How old were you when you cleared your mortgage?

[goldpendant]

Inspired by two other threads (one on pensions, the other on mortgages), if you've cleared your mortgage, how old were you when you did so?

No. I dont tell people I'm mortgage free.......I have friends and family in insecure rentals, one friend is currently illegally staying in her mum's sheltered accomodation with her DC or she'd be homeless (( think the warden's turning a blind eye on that one. )) And I know of a family with four DC, one of which is severely disabled that have been living in one room for the past 6 months........so whilst I'm happy that we're secure for life pretty much I feel almost ashamed about it. 🧐

I'm 45 and DP 42. In a position to pay it off now but locked in and it's not worth the penalty so waiting for it to end in 13 months time.

32... I’m 34 now.

54, after 25 year mortgage.

Will be 50.

What mortgage? I can't get one, and I'd be about 102 by the time it was paid off if I could 😂

We are mortgage free and 30, also own a second home with a small for the area mortgage. We had planned to sell the second home which used to be our main home when we relocated but we managed to juggle things around to keep it incase we need to move back.

As far as anyone knows we have a big mortgage. Even my parents think we have a big mortgage because I know they would then come to me every time they needed cash.

Similar to a previous poster I feel guilty that we are in such a good position ( but at the same time we worked hard and made changes elsewhere to be in this position so I know I shouldn't feel bad!)

According to a survey of 2000 people by Hargreaves Lansdown, the average age people expect to repay their mortgage is 57-and-a-half years.

44 for me two years ago (£635k). A handful of friends know we're mortgage free; they are as well.

uk.finance.yahoo.com/news/one-worrying-stat-when-it-comes-to-brits-paying-off-their-mortgages-093332505.html

45 after taking ill health retirement. We'd been paying it down then usedpart ofth lump sum to pay it off

32

We haven't paid ours of yet, but we're hoping I'll be 49 when we do. That's another 9 years, and dh will be nearly 60.

My parents paid theirs off when my mum retired at 64, and it was the lump sum from her pension (which she was grateful to have) that paid off the last bit.

47

46

59, paid off 3 years early.
For the pp who said they could pay it off but it isn't worth it, you're so wrong. Paying it off early saved us £1500 and we were on a very low tracker mortgage. The money we used to do so would not have earned that much interest over the full term of the mortgage, even in a very high interest account.
This calculator shows exactly how much you save by overpaying. It was accurate to a few quid when I used it.
www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Another 8 years to go and it'll be paid off and I'll be 50.

44 due to inheritance

We bought our 1st house when we were in our late 30s and paid off the mortgage in less than 10 years. We did it by buying a small terraced house that was going fairly cheaply, getting the shortest term mortgage that we could afford (we had a 10 year mortgage and that saved us a fortune in reduced interest payments) and saving as much as we could so that we could pay off the balance as soon as the fixed term part of our deal had finished.

A couple of years after paying off that mortgage, we moved to our current house and did the same thing again.

We were really helped by interest rates. This was pre the crash (paid off the 2nd mortgage not long after the crash) so you used to get a lot of interest on any savings.

I wish that Mumsnet let you edit posts. We were in our early 30s when we bought our 1st place (I was making us even older than we already are.)

Mortgage 1 at 39. Mortgages 2, 3, 4, & 5 in 7 years at 55. They'll be an interest free loan left belonging to DH which goes on for another 5 years at least. But it's less than 200€/month

51

Hopefully 52. Just been left an inheritance - and feel deeply grateful to the wonderful person that thought of me, they said they’d always look after me. Locked in until early next year and not allowed to until then (and quite frankly can’t face starting the ball rolling yet with everything else going on right now)

59! Sold and bought outright so no more mortgage. Thank goodness. It feels great not to have to worry about that give expense.

64 .( Did'nt start 'til I was 39).

If it runs it's course we'll be in our mid 50s, but we'll have technically paid it off some years before that as we'll have more savings than the amount of the mortgage, but while the interest rate is lower than what our current account and instant access savings accounts pay, I'm in no rush to pay it off.

If the situation changes, I can just transfer a big chunk of money instantly and then make regular overpayments to clear it relatively quickly - we have less than £40k outstanding.