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.

Bought at 23, paid off at 39 through hard work and no inheritances. Only one child and one husband.

I will be 53 - 8 payments left :)

Today. I paid it off today.

In my experience most people I know are still upsizing in their mid to late 40’s and aren’t even thinking of clearing mortgages.

Hoping it will be gone by the time I'm 55.

I was 57

When we took the mortgage out I was due to be 60 when it was finished. We've been regularly overpaying when we can and I'm currently due to be 57 (which is 20 years away.) We have no plans to move so I'm hoping to bring that closer to early 50s and retire early at 60 but who knows what can happen? We are fortunate that we bought in the South East where property prices are high so we have over £300k of equity in the house. If it all goes tits up we would be selling and relocating somewhere cheaper to be mortgage free.

Congratulations!!

With first DH married for 21 years and divorced with just 4 years left to pay on a house in a not so nice cheaper area. Remarried then used some of my lump sum on new mortgage deposit with DH and he put me on deed for his house so we both put in same amount to begin with. We took mortgage out over 20 years but overpaid when mortgage rates were 0.5 percent so repaid in under 14 years and paid for a loft extension too to get 2 extra large bedrooms and an additional shower room for teens from my first marriage. Been mortgage free since mid to late fifties. It allowed us both to retire early me at 57 and DH at 60. Very lucky to have so many years with low interest on second house. On first house I was paying 13 percent at one point and my Dad jumped in to help me or I was worried we might lose the house when my kids were very young.

Paid off at 57. It was our 3rd mortgage. Got the first when I was 22.

Probably about 105 tbh. I’m not worried about it ( realistically the mortgage term takes me to 68 I think)

Me 50 DH 7 years younger, but we had an endowment, and huge extra amount to pay.we downsized, bought a n unmodernised cottage for cash

Look at it a different way - its always better to make money with someone else's money and not your own. You have a home to live in which technically is yours but you're using someone else money to own it.

Then use the money you have spare to invest in your pension, which will mean you'll pay less tax to HMRC, so will be quids in - if you can put the extra into your pension, you may well find you can retire and pay of your mortgage at 58

But if you pay off your mortgage and concentrate on that - you'll have to possibly work until you're 67

I feel like I’ve won a thread… probably not in a good way through! We took out a 40 year term at 33, nearly 34. Not overpaying. Maybe we’ll overpay in the future. It doesn’t feel like a burden to me though. I have a house I love, it’s a big house and we could have paid our old mortgage off earlier but I’m so much happier in this house. It’s also cheaper than renting. A similar house would cost us £300 more a month to rent and a bloody house share would be half of our mortgage for our 4 bed house! If we can retire before 74 my plan is to sell up, clear the mortgage, give some money to DC and go into a retirement flat.

I'm 41 and although my mortgage on my PPR isn't paid off, I could pay it off now if I sold another property.

40, but that was because DH was diagnosed with a serious condition and our critical illness insurance paid out enough to clear the mortgage. Feels a bit of a cheat as he is (touch wood) still ok.

Hopefully in 3 years and I will be 61.

We bought in 1997 on a 20 year mortgage, we were mid 50s when it was paid off just by dint of staying put and paying a bit each month. It's a good feeling!

We bought when I was 38 and paid it off in 13 years, 11 months. In Australia where most products have no penalty for overpaying or paying off early. I just rang the bank with about six weeks to go and asked for the procedure.

We paid fortnightly https://www.loans.com.au/home-loans/first-home-buyer/does-paying-your-mortgage-fortnightly-save-money and endured some rate rises so had to increase our payments. Then, when the rates went down, we maintained our payments at the higher level.

I think the best advice I could give someone just starting out is to make an overpayment when they make their very first payment. Even just $100. That kick starts everything into paying a proper amount off the principal right from the very first and makes a huge impact as time goes on.

Mid-30s in 2007.

realise I have been very lucky. First mortgage payment (joint with DP who put up the deposit from an inheritance) from my first proper pay packet (aged 24 , after prolonged student life part time funded MSc)

split up and bought my own place aged 30. Small inheritance demonstrated how much interest is paid over the lifetime., so started overpaying and close to paid off aged 40

Instead Bought With now DH and together paid off mortgage in ten years

Small house in very lovely village where many friends have much larger nicer properties but we are happy here.

Aiming to pay off mid-40s (ten years away), if all goes well.

I bought a flat on my own at 26 - then a detached with DP at 34. Around £400k to go…🙈

Theoretically 60, but very much hoping MIL snuffs it before then!!

hay and if you buff it your widower dh can get a younger model to enjoy the mortgage free home with!!😂

Yikes that really is awful. Here's hoping she gives it all to a cats' home.