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

[Lardlizard]

We have 15 years left and are 40

38 and paying ours off this year due to a lump sum inheritance. I know lots of people our age would be buying a bigger house with the money instead but for us it’s more important to pay off the mortgage and then enjoy the money we would have had to spend paying it off. We plan to have lots of nice holidays and renovate / decorate the house we have (semi 3 bed).

Just finished paying for the car so will now put those monthly amounts towards overpaying on the mortgage. Ive set up the DIrect Debt already to stop us from frittering it away on crap!

41 and 17 years left but massively overpay so it'll be gone in 9 years at this rate.

45. 15 years left

We're 45 and 47.
Payoff due in 10 years. I plan on overpaying 2400 at Christmas (I'm putting most of my wages into savings). That equates to 200 extra per month.
I would pay monthly into joint mortgage but if we split up I've got nothing.

46 and mortgage-free. We overpaid to get it out of the way.

29 years old and 22 years left

Ours will be paid off at 60 (22 years to go). We might over pay after dc finish uni etc but it's fine right now. I don't massively get the urge to pay off ASAP. Yes it's interest accruing but I'd rather spend money on amazing holidays with dc while they're young than pay off the mortgage. Some people see it as a major thing to brag about thought.

Was mortgage free in my early forties! Now 46 with a 20 year big mortgage have alot of equity in the house though.

52 and 11 years left. We could only afford a three bedroom house four years ago, and DH said he wanted the mortgage to be paid off before his retirement, so we took out only what could be paid within that time.

28, 25 years (30 year mortgage I think. Maybe it was 35 but is that a thing? 😄 I should know that.....)

I'm 25 and dp is 28. Got 32years left, we have just remortgaged and decided to over pay monthly and then reduce the term when we next remortgage in about 5 years time.

I’m 31, my mortgage on the flat I part own has ten years left, I’m also just purchasing a flat for myself (I am due to complete on Friday), so then I’ll have a 25 year mortgage but I plan to overpay 10% each year.

To those who say they are expecting an inheritance , don’t count your chickens
My husbands parents released their equity and had to live off it in their final years so nothing coming our way there.

My parents have unfortunately suffered catastrophic ill health and their savings are being taken up paying for care, soon they will have to move into sheltered housing and the sale of their house will pay for that.

I think they were ill advised bytheir accountant yearsago and so made no plans to gift money or anything.

Not that I’m saying I should inherit anything, I would much rather they have good quality care in their final years and me and my husband have done very well ourselves,but we will certainly be gifting money to our daughters over the coming years so that if anything happens to us, they don’t miss out.

Great post Barbara.

28 and 29 years left.

38/41 here and we have 21 years left and owe approx 180k. Like others, hoping to lower the term when we’re up for renewal as can’t work full time up to our 60s as we’re both teachers and can’t bear the thought! Hoping to pay off by mid 50s if we can

@Fireinthegrate
I’ll definitely be getting inheritance that is at least my smallish (£160k) mortgage. My parents have a huge amount put aside for their care on top of that. They both inherited large amounts they’ve not touched as well as having multiple properties and there is still a grandparent left. Although she still lives alone in her 90’s, no care yet, we are long livers!
Very fortunate.
They are already gifting it though gradually.
My father still works (for himself) at 70 and hasn’t touched his state or private pension yet, and that on its own is £50k a year.

But even if they somehow managed to spend it all, we’d still be able to pay our own mortgage off. I’m not relying on anything. I’d rather have my parents alive and well for a very long time as they are going to be grandparents this year.

41 and have 12 years left. We should have paid it off in 4 years time but we had a big extension built so we remortgaged.

Yes it's interest accruing but I'd rather spend money on amazing holidays with dc while they're young than pay off the mortgage.

For some people it's not an either / or situation 🤷🏼‍♀️

20 years old, have no mortgage but pay £500 rent pm.

Houses/flats are so expensive I don't see how I'll ever afford to own one even with my partner!

motherofdragons I agree - paying the monthly amount and balancing this with living a life (holidays, some fun) is my approach - we don’t actually know how long we’re going to live for after all! My folks went nuts to pay their mortgage off early and we never had a decent family holiday, always old bangers for cars etc and they always said it was because ‘we were broke/had no money’. Okay, their choice but not the way I want to do it.

29 and 28 but soon tobe 35 as we're remortgaging to cover help to buy loan. In 2 years DS will get free nursery hours so we will over pay until 3 year term up then hopefully remortgage over shorter term.

My flat - 43 and 8 years left on it...

Our family home abroad - no mortgage...

36 - 14 yrs left