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Original poster

How old are you and how long do you have left on your Morgage?

132 replies

LardLizard · 30/01/2019 10:27

I’m 41 and have 15 years left
It’s less than 500 per month so hoping to repay earlier

Just trying to do some longer term financial planning

OP posts:
afrikat · 30/01/2019 10:30

I'm 38, technically we have 21 years left but we are overpaying and would be mortgage free in 9 years if we stayed here. We know we want to move to something bigger though, so 21 years is about right.

Eminybob · 30/01/2019 10:37

A million years.
We took the longest term we could when we bought the house as we were just starting a family and knew we I would be going part time.
The plan is to reduce the term once child care costs have ended but as we have only just had DC2 that is going to a long time.
I’m not happy about it but at least our outgoings are affordable now while we need them to be and we can worry about the future later.

ScarletPower · 30/01/2019 10:38

43, just remortgaged to pay off a lot of debt and increased term from 13 to 18 years. I'm hoping to drop from full time to part time in around 10 years so I think I'll need to get my butt into gear and start making some overpayments.

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General money
dudsville · 30/01/2019 10:39

46, will finish by 54 or earlier.

Millenialblamegame · 30/01/2019 10:41

27, and 30 years. Hoping to pay it off before I'm 50 though

SpiritedFarAway · 30/01/2019 10:43

38, and 25 years.

I feel like we need to be overpaying or something to reduce the term - how does one do this?

Frosty66611 · 30/01/2019 10:46

I’m 30 and we have about 9 years left (it’s a small mortgage for a small 2 bed house in a not particularly great area and we were able to put a decent deposit down).

thewalrus · 30/01/2019 10:47

41, 10 years left but will have it paid off in 6 if our financial situation stays stable

drinkswineoutofamug · 30/01/2019 10:47

41 and 4 years left. Got the mortgage when we were young , you didn't need a deposit and house prices where stupidly cheap (3 bed for £28k)

ZanyMobster · 30/01/2019 10:50

39 and we paid it off about 6 years ago. It was a small mortgage as DH and I both bought properties in our very early 20s so when we got together we moved into 1 of them and paid lots of the mortgage off. We had a small inheritance when his DM passed away and we paid it off as said that way if anything ever happened at least the house is paid off.

Other people advised not to as interest rates so low etc but we just felt happier doing that. Personally I would always try to ovverpay and get it out the way as long as you don't have other more expensive debt.

Lycanthropology · 30/01/2019 10:55

I’m 49, DH is 54.

We have enough to pay off our mortgage at the moment, but because our rate is so low, it’s better to invest our capital for now until the end of our fixed rate in about 4.5 years time, at which point we’ll probably pay it off.
Will be such a good feeling!

Bbbbb27 · 30/01/2019 10:55

47 and 5 years

Dothehappydance · 30/01/2019 11:00
  1. 8 years left. It is small and our repayments low, so no real desire to pay it off early.
Kezzie200 · 30/01/2019 11:00
  1. Paid it off age 48.

We also overpaid to reduce the term. We needed to be on a mortgage that allowed to do this (they all have differing rules), and then you have to have the money to spare too. Our mortgage was such that we could draw on it anytime so by repaying we still had savings as if we had needed the money we could have called on it. In fact, we did, we drew out for the conservatory at one point. It was a lovely flexible plan but it was taken out in 1998 so no idea if they exist anymore.

We did think about leaving £100 payable to have access to that pot if needed but in the end we decided knowing the house was ours was worth more to us, so we paid off the balance.

Another thing we did to reduce the term. We moved from our first house after 4 years so we took out a new mortgage for 21 years not 25 on our second house. That didn't make much difference to us but saving 4 years was really useful.

We also have only moved the once, so that helps a bit as we were quite young when we moved to our family forever home. Not everyones circumstances work that way.

stegosauruslady · 30/01/2019 11:01

34 and 13 years. We are planning to move in three years though as we will have outgrown this place!

Tattletale · 30/01/2019 11:05

I'm 38 and have just under 8 years left. Original term of 25 years.

PickAChew · 30/01/2019 11:07

Until I'm 70.

We started again, just over a year ago, moving to both a bigger house and a more expensive area, after living mortgage free for a few years.

PerfectPeony · 30/01/2019 11:08

I’m 27 and have 24 years left. Although we plan to move to a bigger house in a few years so (depending on brexit and interest rates) we’ll likely maximise our borrowing and increase the term to until age 70. Then we will just overpay.

LaytonLow · 30/01/2019 11:10

I prefer these threads in 90 or 30 days so have reverted to an old NN but I'm 41 and mortgage free.

We are probably going to move in a few years and will.take a mortgage then so just enjoying the freedom of no mortgage now.

cjt110 · 30/01/2019 11:10
  1. We have 15 years left but will only have 12k remaining. The mortgage we took out 10 years ago was for 47k.
3boysandabump · 30/01/2019 11:18
  1. 15 years but we hope to pay it off quicker once I'm back in full time work.
Thistles24 · 30/01/2019 11:27

34 and 15 years... feels like a lifetime away!!

WhatNow40 · 30/01/2019 11:30

Will repay by the time I'm 60. Not in a position to overpay either but hoping to be again soon.

sakuramiyagi · 30/01/2019 11:34

31 and we have 15 years left. But we did opt to pay substantially more each month in order to have the lower term.

WaxMyBalls · 30/01/2019 11:38

Mid 30s, 20 years.