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.

I was 35- I had an inheritance.

I'll be 60 and DH 65. We remortgaged in 2023 to pay for an extension and have been paying more than double our previous monthly payment since then, due to higher interest rates. No chance of overpaying till interest rates drop below 3.5%

65 thanks to expensive divorce in my 40s. It would have been pre 50 otherwise.

Like @ubu I’m prioritising university years. Perhaps I’ll be able to overpay once university is over but I’m not sweating it.

I’ll be 49, DH will be 50. I received I large inheritance when my mum died and used 75% of it to overpay the mortgage which knocked almost 20 years off our term. We’re now down to 9 years left and it can’t come quick enough, I’m dreaming of that last payment already.

52 but am hoping our overpayments will take it to 49 as I want to be mortgage free by 50! DH is 4 years older than me so he will be in his 50s either way when we pay it off

50 - three years to go!

45 - feel very lucky

You never know how the future will pan out. I took on my latest mortgage at 57 years old after renting for 10 years due to a traumatic relationship/business breakup involving massive debts. Max mortgage term was 17 years as needed to be paid off before my 75th birthday. I’ve been overpaying and will settle it in October when the fixed period ends and I will be 66 years old, so paid in full 8 years early and just in time for retirement.

That is the most important thing

Peace of mind and freedom

Out of a marriage that could not work 🙌🙌🙌

Me 43. DH 48 due to inheritance. We have a small house in London (zone 4) we don’t want to get a bigger house and have a mortgage again even though everyone is telling us we should. I like my little house!!

73 if we just leave it as is. But we usually knock a few years off each remortgage. So probably about 65 at the current interest rates.

Ours will be paid off when we are 62 but we've started over paying in recent years as we'd like to be paid off at age 60. I wish I'd planned to do this years ago, as needing to work until we're 60 isn't really what we want to do. Health issues have been a bit of a reality check. I can't imagine having to work into our 60s or 70s.

Early forties for us. Actually we were
cash buyers and didn’t have a mortgage at all following many years working abroad with DH job.

I was 52, DH was 48

I was 45 when we paid ours off.

The speed at which house prices rises are outstripping wage increases suggests the mortgage free age is going to increase as those who are buying now start bring mortgage free.

About 45 I think.

I would have been mortgage free now (46) but I bought my dream home five years ago and did a big wonderful renovation project.

now it will be 60 (sooner with a bit of overpaying) and I don’t regret it for a second 😊

It will be paid off in June this year, I am 52, DH is 55

50ish, but we could sell and buy a good size house in our area outright now. We might move again though and then we’ll have a bit longer but pay it off before 60.

Purchased at 32 - at moment 57 is current expected pay off date.

London based - I know no one who lives near us and is in our age group who purchased in late 20’s / early 30’s who will be mortgage free before at least 55 unless there has been an inheritance.

By making overpayments, we did it when I was 42 (OH is 3yrs younger).

This meant that for the next 15yrs we saved what had been the mortgage payment into a "house fund" which allowed us to move when I retired (early at 57) to a larger house in a more expensive area while remaining mortgage free (pensions were already covered).

40ish on the cheapest freehold in my area. In retrospect, the Great Recession had a big impact on me and made me very focused on achieving security. However, increasingly I regret the focus on frugality, and feel like I’ve missed out on life.

45 but I had to get cancer 😂 (critical illness cover) I’m cancer and mortgage free now (5 bed house by the sea to start my new life)