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?

This thread makes me want to cry. I think i'll be about 75 when it clears cries

Around 52 I think

44

Bloody hell. Our mortgage runs to retirement. We pay 2k a month and not in a position to pay more at the moment. It's about £450k now I think.

55 - paid it off last month. We bought in the 90s so prices were low and for the last few years it's been less than £50pm. Thankfully it was that low because we had a huge unexpected change in circumstances which hit our finances hard. I'm glad I don't have to think about it now.

34

I was 42 and DH was 50, we paid it off six months ago.

DH bought the house for £35,000 a couple of years before he met me so in total I think it took abou 17 years to pay off (15 years of me paying into it)

The house is now worth (£200,000) now but we're mortgage free and won't be moving. The mortgage money is now being saved for the kids University fund or as a deposit for their first houses. We'd got used to overpaying by the end of the mortgage term so can now save a good whack each month.

Bloody hell. Our mortgage runs to retirement. We pay 2k a month

Surely that's a choice though?

I was 44! Started it at 19.

48

God I'm finding this thread depressing. We have had to extend our term so I will be in my 60s before it's paid off (married a toy boy so dh will be 50s).

I am now trying to focus on how fortunate I am to be able to get a mortgage and have a roof over our heads.

I can't get over how many of you are mortgage free!

45 earlier this year thanks to DH's redundancy payoff that we had kept aside to pay off once the fixed term had ended. Discovered it was cheaper to kill off a year earlier so did so.

I was 54, DH 62.

Just before it finished we took out a second small mortgage to do the kitchen and bathroom, we waited twenty years to do them, because we couldn't afford it.

We sat on the money and paid a third of it down, before we started spending it.

The repayments are £400 a month.

We generally overpay each month by about £700, and there are two bonuses enroute so it should be gone by this time next year.

I was made redundant. I moved to a smaller house in another area [which is now very popular and trendy] so I could be mortgage free. Best thing I've ever done.

Cleared my first mortgage at the age of 22 due to some inheritance. Have since moved house and now have another big mortgage again 🙈 hoping to clear it by the time I am 40 (16 years time).

Will be 59 at the earliest and 66 if I don't overpay. I was 33 before I got on the property ladder and have moved once, but did borrow more twice. Once to buy land and once for home improvements.

With low interest rates I intend to try to contribute as much as possible to a pension rather than focus as much on the mortgage. I have always tried to overpay.

It would have been great to be mortgage free earlier, but it doesn't matter in the grand scheme of things.

43. Husband got a compensation payout.

We are 39 and 41 and could pay it off now, but are locked in so will pay it off in 10 months time. Mostly due to DH business sale though I’ve invested in the stock market since I was 22 and over the years the often only paltry amounts I was able to invest each month seemed to snowball over time.

We could move to somewhere bigger, but don’t believe it would really make us much happier in reality... wanting more, and bigger and better of everything is what keeps us trapped in a cycle of consumerism and slave to employers. We would prefer to invest our money to retire early and own our time instead. That’s priceless.

No I wouldn’t tell anyone unless specifically asked as it seems a bit boastful.

Not cleared yet but if I let it run it's term I will be 43

@MrsBobDylan

Bear in mind that this thread will not be very representative of reality, most people will just scroll past thinking it’s not relevant to them with their long, big mortgages.

I bet lots of people reading will exhale an envious sigh at the mention of your toyboy, though 😉. Not all fortunes are financial after all!

Was mortgage free at 24 thanks to crazy small house prices back in the early 2000's.

Took out another in 2007 and if things had stayed equal I would have been mortgage free again by 49, however I am in the process of buying a new house and have a agreement-in-principle for a small mortgage that will take me until I am 52 (16 years time).

I’m 31 and DP is 35. We’ll have it paid off in 7 years (small 3 bed semi detached in a cheap part of the Midlands)

49, inheritance. We had 41k left, and about 6 years to go on maximum overpayment.

32. We had parental help to buy in the first place which meant we didn't need a huge mortgage & then an inheritance cleared the rest. We could really do with more space as the kids get bigger so we're planning to get somewhere a bit bigger soonish. We'll almost certainly need a mortgage for that, unless we move out of area which we don't really want to.

I'm aware of how incredibly lucky we are!

I will be late 60s...