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?

40 , inheritance. Don’t tell anyone though .

I'll be 60, DH will be 65. We bought our first house when we were 30 and 35, but remortgaged 10 years ago to do an extension. We are overpaying by £500 every month in order to get it paid off by the time dh retires.

50 but only due to pension lump sum.

That sounds brilliant! You should record it.

This is really interesting but confusing for me. I have an NHS pension part of which I can take at 60 (14 years) I am also planning to overpay my mortgage by £550 a month over those 14 years. Did you see a financial advisor first?

I just don't trust that people of my generation will be able to access private pensions at 55. If you're in your mid to late 40s yeah, might be ok. For thirtysomethings or twentysomethings, much more of a risk. In my case the mortgage will be paid off before 55 anyway, but even if it wasn't you still have to trust that you'll be able to access your money when you think you'd want to.

@honeyandfizz you might be on a different type of pension. I'm not suggesting that this guys idea would work for everyone it just made me realise that for our personal situation then overpaying the mortgage aggressively did not make sense when we could we getting significant tax relief from putting in pensions. We're still on a repayment mortgage (would not personally be comfortable with interest only which he mentions) so we're on track to repay by retirement anyway. We've just switched priority from overpaying mortgage to getting as much in pensions and ISAs as we can. But we're mid 40s anyway.

The mortgage on our home was just paid (I am 51, DH 61). We have a mortgage on a holiday let property.

67 😩😩 but when this shit show is over and rates come down again we will begin over paying. Not that we should rely on inheritance but we should have enough to bring it down a few years but not relying on that.
got a lovely house mind, but I do dream of simpler times with my little house and small mortgage

Bought in 2013. Paid off at 41. Had kids late so overpaid a lot before they arrived.

Putting it into the ISAs feels safer for me, because you can access that money whenever. You're not at the mercy of whatever the government wants to do with the minimum private pension access age.

@StormShadow there are pros and cons of both so it's good to aim for a balance. Another good explanation here

You have just prompted me to kick myself up the arse though and re-start overpayments/more pension payments/savings though. So thank you.

I’ll be 54. I’m 53 now. I have a chronic health condition, so, although I hope to work until 60 at least (love my job) we prioritised paying off the mortgage “early” just in case something happens unexpectedly

I was 46. I overpaid (even £50 extra can knock months off the term).

I will be 56 but hoping to start overpaying in the next few years as I’d love it paid off earlier.

Pension seems so dull but when you look at the maths it's a complete no brainer so now we are in our 40s we're going aggressively at that. But we're fortunate we have the flex in our budget to do so. Most people need their salary to get by on day to day expenses but I really think that people should look at pensions before mortgage overpayment. It is a very personal choice though.

Will be 49 , not long to go now and can’t wait . Haven’t overpaid it though just bought it when I was young

@MintyIguana I think a lot depends on your employer pension - ours are both good defined benefit schemes so, for us, the savings priority is for our pre retirement years to allow us to start scaling back at work while still supporting our kids through university. But I agree that overpaying the mortgage isn't the best use of money for everyone

47 but I did overpay a lot over the years.

62 and we’re going to retire then too. 5 more years to go!

@StormShadow The age at which you can access your pension has already gone up to 57, so yes it will keep rising. I don’t think they’ll take it away through because the government desperately want people to save for their retirement and to do that they need to have incentives.

I'm mid 40s. Been divorced twice. Between my DH and I we're paying child support for 4 children. I have a chronic illness and just had cancer. DH is in a manual job.

I use our base salaries for our day to day bills but I'm a financial adviser and usually earn good bonus monthly so my intention is to split that 4 ways. Lump off the mortgage, lump into pensions, lump into savings (recently depleted doing the house up) and some for fun.

Pension is definitely something I wished I'd put more into earlier.

62. Due to retire at 67/68 as things stand at the moment.

No plans for overpayment. My parents tried to organise their lives for a brilliant retirement and my Mum died 6 months before she planned to retire. Live your life now as you never know the future.

Should have been 54, from my original mortgage, but after a couple of relationships ending and house moves, have ended up with another one that won't end until I'm 70, sadly. I really regret not buying a cheaper property with ex dp that would have left me mortgage free.