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Original poster

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

109 replies

LovelyYellowLabrador · 14/01/2022 00:58

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

OP posts:
Alarae · 14/01/2022 07:48

Our mortgage is due to finish when I am 51 and DH is 60 however with our current overpayments it should shave off another year or so.

Our fixed rate is up in a year so I'll probably look to shave a year off the term possibly, depending on what that does to the contractual payments. The remortgage also coincides with 30 free hours kicking in for my DD, so may increase our overpayments then to shave another bit off the term.

Probably aiming for 48 on current payments. If we want it to end in time for if DD goes to university then we need to shave another 2 years off the term with overpayments.

LizzieMacQueen · 14/01/2022 08:06

Move. You'll not likely get a loft extension done for under £50k. A new bathroom alone could be £10k. Remember VAT at 20% too. Plus the extra living space in a 'natural' 4 bed I'll bet is bigger than an 'extended' 4 bedder.

stuntbubbles · 14/01/2022 08:11

Scheduled for 60, but we’ll overpay once the nursery finance drain years are over, so mid-50s I hope. (I’m 40 now.)

We’re moving from a 3-bed to a 4-bed but going from expensive area to slightly less expensive area, so should be able to stay on the same mortgage. Assuming the house market doesn’t suddenly get even more stupid in the next 6 months.

RHOShitVille · 14/01/2022 08:14

Around 53 as we have been overpaying. But that assumes that we don't move house.

thesugarbumfairy · 14/01/2022 08:15

In 19 years time. I'll be 66. It would have been a decade sooner but we upsized 3 years ago.

BertieBotts · 14/01/2022 08:15

Are you allowed to have a mortgage that takes you past retirement age? I had kind of assumed not and was thinking we might miss the window in the end.

Sleepyquest · 14/01/2022 08:20

This is very interesting as we are considering exactly the same as you!
My issue is that I still wouldn't be 100% sure that the house would be perfect. But by not having to pay an extra £600 a month mortgage, we could have a lot of fun.

FireworkParrot · 14/01/2022 08:23

Currently the mortgage is due to be paid off by the time we're 60. It would have been 53 but we moved to a bigger family home last year and extended the term. We're making overpayments when we can, although they're not huge but hopefully will add up. We're undecided about whether to extend in which case we may need to borrow more so it may well end up being 60. Ideally I want it paid off sooner and when our nursery fees drop we'll be diverting more money to mortgage overpayments.

LaurieFairyCake · 14/01/2022 08:29

70 😳

FireMeetGasoline · 14/01/2022 08:32

Should've been when I was 42, in 2 years time, but DP has started his own business this year, so his salary isn't as stable now and we've stopped overpaying. His happiness was more important than overpaying the mortgage, and whilst he is still earning well, that is staying in the business account, with a small wage each week. It should now be paid when I'm 45, he will be 52. We took out the mortgage when I was 25, so still 5 years less than expected. He wants more land though, so he'd better make sure there is enough in the business account because I can't wait for that final mortgage payment Grin

Trinacham · 14/01/2022 08:35

Trying to do it by the time I'm 33 - mainly as we are going down to one salary, so I can be a SAHM for a few years, so we'd like that debt to go. May well not be our last mortgage though as may upsize in the future.

MoiraNotRuby · 14/01/2022 08:37

Would have paid joint mortgage off by mid 50s and married. Taking a detour, becoming single, solo mortgage, so I will be 70 instead but without a dreadful husband. Of course if I get a better job or downsize etc, it might change again.

TiddleTaddleTat · 14/01/2022 08:40

When I’m 52 and OH is 61. Not willing to extend the term but may need to borrow more for renovations. Ours is a pretty small mortgage at this stage.
Will invest any spare cash rather than overpay on mortgage because rates are still very low.

RedBonnet · 14/01/2022 08:52

I was 5 years away from finishing at 40 ish but had to sell house to pay debts due to a failed business at the end of the 90s

Recently got a mortgage with 'help to buy' and it runs until I'm 75 😭

Geom372 · 14/01/2022 09:37

We'll be finished in August. I'm 41 and DH is 44. I was diagnosed with a chronic condition and we decided to prioritise the mortgage and I silently thank god every day for being so sensible all those years ago as my health is really bad now. It's heartbreaking enough to lose a career but to lose your home on top of it would have been devastating. Any time I read these threads I say get the roof secured over your head as soon as possible because you don't know what's around the corner.

lunar1 · 14/01/2022 10:08

We would have been finishing this year, I'm 42. Had exactly the same debate as you, we didn't extend as the disruption would have just been too much in the end. We went for the dream house which will be paid off when I'm 60, sooner hopefully if we over pay when we finish with school fees!

If circumstances change we can always downsize and have enough equity to buy something outright.

Monkeybutt1 · 14/01/2022 10:25

Should be about 55 for me, we have always overpaid our mortgage. We have just extended it by 85K to cover building work that starts on Monday but we took this extra out to be paid off at the same time as the main mortgage. It was this or move but we love our street and didn't want to leave. This way we pay about the same we would have if we moved but the house will be exactly how we want it. We have no plans to move again until we are older and are downsizing.

fastandthecurious · 14/01/2022 10:29

On our current mortgage without overpayments I'll be 49 and DH will be 56. But we will be upsizing soon so likely a bit later. Hopefully we'll be paid off at a similar time though as we always overpay.

Forshorttheycallmecomp · 14/01/2022 10:34

Term is til we’re 67, hopefully we’ll overpay enough to bring that to 60 or earlier.

KStockHERO · 14/01/2022 10:41

We paid off our mortgage at 35. We plan to move in about 10 years time.

Jericha · 14/01/2022 10:46

When we're 67/68. Don't plan on moving again but am going to start overpaying end of this year to hopefully have it paid at 60/61.

Severntrent · 14/01/2022 10:55

60 all being well. That's in about 15 years time.

Lanique · 14/01/2022 11:03
  1. It was paid off before I was 30 on a three bed terrace in an expensive area but we took on a bigger house that needed lots of work in an even more expensive area!
MrsSkylerWhite · 14/01/2022 11:05

61 and 67. Would have been 4 years sooner if we hadn’t remortgaged for renovations.

Iamblossom · 14/01/2022 11:06

I was 45 and DH was 50 when we finished paying ours off a year ago.