Dreaming of being mortgage free, how old were you when you paid yours off?

[Smarshian]

We are early thirties with 2 pre school DC in nursery 4 days per week. I’ve just taken a better paying job which will hopefully lead to more progression moving forwards.
We have 32 years to pay on our £230k mortgage and it just seems so daunting! We haven’t been able to overpay as we are pretty stretched with nursery fees but now I’ve got this new job that should hopefully change.
When did you pay yours off? How did it feel?

[Mintjulia]

I paid off the first at 45.

Then split from ex and took out a new one. I'm 57 and have a very small mortgage which I'll pay off at 64. But I expect to sell the house before then so it isn't an issue.

[Bollss]

I will be 50 and dp 64 so we want to pay if off sooner. Aiming for at least 10 years off it. I don't know whether that will happen but gonna give it a good do. Overpay a little now but got a big loan from doing the house up paid off soon so a big chunk of that will go straight to overpayment.

[TroysMammy]

48 when I paid it off and I save the amount I paid on the mortgage every month.

[Scrouge]

We’ve had to move 5 times in our marriage for work relocation. Each time we moved we extended mortgage a bit as moved to say more expensive areas or had growing kids. We just took the approach that we needed to pay for housing for 25 year term. As long as we could comfortably manage the repayments ( and we looked for deals with low interest rates) we just accepted that it was an outgoing like rent and not a race to complete as soon as possible.
With interest rates low on mortgages there are other places to save money into that may be more beneficial at this stage of your life- for instance if you may additionally into your pension you will get very good tax relief- every £75 saved will actually be worth £100. Those tax reliefs may not be around forever so is it worth utilising them now and then you have more years for your pension pot to grow. Not saying that is the best thing- just saying that look at your overall savings and investments and ensure you use your money in the best, most tax efficient way. Chasing the idea of be mortgage free isn’t always the best thing if borrowing is very cheap.
It took us 30 years to pay the mortgage off- it never stopped us doing what we wanted in “our home “ and the other actions we took with our money meant I could retire at 55 - I know which I prefer now!

[Scrouge]

Sorry £80 not £75

[17thEarlOfOxford]

42. Felt like a massive weight was lifted. Gave up my high-paid but stressful job a year later - best thing I ever did.

[ChasingRainbows19]

We didn’t get our house till 37/38 however only half is a mortgage. We don’t have children so that will make a massive difference regarding finances.

We over pay the interest currently so at least the mortgage payment is paying off the capital. Does make a difference

We bought smaller/cheaper than we could have. The aim is to have it paid off by the time I’m 55 which is 7ish years early. But once we’ve spent on the house, ideally I’d like to spend a bit more overpaying which is possible. I really want to have that security after seeing my dad rent in his older years.

When you can overpay. Even small overpayments when you are able to throw a bit at it are worth it.

[BernadetteRostankowskiWolowitz]

We are on track to be rid of ours by 57. But we will at some point make overpayments once the dc don't need childcare.

[swannin]

We never had one....we worked abroad tax free for 3.5 years and then bought cash...made money on the sale of that house and bought cash again. We are looking to move again so we may get a small mortgage for that depending on the value of the house but we are in no rush.

[PontiacBandit]

I'm expecting to be mortgage free at 45, like pp we stayed put in our 3 bed semi instead of upgrading to a 4 bed detached.

[FallonsTeaRoom]

I was 44 when I paid it off with a redundancy lump sum. Since sold it and bought a bigger house without needing a mortgage. It's a great feeling. 😊

[EmmaGrundyForPM]

I'm 53 and dh is 58. We have 8 years left to pay it off. We are overpaying £500 per month and trying to increase that to £1000 but still have a huge amount to pay off. Our plan is to sell and downsize in 3 years time which hopefully will wipe it out.

[SciFiScream]

We have 24 years and 1 month to go. I'll be 67. Eek.

However if nothing changes we should pay it off in 15 years as we are overpaying a small amount each month. We won't be able to do it quicker than that.

We've had no family help or inheritances and don't expect to receive any either. In fact we've had to support family financially over the years.

I long for the day our mortgage is paid off and to feel secure in the home. I had massive housing insecurity when I was a teenager (didn't move but had the the threat weekly) so that's affected me quite a lot.

After we stopped paying for childcare fees we moved from interest only to repayment! It was the only way we could afford a home and childcare at the time. It allowed us to build up a tiny bit of equity.

I think we've paid around £70,000 in childcare fees over the years. Since 2007. 1 more year to go. (I'm including wrap around childcare in that figure)

[movingonup20]

On course for 50. Will be good for sure!

[Valkadin]

Mid thirties, we only had the mortgage for about 7 years. We made some high risk investments and paid off the mortgage. Could have been a horrible outcome though and not for the faint hearted. We have had a very different life being mortgage free at a young age. We are now early fifties.

[iamaMused]

We paid ours off at 50, we ensured that we bought a house well within our price range, it was not half as nice as some of the gorgeous brand new houses around us and we were tempted so many times by the gorgeous kitchens, chic bathrooms but were steadfast. We overpaid our mortgage every month to ensure we were mortgage free.
One thing I was told though was to not prioritise your overpayments over making memories. Personally I cut back on non essential 'fripperies' and put the £ I saved to make these memories.

[ThatScottishGirl]

We could pay ours off before I’m 30 if we wanted but instead we’re going to take a big mortgage like yours and move. I think we might be mad!

[neonjumper]

We bought when we were 29 and paid off earlier this year at 49 .

It meant DH could start own business and I'm retraining whilst working part time .

[Jimdandy]

I’ll be 38 (next year) but then we’re moving and then doubling it again!

What I’ve always done is kept my lifestyle the same and then just overpaid the mortgage the extra.

[Rafflesway]

I was 54 and DH 59! (11 years ago)

Took 31 years - 2 houses in that time.

Being mortgage free allowed us the freedom to take early retirement and save loads.

We have been in our current home for 27 years and will only be leaving in a box.😆

[neonjumper]

We overpaid 10% for the last 10years plus low interest rates of 1% helped .

[dewisant2020]

I managed to pay off the mortgage a few years ago, I was 43 and it's such a relief to know I don't have to worry about it anymore.
I plan on retiring early so all my money is going into investments and a pension.

[loobylou10]

I was 49 and it felt amazing to make that call to pay the final balance off.

[cptartapp]

44. Paid off due to inheritance on the death of my second parent suddenly in an accident, so very bittersweet.
    Saving like mad too now into investments and pensions to retire early like pp.

[IsAnybodyListening]

I'm 38, and got a 25yr mortgage when I was 21. Had to re-mortgage when Dc's were little, going to switch provider shortly to release 25k to put in a new bathroom, kitchen and fix the roof. It will be paid off when I am 49.

Seriously contemplating when it is paid, selling it and buying a 100k house in europe, maybe Italy with a small holding, and saving the rest of the equity from the original house sale for retirement.