How old were you when you had your mortgage paid off?

[scotchbonnetface]

My mortgage is a psychological burden on me. It’s not huge but I’d like to have it paid off sooner rather than later. I have it in my head that it needs to be paid off right now.

Im early 40s and hoping to have it paid off by the time I’m about 58. If I’m not a pile of dust from the menopause by then!

I didn’t buy until I was mid 30s and took it over a 35 year term. Gulp.

We were 40 and 45, although chose to keep a small mortgage going so that we have an easy way to borrow if we want to. Could pay it off and have zero, but DH keen to keep something

Will be done by 50 allowing me enough time to get the pension to the point I can comfortably retire at 60 at the latest, unless they continue to mess around with the private pension rules

Paid off at 53 seven years early, just by overpaying

We have never overpaid. Should be paid off when I am 65.

I lived an adult life being mortgage free…but being unhappy. I have now just taken on a mortgage at the age of 40…I’m the happiest I’ve ever been. I’m the reverse of most people…🤣 no idea when it’ll be paid off. I’ll keep you posted

I was early to mid 40s. I took on a 25 year mortgage at 22 and never increased the term when I moved house to somewhere bigger.

then a VR lump sum helped me pay off the final part of it early.

First one - bought at 29, paid off at 36. We were lucky with high income, low expenses and bonuses.
Second one - bought at 37, paid off at 52. Higher mortgage, a child and we also included extensions in the mortgage amount.

First one, took it out at 24, paid it off at 46.

Then ds and I left ex, and I took a second one when I was 48. I'll pay it off at 63..

First time 31 - bought a flat and lived on one salary and saved the other so that we could pay it off when the fixed term ended after 5 years. Immediately sold it and bought a house - big jump up. Paid that off at 37 with an inheritance.

We didn't start overpaying our mortgage until the last couple of years but we are now at a stage where we have savings to cover DC2 at uni knowing what we paid for DC1 as a guide. We are on a brilliant fixed rate and have used this time to overpay. I will be early 50s when it is paid off. We chose to reduce the term rather than the monthly amounts. Plus DH is the sole earner so I wanted it gone for his sake to remove any stress.

It will change as personal pension draw down age is increasing but I know someone who used their 25% pension drawdown at 55 to pay off their mortgage and then used their normal mortgage payments to pay back into the pension.

I do believe that it is harder today to pay it off earlier for two reasons, one, people are buying houses later in life due to cost and two, they cost more so mortgages are much bigger. I saw that in 1982 the mortgages were less than 2 times someone's salary. Let that sit with you for a while.

I'll be 60. I've been paying a mortgage since I was 25. A couple of house moves and then a remortgage due to divorce reset the clock.

51 for me. Got my first mortgage at 18. Moved 3 times and made a decent sum. I added to the mortgage 8yrs ago to knock through my dining room/kitchen and put a new kitchen and flooring in place.

I was 34.

Mortgage taken out at 29.

We paid off in 2020, Covid year.

It's an incredible relief to have it paid off duirng a really uncertain time, and defintely now in the current CoL.

Really nice feeling to have housing costs finished for life if we chose not to move.

I was 58. I bought on a 25 year mortgage aged 35 and overpaid a bit. It felt glorious (but a bit of an anti climax, as we never got the deeds or anything) to be free from it. I had visions of having the deeds framed, or something, but apparently it's all just online with the Land Registry now.

I got my first mortgage with the help of a golden handshake in my 20’s as a new teacher in the 90’s. It was in north London. I sold it and got another mortgage when I was about 36. I’m now 51 and it’s all paid off.

37, had a mortgage from 21.

About 25% of it came from inheritance though, which wasn’t exactly ideal. And my deposit at 21 also came from parental
inheritance, which meant I had 50% equity also gave me a financial boost at a young age, but it’s a horrible way to pay it off young. Still, I know I’m pretty lucky really, despite some of the lows!

Bloody hell, some people have paid them really early! Good for you though, it’s a massive achievement

A week before I turned 34. We paid it off in eight and a half years.

I think I was 54. It was a good feeling. DH and I stash a similar monthly amount into our pensions now instead.

About age 40. I’d had a mortgage since I was 26, but this was back in the ‘90s.

45 Never overpaid, but it was a 20 year term.

Bought first house at 19.

Technically paid off by the time I was 40 but won’t actually pay it off until I’m 65. (Fully offset mortgage. Would like to keep the opportunity to access £200k without any hassle in future. It’s not costing me anything.)

I was mortgage free at 37. Dh bought his first house in the SE before I moved in a few years later.

We have 23 years to go on ours. DH will be 72 and I’ll be 67! 😆 Hope that makes some people feel better!

I only got my first mortgage this year at 44. 25year term, it's anxiety provoking, particularly doing it on my own but to be honest am just trying not to think about. Will overpay if I can but don't have a high income so we'll see...