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?

Technically ours was paid off at 34

Due to be 49, however we’re strongly considering paying it off next year when our fixed rate runs out.

We’ve got approx 200k left and would take 8 years to save that, rather than the 15 left on the mortgage term.

Forgot to say, if we do pay it next year, I’ll be 34.

58 but I think we may end up extending to help DC with uni costs if they go that way.

I was 53/DH 58!

We never reduced payments when interest rate dropped and managed to save the last £40k to pay off as a lump sum.

44 (just over 4 years), but we will move to a bigger house before we get there I reckon, so it'll be 60 before we are done.

I think a lot of this depends on your financial planning and priorities.

We could have stayed in our previous 2 up 2 down and would then have been done with the mortgage by 50. But we have two kids and both WFH some of the time so we wanted a bigger house which will take a lot longer to pay off.

But we know it will hold its value or gain (London) so we plan to downsize when we retire to release some equity, potentially quite a lot. So it doesn't seem that different really to staying in the small house as we would then have put a similar amount into retirement savings

Was due to be 59. Have got that down to about 57 by overpayment. Hoping to shave another year or so off it.

58 if I go by the term, but with overpayments it should be sooner. I'm 44.

@aloofflooty

Because of the genetic degenerative condition that runs in my family making most unable to work by their 50s followed by death a few years after that.

I did say ‘for me specifically’ but by all means call me ridiculous again.

If we don’t overpay I’ll be 56, hoping to have it done by 40

I would be 66 if it went to the full term, however I am overpaying to reduce it by 7 years, so by 59 (or hopefully earlier if my bonuses come to fruition).

I was 51.

No, just a high salary and low outgoings in other areas

67 - currently nearly 61. Hope to be mortgage-free a bit earlier but need to ensure ds21 (asd) also has a secure roof over his head first, with or without me. At least if I die trying the mortgage insurance should pay it off.

If the cost of living crisis and NHS low wages carry on as they are I reckon I’ll be around 104 🤣

69 if I don’t overpay. Too many outgoings with 4 dependents in order to do that now.

This one - 32.
But we may well upsize and get another in the future (hopefully!)

We're overpaying and I should be 59 if we keep going at our current rate. Hoping to be mortgage -free when my eldest turns 18.

What a wide range of ages. I think I notice a difference in ages between the 'we' payers and the I/me payers, with those in the 'single payer' category generally being older before being mortgage-free; with the single payees with dependants and adult caring responsibilities being the oldest.

Flipping obvious really.

67 if we don't pay it off early. Interest rates are (still) low so I've not bothered overpaying, we can chuck in a lump sum if they get higher than our S&S ISAs are paying out byt we're not there yet (and we remortgaged this year). We are prioritising pensions over mortgage.

It’s not like for like. There’s a massive difference between someone paying off a £60k mortgage because they bought years ago or live in a cheap area of the country and those who have massive mortgages because they live in a much more expensive area.

Dh will be around 61 and I will be around 55

It depends on what strategy you took. We could pay off now (before 40), because we live in a small and cheap house. If we wanted anything bigger, we would still be paying off for ages. We just happen to like our place, and like the financial security over more space.