What age would you think you’ll have paid your mortgage off

[LovelyYellowLabrador]

Just trying to decide to extend, or move Moving would cost us about. 170k more for the next house up
4 bed detached

Current 3 bed semi
Or extend this by going three story
With a master bedroom and en-suite in loft with a full width dorma for about 50k
Mayble slightly more

Apprently in the loft we could have two bedrooms or one master suite
We’d go for one master suite ideally with a little seating relaxing area as well

120k difference
Which would make things not impossible but tighter
Like right now we can do stuff without really thinking about the costs, for eg
Some tickets suddenly come up for sale couple of hundred quid
Don’t have to think twice as I know we have got money
Don’t have to think about how much can spend on food etc

But with 120k more in the morgage things would be tighter but we would be deattached

If we extended
We wouldn’t increase mortgage length
Be paid off by mid 50s

If we moved might need to extend by 3/5 years

Hopefully 60

Done and dusted at 55.

With our current mortgage, it will be when I am 60 and my husband 65 😅

Currently mortgage is in theory going to be paid off by the time I’m 60. Hoping sooner as I overpay.

42. Always had my mortgage over 15 years. 8 years to go😊

60

We’ve got 7 years left which would take us to 48 but we plan to over pay so much more likely to be by 45.

We’re adding a fourth bedroom in the loft in a couple of months time and we will see if that feels like enough space. If not then we will need to upgrade and move, which would likely see us taking on another £200-300k mortgage which I suspect would take us to repayments until we are
60. I’m trying to resist making that move - being mortgage free would be great.

Bagga sounds like a very similar situation to us
Have you have any loft quotes yet ? What will you do to yours

All payed up by 41... made some significant overpayments fairly early on when I was single and had no dependants and low outgoings.
When the interest rates dropped I never reduced the monthly payments as they were already budgeted for. So glad now that I made those decisions in my younger years and went without the flashy cars.

59, planned to match DH turning 65.

I think it also depends how old you are now.

When we moved here we had to add on a 5 years to make it financially viable, so extending it to 19 years . I was 39 so it still made sense.

Whereas now 9 years on, I'd be reluctant to add on another 5 years as it would be 50% extra time left on the mortgage.

This is a house we knew we would be happy to live in long term, good schools, nice location decent size garden etc so the cost/benefit was very much in its favour.

Don't underestimate the true cost of extending. Materials have nearly doubled in price, plus the stress of it whilst it's completed.

We were mid thirties, I know it’s unusual but we took did a very high risk investment that paid off. Wouldn’t do that again.

67

55. I wish it were sooner but I only bought my first property when I was 30 and then we needed to upsize.

By 43 (DH 53) we overpaid over 2 fixed 5 year mortgages

We paid cash for our house in 2003, so we were in our mid 40's then.

55

We potentially have the option to be mortgage free within the year if we take certain decisions. I will be 39 and DH will be 41 but it took moving abroad and taking a lower wage job for hopes of share of the company coming through which gave us a deposit on a house that has doubled in value so if we sell and move back to the U.K. we can buy outright. If we stay here though we have another 20years to go

@LovelyYellowLabrador yes but it was pretty tough to get decent quotes as all the companies are so busy! We had a few call round but only one of them was professional and organized enough for us to consider them and the wait time is 10-12 months. We’re currently hoping for around May/June to start but have signed the contract and paid a deposit. Cost is around £40k plus VAT but with a clause that rises in cost of materials is likely so that could increase by 5%. Once we’ve re-decorated the rest of the house and had built in wardrobes made etc I think we will be looking at a £60k spend. It should add that much value hopefully. We have the cash in savings to cover it, just.

I would extend rather than move. We have 14 yrs left, but will be more like 11 if we continue overpaying - we'll be 51.

I would move rather than extend.

We were mortgage free at 46 but decided to buy a farm and build a business.
At our current payment rate, we'll be paid off at 67. Business is doing great, despite Covid, so we will overpay to bring the term down a bit.

On track for 55

Planning to downsize shortly so hopefully about 53. Had enough of it now.

As per the schedule, 55, but we've already made some overpayments, with more to hopefully be made when we don't have kids in nursery any more! I would like to pay it off by 50 max. We plan to move out of the city and towards the countryside though so that will affect it price wise I guess.

I'm incredibly lucky to be mortgage free as of last year at 31. We made some very high risk investments and they paid off. We don't have anything left over but we were able to pay our mortgage and it's SUCH a weight lifted.

We've both got lower paid jobs and a slower pace of life. Couldn't have worked out better for us :)