What age will you be when your mortgage is repaid?

[savethegorgeousbees]

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?

69 if we don't overpay. I'm going back to work when DD starts school in two years so there will be room to overpay. Also, with the way inflation is going it will become easier to overpay since our mortgage is the same but wages are on the up (we fixed the interest rates for 25 years).

No overpayments or shortening of the current term - 65

I was 55.

@savethegorgeousbees the normal answer is here is completely outdated eg 25. I think these posts attract more older people.

67. But I'm doing it solo. I plan to overpay at least £50/month (in fact I need to set up the direct debit) because that made a big difference with my last house. I also managed to get a cheap five-year fix before rates rose, so it makes sense to do it now and hopefully remortgage with much less on the balance when the time comes.

I have savings which I could use to reduce the term, but I'd rather have liquid assets in case I get made redundant, become ill, want to do some work on the house or whatever.

51 because we have resisted the temptation to massively upsize. So in 6 years we will be mortgage free, the downside is that we won't ever have a large equity lump sum as we won't be able to downsize.

I was 37, dh 42 when we became mortgage free. The relief was immense and we're grateful everyday especially with high interest rates.

I was 47

I was 36. We are hoping to upsize next year and if it all works out we will hopefully pay the next one off before we are 55 (39 now).

67, I didn't take it out till I was 37.

63. Hopefully we will start to overpay seriously when I am full time and dd a bit older.

Repayment mortgage.

I was on target to have had it payed off by my 40th birthday, 25years after first taking it out.

Decided instead to buy together with STBDH, didn't fancy another 25 years so paid that one off in 10 years by overpaying, so when I was fifty.

I appreciate how much I benefited from starting when I did. I have no idea how many people nowadays will ever be able to secure a mortgage without help from their family.

I'll be 51. Took out my first mortgage at 25, bought when prices were much lower than now, would really struggle at today's rates.

I know lots of people with a long way to go, either because they upsized, divorced etc. I think many people will be paying up to state retirement age.

Day after my 48th birthday!

54 I think - current cheap fix ends next year so I don’t think we’ll be able to do many more overpayments, but we have shortened the term from 30 to 25 by making overpayments when we could. I am grateful to have a house I like, and not to have overextended ourselves so I can stay in a job I like (where the pay rises are well under inflation and otherwise I would need to move on). I didn’t plan it that way so feel very fortunate.

53, thanks to buying in an unfashionable and relatively cheap area of London 20-odd years ago which then became popular and expensive, and then leaving the capital for a beautiful but much cheaper region.

Massive amounts of luck involved.

Although the mortgage isn’t that big, and so with the cost of bills it doesn’t make me feel like I’ll be that much better off every month!

DH and I will be mid-60s, but neither of us could afford to get on the ladder until mid 30s (no 'bank of mum and dad' or big salaries, just our own hard-earned savings and a bit of luck!) Thankfully the sale of DH's flat eventually gave us the deposit we needed for a 3bed semi and we are very grateful to have it! We are about to come out if a five year fix and we are dreading what's to come as we had hoped to try and pay it off sooner 😕 THANKS LIZ

This. Honestly, it’s unusual to have paid your mortgage off before your late fifties and over the next decade that will extend to sixties and seventies as people buy later with house prices so high.

56

48

Did you take out a mortgage aged 15?

54 but I’m 30 so hoping to overpay and pay it off in 40s

IF we don't overpay 69 and 66. I work in a financial advisor role and regularly receive bonus though, so the intention is to repay by the time I'm 58 and DH 61.

52 but no kids yet so may need to upsize and extend term if we do