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 the house when I was 28. Mortgage paid when I was 46

We were 44, but only got our first home and mortgage when we were 33, so only had a mortgage for 11 years. Before that we saved and saved to get a 50% deposit so only borrowed 50% and then we saved and overpaid the mortgage to get rid of it asap. It helped that we didn't over-stretch ourselves with the house we bought. We could have bought one 2 or 3 times the cost but we didn't "need" a bigger house, so just bought a house that would be big enough for a small family but not so huge that we'd have to sell and downsize when the kids left home. It is indeed a "forever" home for us. Not paying the mortgage for the past 15 years or so has been a game changer for us as we've been able to invest the money (partly in shares and partly in pensions) rather than lining the pockets of some millionaire/billionaire in interest payments!

I was 48. Three factors really. The main thing was living in a smaller house than we could afford so having a smaller mortgage, this was possible due to relocating to a little village in the Scottish Highlands at his employer’s request when someone left unexpectedly. They asked him on the off chance,
expecting he'd say no but we liked the look of the place, having visited previously. We waited so long for something to come on the market there that we ended buying a house a bit smaller than we were looking for.

The second thing was related to that move- there were no houses up for sale there when we moved and his employer agreed to pay for a rental for a year in o give us time to find something. So we had a bigger deposit than we would have otherwise.

Lastly, STBXH took an 80% salary cut during Covid lockdowns. That time was really tough especially as he was working even harder than usual. It went back up again though, to a bit more than it had been and a year later his firm paid the salary he’d missed out on plus a bonus as a thanks out or taking the cut. That was at about the same time as the fixed rate expired on our mortgage so we just paid it off.

We were 41 or 42.
Got first mortgage at 28. Moved 3 years later and increased the mortgage but stuck with the 22 year term. Always had variable rate mortgages. When interest rates fell (as they did significantly after 2008) we always kept repayments the same so overpaid gradually over time. In the early years, if we ever needed to remortgage, we always tried to cut a year ir so off the term when doing so and pay a small lump sum.

The difference it made to us - meant we could afford for DC to attend private school for part of their education. Also helped us save significant chunks which enabled us to buy a rental property outright about 6 years ago. Also helped us save so we could cover all uni costs for DC. Has also meant we have been able to put a bit more into pensions and will be able to stop work in late 50s.

Our max mortgage payments were never more than about £900 but having an extra £900 each month over an extended period simply gives you access to lots of choices you might not otherwise have.

One point is that we did not move again after the age of 31. We stuck with the decent for not impressive or huge family house we had bought. It was big enough for us. Many others we know upgraded to bigger houses. They are still paying their mortgages but will have a more valuable property in the end. But many of them with the bigger houses haven’t been able to afford the options we have had access to, because they didn’t have the spare cash or accumulate savings.

We will be early retired with a smaller house.

Everyone makes different choices, but being aware that choices have a compound financial effect is very worth being aware of.

Fifty years and 8 months old!

always said we would pay it off by the time we’re 50, went just over the line but happy with that. We did overpay for quite a few years to do that.

46

I was 37 and my husband 44. I was 20 when we bought it. I’m 42 now and it’s a good feeling. We’re up North and have good jobs which allowed us to pay our relatively small mortgage off early.

Paid it off last month (woohoo!) aged 53. It's very run down so will spend the next 10 years of 'mortgage payments' on renovations instead, but despite that it feels very freeing to owe nothing to anyone!

I literally saved a third of my income for 12 years, so that a very good deposit. This helped with buying first home with DH at 31 - we didn't over commit ourselves and paid off around 13 years later. Moved 2015, took out a small mortgage of £45k to top up our move into three bed, again overpaid and received a small inheritance so paid off at 51

47. I bought my (old) house aged 24.

57, but actually didn't have a mortgage for years. We've lived in rental accommodation abroad and saved up. House bought cash.

41 and £630k owed, so never

For all the people feeling bad - remember the majority of people commenting are on here to low key gloat about their relief! (Understandable, too - it's a lovely feeling).

Keep faith and be reminded that most millennials and generations following on from them will never even get on the property ladder, let alone off it (whilst simultaneously being told that their avocado and iced coffee addictions would save them from the mind-blowingly awful and ever increasing wealth gap that exists).

First one, 45.
Second one, 63 (about a month ago)

I'm not taking a third one, I've had enough.

46

As you get older and further into your mortgage it will become less of your monthly outgoings and there will be a real opportunity to clear it early if you decide to.

I took on my first mortgage at 22 and it looked like a mountain of debt before me and the 25yr term seemed a lifetime. After a few years (and a move which meant remortgaging) I was able to make small overpayments and as the debt reduced, the overpayments made more & more impact.
All paid off at 42 and by the time we moved again in our 50's there was no need for a mortgage as we had put the "mortgage payment" into savings for this precise reason and used that instead.

I don’t get the psychological burden - it’s housing costs.

I was 45 when it was paid off. Now 55 and retired.

Bought aged 24 in 2004 and paid off at 40.

Mortgage was around 6% to start with and sure it was around 8% by the end of the first year so I was used to making high payments. Then, when interest rates went really low, during the financial crash, I was able to really get my teeth stuck into overpaying. Ended up paying at least double every month for the last few years.

Crazy thing when I took out my mortgage the bank paid all the fees and gave me something like £500 cash as a new customer bonus, good times that seem like a different world now!

No mortgage at 45 but since then lots of ongoing renovation costs.

50

Internet says early 60s is average. Mumsnet isn’t usually average.
Has risen sharply over the years since people would buy at 25 with a 25 year term then have it sorted at 50 and retire at 60.
Mine will be 60. Because of divorce. I am proud I will own my own small house in a lovely area and it gives me massively more options for my retirement. Probably including a downsize and move to help my children start their turn on the hamster wheel.

47.For many years I wondered what we had done as I was 23 when we bought our house.No decent holidays or nights out etc.Now we have a house in a nice area and a decent pot.60 soon.

Was 44. Had overpaid for many years and then part of an unexpected inheritance cleared the rest. Retiring this year at 55.

First time, house bought on my own, 35, after an inheritance.

second time 50, DH house I’d moved into, he’d had a work pay out.

third, and last time, 57, house we bought together, paying it off next month.