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

65 - depressing

Bought mine in 2017 and should have ended 2047 by which time I'd have been 66. However I've made overpayments, so due to be paid off when I'm 59 if I make no more. I'm hoping to have it paid off before I turn 50. A lot depends on work/mental health/costs of dc though

All paid at 42. Was fortunate that I bought in 1996 when prices were very low. Never moved and overpaid. Now 50 and have semi retired.

At retirement, earlier if we’re lucky but I don’t see it unless we downsize after the kids leave home.

60, though probably a couple of years earlier as we're overpaying. Would have been last year (sob) but we remortgaged to remodel the house.

70 😳

I win...

50. It means we’ll be able to retire early which is really important to me!

Ours will be paid off by August this year, we will be 52.

I'll be dead at this rate

DH will be 57, I will be 53 but only because we overpay. thanks to. low. interest rates and that we had a mortgage-free house as equity for the current one.

Loft - we did it as the money was less than a larger house. We actually bought the current one with the purpose of going up to gain the space we needed. I also don't want to move again so it was a long-term purchase.

We have a kind of master suite, it's DD's bedroom with. a full. dormer plus an extra room, currently DH's office but made in a way. that it can be changed to a small bathroom with pipework already laid out. I don't like en-suites with. access from the bedroom, this set-up has two proper doors and only access. to the small room is from the. landing.

We were asked for plans for two proper rooms but they were far too small for more than a bed and a wardrobe, would work as offices but not as bedrooms.

Currently 63.
But will overpay like mad. So hopefully in my 40's

I was 28 when I paid mine off. Lucky in business. Small house, but in an up and coming area. Didn’t size up straight away, although we could have done, waited five years in the small house to build up more savings to buy a bigger house in cash.

Was paid off 3 months after turning 40 thanks to some gifted money but otherwise it would have been gone by the time I was 46. No overpayment, we got our mortgage when I was 21 and it's was a well priced house for the area.

The joy of security is awesome, and the element you mentioned about being able to do things without much thought I worth way more to us than having a bigger house.

We expected it to be in our 60s, then DH died last year and, fortunately, insurance will pay it off, so I will be 40.

@BertieBotts ours has gone over 70 because they took our pensions into account.
We both paid the maximum into our pensions over the years, both will give us a healthy return.

We had the same questions op but needed a kitchen and loft and would still have wanted to move in five years. Dithered for ages but brexit building materials and supply became the biggest stumbling block as builders round here (big city) were starting jobs but not being able to finish them.

So we are moving from a 2 bed to a 5 bed (2 rungs up on the ladder really) with two receptions and our mortgage will be enormous - minimum payment is three times bigger then what we pay now and we won’t be able to make overpayments until nursery is done. Only light refurb work needed though and it’s a solid victorian terrace. We won’t grow out of the new house!

Fully offset by the time I’m 40 and DH 48. Then will depend on interest rate vs ISA performance

Sorry about your DH @badlydrawnbear

Ours was paid off in my early 30s and dh was early 40s.

5 bed detached

52
We did a big move when I was 44 and I’m so pleased we went for this house.
In about 5 years we’ll downsize and give a lump sum to our DC.

We will be 47 and nothing could convince me to do anything that would extend that time! Once that's paid off, will probably drop to part time work and/or retire early.

53. (This June)

We just moved about a year ago. Prior to the move we had 12 years left, meaning it was be paid off before either of us turned 50. Now it’s 33 years and I’ll be 69 😭

However, we moved prior to me receiving an inheritance. We knew it was coming and hoped it would be through before the move but our house sold and we had to bite the bullet and remortgage. We want to do some work in the new house but once that’s done we’ll be putting whatever’s left towards the mortgage, our broker got us a good deal whereby we can overpay as much as we want, or even pay it all off in one go without any fees. We’ll be left with about 10 years if we keep our payments the same, meaning we’re back to mortgage free by 50.

OP this needs a poll!

72. I wasn't able to think about buying a house until well into my 40s. Student loans, no family help, single parent, self-employment in a country with punishing tax rates. Finally off that hamster wheel. But where I live you can't just overpay. If i want to change the terms if my mortgage I have to pay a fee.

I now have an excellent salary for where i live but could never sell and buy elsewhere as too old for a mortgage (58).