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Original poster

What age will you be when your mortgage is repaid?

208 replies

savethegorgeousbees · 04/06/2023 15:46

Basically just this.

Mine is due to be finished when I am. 61 currently 49 so 12 years to go.

I read a lot on here that people have theirs done and dusted by the time they see 50 and makes me feel slightly depressed.

I wish I could make overpayments but sadly am not in a financial position to do so. So out of interest how old will you be?

OP posts:
InTheFutilityRoomEatingBiscuits · 04/06/2023 16:15

I was 29 when I paid off my first mortgage, but it was supposed to run until 51. I then took on a second mortgage but only for ten year term so that one is done too as I paid it down in less than half the term (currently 40)

For me personally, I would have been very worried about still having mortgage repayments past 50 so my aim was always to take it down as quickly as possible.

TheBeesKnee · 04/06/2023 16:16

46 at the current rate but to be honest this house is small so there's an ongoing mental battle between being mortgage free at a good age and having a bigger house.

Wishing4sunshine · 04/06/2023 16:16

I'll be 43 at the rate we're going. Aged 31 now. Depends on mortgage rates and if we move of course

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General money
sawnotseen · 04/06/2023 16:17

I was 45. First bought in 1995.

OhhhhhhhhBiscuits · 04/06/2023 16:17

65 currently. Glad it will be done before retirement but with a young child and an adult child and we upsized from a flat 2 years ago we had to go to that term (had second child later in life).

bobby81 · 04/06/2023 16:18

I was about 32 I think. 41 now.
It was a mix of renovating houses then selling for a profit & inheritance.

Farmageddon · 04/06/2023 16:18

Honestly OP, please don't compare yourself to everyone else. Anyway, the average age to pay off your mortgage in the UK is 59, so you're not far off that.

These type of threads alway attract the 'I paid mine off at 21' brigade, but you don't know other people's circumstances - it could be buying in a cheap area, inheritance or just overpaying for years. Plus some people pay them off and then divorce and have to start all over again.

I'm 38 and haven't even got on the property ladder yet, am single and saving for a deposit (very) slowly so no idea when or if it will ever happen.

BooksAndHooks · 04/06/2023 16:19

61 had we bought when we first tried to buy the house would have been £133,000 less and would have been paid off when we were 45.

LoopyGremlin · 04/06/2023 16:20

Supposed to be age 70 but significantly overpay and have savings to plough in when I remortgage so reckon I can do it in 10 years making me 55.

Coronationstation · 04/06/2023 16:20

55 is not over paying but planning to get that closer to 50 by doing so

LividTwunt · 04/06/2023 16:21

67 I think.

Remortgaging and downsizing on divorce.

Fuck men and their inability to not be life ruining twatbags.

Begonias · 04/06/2023 16:21

Planning on paying it off in December. We'll be 45. Any money saved will go towards building savings up again

Soakitup37 · 04/06/2023 16:21

62 (currently 39) and I’m doing it solo not paying off a lovely big house unfortunately but I plan to figure stuff out once my kids are past childcare age and Chuck everything in to getting the number down.

I’ve got a decent private pension so I’m trying to at least get to some years of my life where I’m not struggling even if they are the golden ones

Softdough · 04/06/2023 16:22

66 (I'm 37 now), overpaying whilst I can before my mortgage term ends and the interest goes up

Maztek · 04/06/2023 16:23

41

gingercat02 · 04/06/2023 16:23

Ours is done. We are 52 and 54, overpaid on an offset mortgage so done 4 and a bit years early.

Putdownthecake · 04/06/2023 16:24

I will be 48 but am overpaying so hoping to be done around 44/45. Depends if I can afford to overpay with new interest rates

Allthegoodusernamesareused · 04/06/2023 16:24

62 on paper, but have been making small over payments which I hope to increase, so hopefully we'll be able to shave a few years off.

MMorales · 04/06/2023 16:25

43 currently.

But will increase if we upsize

eurochick · 04/06/2023 16:26

66 if we don't overpay. We could have paid it off around 40 if we had stayed in our old house but we kept a small mortgage as we planned to move and then upsized (in our mid-40s).

drpet49 · 04/06/2023 16:26

Farmageddon · 04/06/2023 16:18

Honestly OP, please don't compare yourself to everyone else. Anyway, the average age to pay off your mortgage in the UK is 59, so you're not far off that.

These type of threads alway attract the 'I paid mine off at 21' brigade, but you don't know other people's circumstances - it could be buying in a cheap area, inheritance or just overpaying for years. Plus some people pay them off and then divorce and have to start all over again.

I'm 38 and haven't even got on the property ladder yet, am single and saving for a deposit (very) slowly so no idea when or if it will ever happen.

This. Most people talk bullshit on these type of threads.

SwedishEdith · 04/06/2023 16:27

InTheFutilityRoomEatingBiscuits · 04/06/2023 16:15

I was 29 when I paid off my first mortgage, but it was supposed to run until 51. I then took on a second mortgage but only for ten year term so that one is done too as I paid it down in less than half the term (currently 40)

For me personally, I would have been very worried about still having mortgage repayments past 50 so my aim was always to take it down as quickly as possible.

OP, this is not remotely typical. Many people haven't even got started with a mortgage by 29. And I'm not sure why you'd be worried about still having a mortgage in your 50s unless there was a hereditary condition which meant you were unlikely to still be able to earn a living then.

thewillowbunnies · 04/06/2023 16:27

Well I should have been done by now given I took it out in 1997. Couple of life disasters (and the bloody housing crash of 08 ) later..

I'm 49 and about to remortgage for 26 years.

Hope that makes you feel better!!!

Purplepeoniesdroppingpetals · 04/06/2023 16:27

50 but we’ve paid one off and are now hoping to upsize so will take out a longer one and then over pay like mad.

AssertiveGertrude · 04/06/2023 16:28

Going to be 60 but we are going try and overpay in the next few years so reduce it down to about 56 (all being well)