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 need to renew this summer and are going over pay everything we have (bar a safety fund) including the kids child benefit we had been saving for them. By doing this we can reduce from 19 years to 5 (hopefully) then start saving the mortgage money to repay into the kids savings. This way we'll have tens of thousands in interest although it's a big decision. We were adamant we were saving for the kids but this feels like it makes more sense in the long run.
I'll be 48 by the time it's paid off.

For balance, I am 40 and we still owe the best part of 400k on our mortgage. Might have paid it off by the time we're 60

53, it wasn’t a huge mortgage

We paid our mortgage off when I was 44. It was very hard because we made over payment even during the nursery years. Once it got paid off, I often felt grateful especially when economy situation and employement are less than ideal. However, this also means that my wish for early retirement gets stronger as there is no more sense of urgency.

45, but then 3 years later moved again and had to take a new mortgage to afford the new area. Can't afford to overpay so we'll be paying this into our 70s unless something changes for the better in our finances (unlikely).
Being mortgage free was a real load off, both mentally and financially.
I do love my current house and area though so not regretting taking another mortgage. I'd love to be in a financial position to overpay and shorten the term but it's not going to happen and I'm ok with that.

First house when I was 18. Would have paid it off if i didnt sell up and spend the quity in my early 20s. Current house. Just expect to be paying it until i am 70

I am hoping to pay it off when I'm 58 and retire at the same time. It's a real stretch target though! 13 years and £400k to go. 😣

34

Thanks to two divorces my mortgage is due to finish when I'm 70 but I'm overpaying to bring it into line with my retirement at 67. Thankfully it's not a particularly large amount each month.I'm very envious of those whose mortgages are paid off.

29 and then again at 46/47.

Last mortgage was paid off at 42. Had 3 other properties previously and was lucky with market movement.

51. It was a 25 year mortgage and I repaid it 2 1/2 years early thanks to an inheritance.

50 and felt quite smug but now divorced and bought ex DH out so mortgaged until 61! 🤷‍♀️

I got my mortgage aged 42 on a 10 year fixed. I’m almost 49 now, after making overpayments it should be off a few months before I’m 50. It’s only a small mortgage for a small 2 bedroomed house but I’ll be glad when it’s paid because my husband is in very poor health so I’d be reliant on my wages if anything happened to him.

63

60
but still proud

I was 41, and had always overpaid but came into a lump sum so used that to pay off the rest of the mortgage. Not the best thing to do financially, but the psychological impact of being mortgage-free was immense and I definitely feel it was the right choice.

By paying an extra £250 a month. I can reduce my term by 11 years. That blows my mind. Even £120 extra a month takes off 5 years !!!!!!

37 due to dh dying and life insurance tho if he hadn’t of died 41 as had 4yrs left on it as we overpaid so much every month and each time we remortgaged we paid a little extra and cut the term down by 3years

25yr mortgage down to 16yrs (12 when paid off)

I had the terrible guilt when paid off. Felt like blood money

but that’s what we pay insurance whether car - pet - life

I felt better 4yrs later as if dh hadn’t of died we would have paid it off then

33

We bought this house 10yrs ago with a £154k mortgage we then took a further £60k 5yrs ago to help fund an extension. We've been overpaying currently owe about £91k. Our fixed rate ends today and we plan to pay it off this month ( waiting for tomorrows premium bond draw ) no inheritance im 49 dh is 45

Small amount left to pay, due to finish when 47. Took out 30 year mortgage of £195k at 28.

We overpaid every penny we could early on, meaning we got better rates as had lower LTV.

Then we realised it’s more tax efficient to overpay pension, so switched to that being our main focus instead.

Finally at 58. We still have DC at Uni so don’t feel much better off to be honest!

Had to remortgage to buy husband out after divorce around a decade ago so unfortunately I will be paying for the next 15 years or so which will take me well into my 60s unfortunately! Can't be helped, it's a manageable amount and I thank my lucky stars I could stay in the house and not be thrown into rental market. It's currently worth about three times what's left to pay and that'll only go up so I can't complain.

I was 40.

I always paid more when had mortgage.

My 40th birthday was in lockdown. Couldn’t do much. My balance of mortgage was around £5.5k then. My parents paid it off as part of my 40th birthday present. They were toying on the idea of me going to Australia for a month, a couple of years before that. So that’s more/less cost of the holiday.