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?

38. I earn a good salary and live in an area with pretty low house prices. Towards the end my mortgage was about £340 a month and I was throwing £1200 a month at it. Good street, great neighbours, three-bedrooms and decent garden. I immediately went to 0.8 fte at work.

I don't expect to before 65 unless either a catastrophe or lucky break happens.

46 and don't tell people unless they specifically ask.

I think it is relevant on these threads how expensive the property is. I think for people getting their first mortgage now it will be very hard to pay them off before they are 50 especially if they don't get family help/inheritances which seems to be how lots of people pay them off.

41. Had a ten year mortgage

House was £270,000

62

We could have paid our mortgage off thanks to an inheritance I received but we’ve decided to use it to buy an amazing house that will mean that we are all comfortable if the kids are unable to move out after leaving school or university. It does mean we have another 18 years of mortgage, right up to DH’s retirement age, although if we can pay this off early, we will do.

I have just remortgaged to buy my ex out in a divorce settlement - I will be 70! Although assume I would probably downsize before then as children would be mid thirties and hopefully left home!

Within the next six months, I'll be 64.

Crikey we took our mortgage out almost 4 years ago when DH was 37 and i was 38. We'll be 62/63 but having said that our youngest will start school this September so our childcare bill will go down considerably so we can start over paying on the mortgage so hopefully we can pay it off sooner.

42

We would have been mortgage free in a few months but bought a bigger house at 47 and will be paying for it into our 60s. But that's kind of the plan, we'll downsize at retirement to a smaller house freeing up cash and reducing our outgoings in one go. Make the adjustment to retirement a bit easier. We save parallel to paying off the pension and over the last 20 years the money in the S&S ISA and the pension have outperformed the housing (I live in the north) so no point prioritising the mortgage over other assets.

Took mortgage out in 2014 , have enough money in the bank to pay it off now but don't as interest is so low, money makes more than interest is. I am 40 husband 42

Another 3 years and we’ll be done. I’ll be 37, dp will be 45. Can’t bloody wait. We overpay it and I can’t wait to Be free from the huge chunk it takes out of our income!

have enough money in the bank to pay it off now but don't as interest is so low, money makes more than interest is

Can you explain a bit what you mean by this?

DH and I were 38. He's a high earner and hates debt, so we just threw every bit of spare money towards it. No family money or inheritances, we just have low outgoings as we're naturally frugal and have a small family. We're in London so it was a large mortgage. We're probably going to get a new mortgage in a couple of years though, as we've had another dd and we need more space.

23. Inheritance

60

Paid it off last month! I'm 48 and we live in a flat.

55. My husband (then 63) paid it off with his redundancy money. This was 10 years ago.

Ours runs until I am 65 and my husband is 73. Student debt (I didn't get loans or grants) combined with coming from poor families with no inheritance and getting onto the property ladder late all contribute to this. I am delighted we have a home. We are lucky.

I should be in my 50s when I clear mine. In my late 20s right now.

Me : 37
Sister: 50
Friends : 45

43 and 45. Husband had taken out an endowment policy after a small inheritance at 21 so even though it didn't cover the whole mortgage (even as originally planned - certainly didn't when it was sold!) we took the term to fit the policy term. Bought a few years before the ridiculous tripling of house prices. Significantly higher income in later years so overpaid to finish slightly earlier than term.

44. Sudden inheritance from my DM.