How old Are you and how many years do you have left on your mortgage

[Lardlizard]

We have 15 years left and are 40

Reason I ask is I know quite a few 40 year olds that still have 30 year morgagaes and I think we should lighten up a bit

Because I get sick of being sensible all the time

Mortgage paid off by 44.

40 and 22 years left. Plan on chipping away at it do it’s paid before we’re 60.

31 yrs old, 28 yrs left on mortgage

I've 7 years left. Im early 40s but dh is mid 50s.

You'll have paid yours off my mid 50s which sounds very reasonable.

54 and 4 years to go. (and a small flat which we own outright)

34 and 0 years on one, 5 years on another.

Mortgage free - and it's wonderful.

45 and 15 years left.
Our plan was always to have it paid off by 60 to take the pressure off having to work full time.

I’m 38 and we have 7 years left to pay.

52. No mortgage. Bought my forever home two years ago.

I do pay my sons rent though so am still forking out.

Mortgage free 😁 I'm 56 though!

47 and we're paying it off this year! Yay!

I think if you can finish your mortgage any time before you retire then you’re winning.

I’m 38, got about 6 years left. My mum and dad have been a huge huge help. They’ve both retired with lump sums and plenty of cash to treat themselves with so they’ve been giving us £30K at a time to pay a chunk off the mortgage and then we pay them back (with no interest added). We’ve got 12 months left of our current borrowing off them and then we’ll do it one more time (it’s the same £30k each time really!) which will take another 5 years then we’ll be done.

I’m struggling with my health so it’ll be a huge relief once it’s finished.

Mine takes me right up to 67; DH will be in his 70s by then but isn't on it. The idea is that we'll overpay as it gets cheaper so it's gone quicker. I'm not nearly as worried as I was when we weren't in a position to buy at all and would have had to find some way to pay private rent out of our shit pensions!

God..panicking a bit when I think about ours - we have 19 years left and still owe £500k +

..forgot to say we are both 45

42 16 years

KarmaKhameleon can you downsize as you get older (presuming you’ve got children and they’ll move out one day)

I was mortgage free at 31 thanks to an unexpected inheritance but decided to sell up and buy a house jointly with DH so now have a whopping 23 years left...I'm 39 and DH is 41.

45 and about 8 years left, so in a similar position to you. You can mix sensible and 'living a little' but it all depends on how much your mortgage is costing, what your disposable income is and how well you manage it/what you do with it.

I've always kept on top of managing money well as in making sure our mortgage and utilities etc are on the best deal, because that then frees up more money to spend on fun stuff.

For example, our mortgage is a lifetime tracker at 1.1% interest, so we aren't in a great rush to pay it off as it doesn't cost much and we can get more interest in our current account, so do save some spare money - if the interest rates change, we have a chunk of money we can pay at the mortgage and can start to overpay instead of putting money into savings. We've also never pushed to buy a bigger or more expensive house as we're just not interested, so our mortgage is only about 10% of our monthly income.

When deciding how to spend your disposable income, think about what means most to you. Some people think that taking their own lunch to work is a miserable hardship so spend quite a lot day to day on coffees, lunches etc, whereas I really don't mind taking leftovers from home, so spend very little on lunches etc. I'm also not interested in beauty treatments and cut my own hair, don't wear make up, so spend nothing on any of those things.

But we do spend a lot on holidays and if we had not gone on holiday at all in the last 5 years, or just gone once instead of 3 or 4 times a year, then the saving would mean that we could probably be mortgage free by now. But then we wouldn't have had lots of lovely holidays in the sun.

So I would make sure you have minimised all your essential expenditure, have some savings for emergencies and annual and irregular expenses, consider overpaying your mortgage but don't think you have to to send every spare penny that way and make sure you spend at least some of your spare money having fun but concentrate on what means the most to you, and cut out or down things that aren't really worthwhile.

I'm 44 ..23 years left to pay..I'll be 67 ... plan on chipping away at it so its paid by the time I'm 60

30... We have 8 years left dh will be 44 when we pay off.
Plan is at 38 when im mortgage free I'll have approx 20 working years left so im going to train to do something i love without the worry of bills we will more than survive on dh salary

42 with 13 years left. Not much likelihood of paying it off early so I shall be 55 when we're clear. I'm happy enough with that.