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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:
SpringOn · 04/06/2023 17:22

Paid our first off at 36. Kept that as a rental and will be 57 when we pay off the second. We’ve overpaid every month, was a 27 year mortgage but we will have paid it off in 18 ish.

UrsulaBelle · 04/06/2023 17:25

I was 49. Bought my first tiny house in 1988 with a 25 year mortgage, a crap endowment policy and 10% interest rates. Bought a flat in 1991 and another top up endowment policy for 20 years. The policies were looking awful by the mid nineties so swapped to a repayment mortgage but continued paying into the endowment policies. Overpaid by staying at the old payment when rates came down, bought current house in 1997, chose well (luckily) getting a tracker mortgage instead of a fixed rate of 8%, continued overpaying and paid it off when the endowment policies matured in 2013. To be fair, house prices weren’t silly in 1997.

2X4B523P · 04/06/2023 17:27

Paid off last year at the age of 41.

Interested in this thread?

Then you might like threads about this subject:

General money
AlrightJulia · 04/06/2023 17:28

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😉

Bungalows on the Isle of Wight aren't cheap anymore either Shock

Whoiscomingtosaveyou · 04/06/2023 17:30

I was 45. Interest rates were never below 4.5% in my time. Highest was 8%. Any spare cash at the end of the month or any bonuses went to paying off the mortgage as we realised even paying off a little of the capital would save huge amounts of interest.

wobytide · 04/06/2023 17:30

Term runs until 75

YukoandHiro · 04/06/2023 17:30
  1. DH will be 70!
YukoandHiro · 04/06/2023 17:31

AHelpfulHand · 04/06/2023 15:53

I was 32 when mine was paid.

barely told a soul

How? Was this due to inheritance?

Whoiscomingtosaveyou · 04/06/2023 17:32

UrsulaBelle · 04/06/2023 17:25

I was 49. Bought my first tiny house in 1988 with a 25 year mortgage, a crap endowment policy and 10% interest rates. Bought a flat in 1991 and another top up endowment policy for 20 years. The policies were looking awful by the mid nineties so swapped to a repayment mortgage but continued paying into the endowment policies. Overpaid by staying at the old payment when rates came down, bought current house in 1997, chose well (luckily) getting a tracker mortgage instead of a fixed rate of 8%, continued overpaying and paid it off when the endowment policies matured in 2013. To be fair, house prices weren’t silly in 1997.

This sounds exactly like us too. We knew the endowment wouldn’t cover so switched to repayment.

BriarHare · 04/06/2023 17:32

About to pay ours off, thanks to an inheritance. So 51.

AnneElliott · 04/06/2023 17:34

I'll be 49 by the time the term ends but we overpay so hopefully 47. I'm currently 44.

Can't wait to be mortgage free as I imagine the relief of owning your own home is pretty amazing. Don't plan to tell many people in RL though as I appreciate we're very lucky.

cptartapp · 04/06/2023 17:35

We were 44. Inheritance sadly.

hoodieorhoody · 04/06/2023 17:38

This thread won't make you feel better!
There is generally going to be a split between people who've got on the housing market recently and those who did when multiples were much lower. If you want to buy now (especially in pricey areas like the south east) then you have to either take on a massive mortgage or continue to rent. We are going up to 67 (currently 40s). Probably won't be able to shave off much as we have over extended ourselves. However we have a house, could potentially downside if the children leave home and aren't having to worry about rentals. Yes I get jealous of the many friends and neighbours who have far more disposable income but I'm sure they're people out there who'd be jealous of our position.

Grumpyfroghats · 04/06/2023 17:38

70 if we don't overpay but we likely will so maybe 67/8.

But we don't have any intention of staying in this house in retirement - the plan is to sell and downsize so in a way it's partly retirement savings

coxesorangepippin · 04/06/2023 17:40

Should be 52. I'm 41 now. Brought aged 30.

By the time the mortgage is paid the kids should be at university and so will still need financial assistance ( and probably still be living at home) but hopefully they will be in paid employment by the time I'm 55 ish.

Hoping to retire at 62 all being well

🤞🤞

FerrariLaFerrari · 04/06/2023 17:48

We'll be 68 and 69. We're 41 and 42 now.

I don't think we'll pay it off any earlier than that with interest rates the way they are. Unless they drop to less than 2% again in the next 27 years.

Tinytigertail · 04/06/2023 17:50

I was 48. Used part of an inheritance, people said we were mad to, as the interest rates were so low, but it was so nice not to have that wedge or cash coming out each month.

lookingforMolly · 04/06/2023 18:03

75 years old I think hmmm

Hummusanddipdip · 04/06/2023 18:03

I will be 70, dh 69 unless we start over paying which we can't afford to do at the moment.

FluffyDiplodocus · 04/06/2023 18:05

We'll be 53 unless we can make overpayments at some stage!

aloofflooty · 04/06/2023 18:18

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.

Why on earth would you be 'very worried' about having a mortgage in your 50s? How ridiculous.

DifferentRoundHere · 04/06/2023 18:20

We have 2 homes, we finished one mortgage last year when I was 42 and the other one will be done in 3 years so I’ll be 46.

We plan on helping our kids as things are just much harder now than when we bought.

Talia99 · 04/06/2023 18:21

I paid mine off when I was 36. I then moved to a far more expensive area (a similar size property was literally 3 times the price) and took out another mortgage. I’ve been making overpayments and if everything goes OK, it should be paid off at 47.

LegoLady95 · 04/06/2023 18:23

Me 61 and DH 58, but that is without overpaying. We are already overpaying and have done for many years, so are estimating more like me 55 and DH 52.

newtb · 04/06/2023 18:24

I was 50, had about 8 years to go. We'd moved 6 times in 19 years, and our final mortgage was over 15 years. We did it by selling up and moving to SW France. Bit drastic, though, and rather than moving our cash at 1€50 waited until we had to when the pound had dropped to 1€22. Not a good move.