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?

50, paid off last month😄

45

I'll be about 87.

42. Due to inheritance so no wild celebration.

We should be paid off in about 6 years or so at 40.

40, DH 50

52
Could have done it much earlier but we spent bonuses on things we enjoyed (cars, boats, caravan, horses) instead of paying off the mortgage.
Don’t care though because you don’t want to scrimp and save and then find you’re too old to enjoy it!

37 - beginning of this year, we moved out of town and bought a cheaper, slightly smaller house which meant we are now mortgage free. Would have still had some way to go if we hadn't had money when my grandparents died several years ago. I realise we are incredibly fortunate and should we ever need to move again we will almost certainly need another mortgage as would probably want another hundred grand to get a house with another bedroom.

We still have another 6years to go (however hoping to cut that down over the next few months and get a better rate.)I’ll be 49 when it’s paid off if we don’t get a better deal.

I’ll be 46 and that’s only because my husband died and his life insurance will clear it. Plan was to clear at about 55-60, having a mortgage never bothered us. I certainly wasn’t going to cut back on enjoying myself just to clear a debt I could afford and I’m pleased we didn’t

We've got 23 years left on ours!! Aiming for sooner. I think if we really go for it we could chop a good few years off. I am due to finish paying of my student loan and credit card debt in the next 7 months and our childcare costs go down a fair way in 18 months time.

40. Inheritance. But wasn't massive to begin with.

I've not told anyone. A friend was making conversation and said to be mortgage free is a dream. I just smiled and agreed. If anyone specifically asked I wouldn't lie.

It does feel good though.

I always overpaid. Even £20/
50 a month adds up.

We clear it in 3 months time - I'll be 45. Overpaid as much as possible, every time interest rate dropped when we had been managing payments we kept them at the higher level and that made a HUGE difference to paying it off early (a 25 year mortgage, will be paid in 17yrs8mths).

I’m 32 and have 20 years left on ours, sure (hope) we will pay it off before then but at the moment with small children and me on maternity leave it’s not possible to do much overpaying. Also live in an expensive part of the country in a pretty big house, could be mortgage free if we were able to change location which may be on the cards when children are older.

50, and it's taken 16 years so I fit the "average" quoted by a PP.

47

Reading with interest and for motivation. Aiming for DH turning 40 in 2022, we’ll have had it for 18 years and it wasn’t huge to start with.

When we bought our first flat, it was a 25 year mortgage at 100% (!), so would have been 45, but then we moved and got another 25 year, and then we moved again and got another 25 years, and then we moved to our current house and put the limit at 60. Each time we had paid a substantial amount off, but then each move we added a substantial amount to the mortgage, but also to our equity. Our last mortgage, at 40, was a few hundred thousand pounds, we are mid 50's now, and will have paid it off in the next five years. Thing is, we now have a hefty value in the property, so when we downsize, we will have a large capital sum. So, swings and roundabouts. I don't think it matters when you pay off your mortgage, more important is how many times you move, and what equity you retain.

I'm 23 and providing we don't move it'll be paid when I'm 36! House was £200k so it isn't a big a mortgage also other parts of the country

Bought our dream house in UK with huge mortgage and paid it off after a lot of blood, sweat and tears, at 40

50

48

35. Though that was due to losing FIL unexpectedly early in hindsight we perhaps should have taken the opportunity to get a larger house and keep a reasonable mortgage but DH is very risk averse so 5 of us are still squeezed into a small 3 bed semi which feels like it's bursting at the seams. But it is a huge weight off our minds to be mortgage free