Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

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:
Mylifeislikeaboatrace · 04/06/2023 16:45

I was 43, but it was £60,000 to start with in 1993 for 3 bed terrace, since downsized and retired.
Full empathy with buyers today, my dc will never be home owners unless they want a bungalow on the Isle of Wight😉

ChopperC110P · 04/06/2023 16:47

Dead.

JollyMollyPolly · 04/06/2023 16:47

It was 48 and then we moved house and it jumped to 67. Went from a 3 bed to a 4 bed in a more expensive area and are in the middle of extending it to make a 5-bed. Figured we can always downsize once the kids have left and be mortgage free.

Interested in this thread?

Then you might like threads about this subject:

General money
NashvilleQueen · 04/06/2023 16:48

70 (so another 19 years) but Im not planning to be in this house (large 4 bed detached) that long and intend to downsize to a cottage when the children leave and be mortgage free.

wonkymonkey · 04/06/2023 16:49

It is almost always better to invest any money marked for overpaying the mortgage into some kind of investment - stocks and shares ISA for example - instead by drip feeding the money in monthly. Better returns than paying off the mortgage interest although psychologically it’s normal to want to be free of a mortgage early it doesn’t make financial sense.

NewNovember · 04/06/2023 16:50

48 if all goes to plan, we recently bought first house age 40 and we are over paying a significant amount.

TomatoSandwiches · 04/06/2023 16:51

36, it has put us in a decent position to plan a future for our children especially our youngest who is severely disabled and will never live independently.

dutysuite · 04/06/2023 16:51

Fuck knows at this rate.

Mintyt · 04/06/2023 16:53

38

NotQuiteUsual · 04/06/2023 16:55

I was 31, but that involved being a beneficiary on an estate. Would rather have our loved one with us, but having no mortgage so young has been life changing.

CUDet · 04/06/2023 16:58

70, I'm 45 now.

Stepupandupagain · 04/06/2023 17:03

I bought my 3 bed semi in the Midlands for 30k in 1998. I was 21 and earning 11k per year. Paid off in 2010.

Aposterhasnoname · 04/06/2023 17:03

Paid ours off 2 years ago when I was 54.

KnittedCardi · 04/06/2023 17:07

52, but it does depend on how many times you move, and how much you borrow, so don't get hung up on those who pay off in their 30's and 40's. Most people I know upsized in their late 30's, early 40's with x hundred thousand mortgages, so no way would they be able to pay those off early!

3BSHKATS · 04/06/2023 17:07

I will have re-paid one by the time I’m 48 and the other one by the time I’m 55. I massively under borrowed and have overpaid from the beginning. The plan was to then sell both of those houses and buy the one that will cost what the bank was going to lend me in the first place by doing it that way I’ve saved about £150,000 in interest.
another way to do it is to load up your pension, because you then save on national insurance student loans, and you might even be entitled to some universal credits. 58 you can then withdraw 25% of your pension tax, free to clear off the remainder if your mortgage.

Catspyjamas17 · 04/06/2023 17:08

57

3BSHKATS · 04/06/2023 17:09

wonkymonkey · 04/06/2023 16:49

It is almost always better to invest any money marked for overpaying the mortgage into some kind of investment - stocks and shares ISA for example - instead by drip feeding the money in monthly. Better returns than paying off the mortgage interest although psychologically it’s normal to want to be free of a mortgage early it doesn’t make financial sense.

There is a Martin Lewis calculator on the money saving website to double check this. But mostly, it isn’t the case, the savings on the compound, interest, outperform, stocks, and shares Isa’s.

lemonyellows · 04/06/2023 17:09

It would have been 55, but we are upsizing so longer mortgage until about 64 unless we overpay. Happy with that for a better lifestyle

CuckooSoup · 04/06/2023 17:09

60!
Would have been sooner, but we're given some dodgy financial advice and had an interest only mortgage for a few years when the kids were small.

Anguirus · 04/06/2023 17:10

I'll be 69 !!!!
Only got a mortgage aged early 40s, just a couple of years ago now.
It's a long way off, but the right decision.
I'd hate to be playing the Rental game just now !!!

Cupcakequeen75 · 04/06/2023 17:12

BeyondMyWits · 04/06/2023 15:51

I was 48.

In the era of reducing interest rates, in the noughties, before prices went stratospheric. Overpaid by keeping payments the same as they were with higher rates... a lot easier that way round.

I did exactly this and paid it off by 40. 👍

As rates came down colleagues were spending the saving on things like holidays etc whereas I kept payments the same (and actually increased my payments as my wages increased) and it was all paid off in about 16-years instead of the proposed 25-years.
This set us up well for when we moved last year, we had significant savings instead of having to borrow again.

ExplodingCarrots · 04/06/2023 17:12

Will be 38. 4 years to go . We are overpaying . Can't wait to get rid of it . My work colleague recently paid off hers and proudly told friends and family and was met with nothing but negativity and jealousy. She's 66 ffs ! So we won't be telling a soul.

jackstini · 04/06/2023 17:13

I was 45, DH 41
We had an offset mortgage and that knocked about 8 years off our repayment period

Thebigblueballoon · 04/06/2023 17:14

55 if we don’t overpay. Not bloody likely, we owe loads.

lovehisDobbyears · 04/06/2023 17:19

In 2 years and 8 months' time, our fixed rate ends and we'll have around £30k left. Currently, we're putting money into a savings account each month so that when our fixed rate comes to an end, we'll pay off the rest of the mortgage to be mortgage free. Previously, we made over payments, but the interest rate on the savings account (3.9%) is higher than our mortgage rate (1.65%). We'll be 43 and 44.