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.

If everything stays as is, I'll be in my 40s. We're overpaying, although have three young children so not overpaying by as much as I'd like.

We’ll be 57/58, 3 years from now. May happen a bit sooner if H’s work pans out as he’s hoping.

Early 50s will be paid off

I Was 37 and not an achievement as it was an inheritance. We still had about 18yrs to go, so wld have been mid 50’s when we paid it off. Although I think I would have started throwing more money at it once we were done with nursery fees. I still think even at this it wouldn’t have been before 50.

A lot of folk I know are still moving at late 30’s early 40’s so likely taking on a whole new 20 or 25yr term. I don’t think most people are mortgage free before 50. I’d imagine it’s a low percentage.

I was 37, DH was 41. It was a tiny mortgage though and our FA thought we were daft to do it.

Paid off a few years ago when I was 43

We will be around 45 I think. We could pay it off now (40) but would leave most of our money tied up in the house and I want access to liquid cash.

65 for me and 58 for DH. Although will have a pension lump sum and probably an inheritance before then so will get it paid earlier. I’ve always just let it tick over and never overpaid. We can always downsize if it becomes unmanageable.

All being well, in 5 months. I’ll be 49.

I don’t think there’s any right or wrong. Some people go to full stretch to buy a bigger house or live in a more expensive area. Then it takes longer to pay the mortgage but you have a larger asset at the end. Personal choice.

We bought late so won't be mortgage free until 67 but hope to bring it down by overpaying.

Hopefully this year (50) although it will take most of our savings. It will mean we can up our pension contributions, fund kids through uni and hopefully if any is left have some great holidays.

65
we bought at 32, upsized at 38. I anticipate we’ll move again at least once but don’t know what that’ll do to a mortgage.

We paid ours off when I was 47 and DH was 52.

mid 50s me, DH will be in late 60s

If we don't overpay we'll be 62 but that is unlikely.
I work in mortgages and would say that the majority of terms these days take people to age 75. I think a lot of people of relying on inheritance to repay them

Bought first house at 24 and paid it off at 29. Bought bigger house and paid it off at 44.

Our's will be completely paid off this year and we are 55. It would have been earlier but we transferred DD to private school for three years and stopped making the capital repayments on our mortgage to free up money to pay the fees. We were 36 when we took this current mortgage out.

I absolutely don’t think most people are mortgage free before 50!

We are quite financially comfortable, bought our first house at 40 (£800k+) and should be mortgage free by 50, another 5 years. We overpay by about £50k a year.

I’d say about a quarter to half our friends are still renting in their late 30s/40s.

Technically we will be about 65. We could pay it off sooner but we are putting excess money into pensions and investments rather than mortgage overpayments as this makes more sense financially at the moment. We may end up taking the 25% pension lump sum tax free in our late 50s to pay it off but that will depend on interest rates vs how pensions are performing.

Depends if my DP and I move in together. I currently own about 60 percent of my house and if I stay living alone it will be paid off when I’m 68!

If DP moves in (likely in about 5 years) he’ll buy the proportion of my house that’s still mortgaged (about 35 percent I think) and we’ll be tenants in common and both mortgage free by 52.

I’m 44, single. If I don’t overpay, my mortgage will be paid off when I’m 67. Wirh overpayments, when I’m 55-58. However, I assume I’ll need to use some of that money for house repairs etc so not sure how much I can overpay. Median earner so I can either use savings for mortgage or pension, can’t do both. But I know I am extremely lucky to own a home.

My friends (all earn better than me):

• 44, paid off mortgage at 40
• 39, paid off mortgage at 37
• 40, will pay off mortgage in the next few years

All my other friends are overpaying on their mortgages. All earn well/ very well

My own sister is 35, a nurse, and can’t afford the deposit for a place in london so she’ll be renting for a long time :(

Paid off at 52 and husband was 49. Feels so much less worrying 😊

In our thirties but then we moved to stay mortgage free and up size.

Mortgage free 56 just in time to pay the equivalent of mortgage to DD for rent at Uni.

40, but DP was 60.