What age will you be mortgage free?

[SkelatorIamNot]

DH thinks most people are mortgage free before they are 50. I think most people are paying off their mortgage into their 50s and actually a lot of people in their 60s.

So just a quick poll to see who is more realistic here.

Currently we'll be 63 as 17 years left. However, our intention is to downsize in about 10 years to a much smaller property, so in reality we'll be about 53/55.

I will be 66, but it's fine, I can easily afford it

40 year mortgages?

My god that's so sad !!!!

Why has this system failed so many 💔💔

About 60, unless we downsize or re- mortgage. My friends daughter has just got a 40 year mortgage and she’s almost 30!

I'm in an odd position

I was building a house and the mortgage got turned down as the builders were in the first few weeks

So I had two choices

Cancel it all

Or

Take out some loans

I took out loans and have them mostly paid off ( few credit cards remaining which need to go)

I was 29. I had to take it out over a 30 year term in order for them to offer it in the first place, paid a horrendous interest rate, and I went into arrears more than once, not proud of it but I paid it off early to get rid of it.

64

My mortgage isn’t that big though it’s only around 10% of our monthly income so not a massive burden.

We paid ours off last year at ages 46/47. I'm still getting used to the feeling of freedom.

Sadly, the mortgage money will now be invested into pensions as we focused on prioritising the mortgage over pensions for DH. Luckily I've got a DB pension so we aren't completely up the creek without a paddle.

With hindsight it would have been better to put the overpayments into pensions/investments 🤷 Having said that though it's nice knowing that if one of us can't work we'd still be able to manage.

44. But our plan was always to pay it off before eldest started uni so we could easily afford £6k a year or so for her rent. Others will have more saved for this instead, or be able to pay it alongside their mortgage, or have children who are not going away to uni.

1st house 32 (4 bed), 2nd house will be 50 (2 bed).... (It's my kids nest egg and we have a lovely tenant who looks after it)....

63 Although we might be able to pay it off quicker if we really wanted to but I cant quite see the point at the moment.

46 although chose to invest rather than pay off earlier

I think about 63 at this rate - officially 70 but am overpaying. But have no intention of staying in this house more than amother two or three years so will probably increase when I move.

I’ll be 44 and DH 50 if we don’t overpay. Bought when 22 and 28, aiming to overpay from next year. Would love to be mortgage free by 30 but think it will be more like 32 and 38. 3 bed semi, southwest Scotland.

Paid mine off solo at 44. Very proud of myself.

On my own in London. I'll be 65 unless I stop overpaying in which case up to 73

First time: me 35, DH 39 (small-ish house and used bonus to overpay each year until DD arrived)

Second time: me 52, DH 56, that morgage was originally set to be paid off when DH would be 64.

First house at 28, would have been mortgage free at 53.

Remortgage on second house at 34, would have been mortgage free at 59.

Divorced and remortgaged at 41, would have been mortgage free at 66....

I have worked hard over the past 13 years, to overpay my mortgage, and instead of 12 years left, I now have less than 7, so on target to be mortgage free by the age of 60.

Haven’t paid ours off (in 50s) as took on bigger house/mortgage in 40s and live in an expensive area.

A friends was paid off as had an insurance that paid off mortgage due to cancer (that thankfully has been recovered from)

I know people who never paid it off (lived in expensive houses) and downsized at retirement.

So many factors to take account of though, but mainly area & when you got on the ladder!

I was 41 and DH 44 I think (11/12 years ago). We had the savings to pay it off earlier than that though. It wasn’t particularly financially savvy to do it when we did either but I wanted it gone for emotional/irrational/psychological reasons!

We chose the comfortable low risk route though and stayed in the house that was purchased at 25 (occasionally I used to wish we hadn’t - and had a slightly bigger house & garden, but now I defintiely think it was the right choice for us) - so our house equity (20%) is quite low compared to our overall net worth.

Bought first house last week at 56, we will be 72 if we just repay the payments required.

Will be 57 and 58 dh and i but that is due to a change in finances. Without the change i think it wld be 62 and 63.

Well 57 sort of, because we don't have a current mortgage and have rented abroad for years, but will now buy a UK property outright. So no more rent.

I was 47.

I’m 47. If I’d stayed in marriage one, would have been paid off ten years ago. If I’d stayed in marriage two - would be paid off in two years. After two costly divorces, my mortgage won’t be paid off until I’m 68. Can’t afford to overpay as have one in uni and one about to go to uni.

There will be zero inheritance as my parents have very little but I don’t think about it too much as I have my freedom which is priceless.