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Original poster

The dream of being mortgage free...

126 replies

InTheNameOfAllThatIsHonest · 05/10/2021 15:06

I would love to be mortgage free. The idea that if I lose my job or things go pear shaped financially I may lose my home, terrifies me.

Can I please ask how old you were when you paid off your residential mortgage? Or what age you will be when you think you will have paid it off? I'm in my late forties at the moment, live alone, am the sole person paying my mortgage, and have another 20 years to go...

OP posts:

RandomMess · 05/10/2021 16:15

Anyone that more recently than us nearly 20 years ago will have paid so much more for the equivalent house. Even 6 months later we couldn't have afforded the same property they rose that steeply.

OneRingToRuleThemAll · 05/10/2021 16:15

We are moving and taking on a new 30 year mortgage so won't be mortgage free for a very long time. Interest rates are the lowest they have ever been, so I don't see the point in paying it off early.

We are investing in S&S isas and will have a buffer if rates rise in the future.

FrownedUpon · 05/10/2021 16:16

I’ll be 50ish. It’s a big part of our plan to retire early as it will mean our monthly outgoings are really small.

Equity in a house isn’t useful now if you’re still paying out 1k+ a month mortgage payment for another 20 years.

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General money

Fallagain · 05/10/2021 16:19

I’m 38. Under the current plan it will be paid off when I’m 55. I’m currently a SAHM so if/when I go back to work then hopefully that will reduce.

Dreamstate · 05/10/2021 16:19

I'm on track to pay it off by 55. I could pay more and bring it down but with my interest rate being so low doesn't make sense right now, im not going to save huge amount by doing so. I'm building up a 10 month emergency fund to cover me if I lose my job instead or boiler breaks down as I think that's more important for me right now. After that I might consider paying off my mortgage more.

home2012 · 05/10/2021 16:19

41 and paid mine off this week. Saved and did well on some investments. It's such a lovely feeling

RobinPenguins · 05/10/2021 16:21

13 years to go so all things remaining the same will be done before I’m 50 and DH in early 50s. We have really high monthly repayments though, and it’s been deliberately set so that hopefully it’ll be done before DD is university/leaving home age so that we’ll be in a position to support her then.

qualitygirl · 05/10/2021 16:23

I never had a mortgage. Bought my first house outright. Sold it at profit...bought second. Worked abroad for over 5 years and saved as it was tax free. I'm mid 30's.
I know I'm very lucky. It was so nice to know if the shit hit the fan with COVID and myself and/or dh lost or jobs that out only household bills were electric and broadband(which could be canceled if necessary) and our insurances.

CallyWW · 05/10/2021 16:23

I'm 38 and my DH is 42 and we have 5 years left. It's exactly what you said, I just want the security of knowing that it's mine and that even if my husband or I lose our jobs, we will be fine. We have doubled our payments now that I'm back at work FT and it is expensive now managing that plus all of the expenses of having 3 kids in competitive sports but I think it will be worth having it paid off early.

ProfYaffle · 05/10/2021 16:24

We paid our off aged 33 in 2005. We were 'lucky' enough for dh to get a brain tumour and the critical illness insurance paid out. So, yes, critical illness cover was worth it for us.

remodelideas · 05/10/2021 16:25

I'm tied into a 4% rate so will be paid off at the 35 year point

MrsPelligrinoPetrichor · 05/10/2021 16:26

We were mortgage free when I was 36 then moved and got a small mortgage of 70k to do the place up and we've nearly payed that off (nearly 51 now.) It's a nice feeling.

Busybubbles · 05/10/2021 16:28

Ugh we’ve just moved into ours and we won’t pay it off for ages. We also want to go bigger so no chance until we’re 60s. Ah well…

tootiredtospeak · 05/10/2021 16:32

44 have 13 years but overpaying so should be done in 10 years. Have critical illness life insurance and death in service at work to cover me.

Tellmeee · 05/10/2021 16:34

I was 50 when I paid off mine BUT I divorced (financial settlement,) was made redundant (redundancy payout) and massively downsized.

Champersandchocolate · 05/10/2021 16:37

@InTheNameOfAllThatIsHonest Have you thought about a serious relationship with someone else and being able to double up? I'm mortgage free at 28, due to marrying a man who sold his company and invested well after that.

Had I not have had a partner I would never have got as far as I have by this age.

Ylvamoon · 05/10/2021 16:37

We paid ours off with me aged 42 & DH 50.
We were very very lucky with a combination of overpayments and a savvy investment which grew faster than anticipated.

Otherwise we would have had an other 12 years to pay.

MintJulia · 05/10/2021 16:39

The first one, I was 45. I started early and overpaid.
Then I split from ds's dad and had to buy another house, so I added another 17 years.
So far I've paid 10. To be fair I could sell next year and downsize to be mortgage free so it's not too bad. I'm 58 and I owe about 3% of the current value.

userxx · 05/10/2021 16:39

@Quornflakegirl

Ours was paid off last year, I’m 42 and DH is 48. We bought it cheaply 23 years ago and decided to stick with our current smaller house and be mortgage free than move to something bigger. I’m glad we did now.

When you say smaller, what size is it ? I'm so undecided about moving.

H1978 · 05/10/2021 16:44

We paid our house when I was 26 and dh was 30. We got a private mortgage with the homeowner, who was a friend of dfils. It was tough going for the 6 years it took us to pay it off but dh worked very hard to pay the amount each month. We know how lucky we are. I couldn’t imagine having a long term debt, like a mortgage, to worry about.

Flufferty · 05/10/2021 16:45

I was 52 when I paid mine off. The house isn't worth much, but it's mine 😃

Rollercoaster1920 · 05/10/2021 16:45

Mine is supposed to be paid off when I am 60, I am currently mid 40s. There are so many things that can change in that time. I'd hope to pay it off earlier, but.....we might move, we'd like an extension, house needs work to fix things, University fees, possible large medical expense needed for partner, partner might get a job etc etc.

However I do own a small plot of land outright, and the feeling when i paid off the loan on that was amazing, so I look forward to the day.

dameofdilemma · 05/10/2021 16:49

One thing to remember is your mortgage is just one part of your bills. We're lucky enough to have paid off our mortgage (after 25 years of working) but we still have council tax, utilities, food, dd's expenses etc as well as saving for holidays, our old age (neither of us will inherit any money/assets), dd's education etc.

Neither of us could give up work really and we'd still be at risk of having to sell the house or re-mortgage, if one of us couldn't work for a long period.
Our 'wealth' is tied up in the house. It doesn't provide an income to live off and is only our home as long as we have an income from working.

I still recognise we're lucky though.

Vickim03 · 05/10/2021 16:51

Ive paid 2 off with inheritance and I’m 35 but we moved to a bigger house took out a small mortgage plus help to buy loan. We’ve got 32 years left on ours, we’ve just upped our mortgage to pay the help to buy loan off. Plan to over pay every month to shorten this term tho. Managed to secure a 5 year fixed deal at 0.99% so a lot of what we pay monthly will actually go on the capital

Corrag · 05/10/2021 16:57

I'm 50, OH 53. We're in the process of buying a more expensive house which we'll own outright thanks to two inheritances. It will be a big relief knowing the roof over our heads is secure.

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