we had a 10% deposit.

Bought 14yrs ago for £175k
Overpaid mortgage each month, especially last 5 years as had secured a low interest rate during covid
Mortgage free as of November last year.
House currently worth approx £300k
We're both 40

My parents are divorced and were both mortgage free quite early (50ish) they both downsized and paid off their mortgage
Example-Mum was living in a large 4 bed detached and when only the youngest was left she downsized to a 3 bed semi in a nice area and paid off her mortgage with the £60000 she saved in downsizing. Just another angle. I will probably do this also as I have 4 children and a large 5 bed home not really a suitable layout as I get older so I will downsize and be mortgage free when they move out 😁

We got very close to paying it off (house worth 1.5m) but then decided to move and now (stupidly) have a mortgage again of over a million pounds. Much more expensive than the first one on a monthly basis because interest rates are higher.

We always overpaid, and overpaid A LOT when living abroad (those were fun times). House is maybe worth £800k-1m (more if the market picks up). We never stretched ourselves so could always overpay.
As with most of these "how???" MN queries, the answer is always "some people just earn more money".

I bought my £500k house with inheritance money. So not kind of the same and I know I was lucky. Skint otherwise though!

Mortgage paid off 5 years ago (I was 45) house worth £250k.

We bought it for £35k in 1998 - it needed a LOT of work! 😂

I'm 57, DH is 59. Our flat is worth about £380k and our outstanding mortgage is £40k. We've just reduced the remaining term from 6years to 3 years.

OP I think you are asking the wrong question.

We will all eventually paying our mortgages (all being well!)

Are you trying to find out if people who paying their mortgages early or at a particular young age do this because they stay in a lower value house?

For example i am mid forties and single.

had I stayed in my first home it would be worth about £220k now and I would have fully paid it off ten years ago. But I moved

my second home would also be paid off by now and would be worth around £300k. but I moved

my current home still has a mortgage of about £100k and is worth about £600k.

Newly qualified teachers start on £33k, so are they well paid?

Bought for 47K in 1997.
Paid off in 2004.
Divorced in 2016. Bought ex out and took on £80K (half the value at that time).
11 more years to pay and house is worth £220K

I nearly paid off a 200k mortgage in my early 30s by living very frugally and ploughing a lot in to overpayments, a 30k inheritance and renting out the spare room.

Then DH and I got married and we sold both our houses to buy one worth £750k. Again, rented out spare room and made overpayments and cleared the balance in 4 years.

Rented until we were late 30's/40 and had two kids. Bought in London for £500k with half in mortgage, rest in cash we'd saved for 10 years and with £100k from MIL. Paid off in five years after putting everything toward it. Now worth around £900k. (after 15 years).

We bought our first house, a three bed semi, in 1985 for £17,000. We paid about £100 a month for years. We sold for £48,000 after 13 years and bought a brand new four bedded detached house with a garage and conservatory for £73,000. Twenty years later we sold for £250,000, mum sold her bungalow for £250,000 and we bought a 5 bedroom bungalow with annexe for £600,000, since valued at £900,000. We're 60, mum's 84. It's a beautiful home with a huge garden, but we're not wealthy, all our money is in the property. We could downsize to free up some cash, but it's going to be very difficult to leave all this behind, and for now, I absolutely love living here. We'll see how things pan out when we retire.

I feel so bad for youngsters these days who can't afford to get on the property ladder. We have one son living at home and the other has a big mortgage for a very small house, he and his wife work full time to afford it with no hope of moving to something bigger for them and their two children.

Our generation have done pretty well with regards to owning our own homes and not having to worry about sky-high mortgages.

Very hard to value the house as rural and no others similar locally
but mortgage paid off as we have been here 27 years, house probably worth 3x what we paid for it so not the ridiculous overinflation you get in many areas.

Stamp duty is far higher than it used to be. This deters people from moving

Wheni I bought my first house, the stamp duty was about £3,000

And people gave smaller families, therefore less need to upsize

we bought our current house for cash for 475k 10 years ago, and the money came from having bought and sold various properties between us (both first bought in London in the 90s when a house was 80k!) We do now have a mortgage (200k) which we borrowed to extend this house - but it’s now worth £1m as a result - so we have increased the equity significantly by doing the work. We have done this on every house we’ve bought and sold and were fortunate with the markets at the time. We could downsize and buy outright again but have decided to switch to interest only and just enjoy living here for very little monthly outlay for another 10 years before we move and pay off the balance. I think when we first bought is the key thing though. I was able to buy in London as a single person aged 22 in 1997 - no way would I be able to do that now so it’s not realistic to measure against those lucky enough to have got on the ladder back then