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.

We’ve just moved and taken on a bigger mortgage so currently it’s 60 but we might overpay and reduce it during that time if we want to retire early. I don’t think we’ll move again unless we need to move areas for work so it’s unlikely to be significantly extended later.
I think your DH is wrong but that it’s likely to be linked to the house prices of the area and the time when the house was bought - ie people who bought a while ago in a cheap area are likely to pay off younger, people getting on the ladder now will likely pay off later. I am always in shock hearing from MNers whose mortgage payments are very low (like £500-600 a month). I’d be able to pay it off quickly too if ours was that low - ours is £2000 now for a 4 bed semi and was £1000 even when we were in a 2 up 2 down mid terrace.

Hopefully by the time we’re 50 but that’s only because of parents gifting early inheritance. If we were just relying on our own finances then much later. We’re incredibly fortunate.

I think it'll be in my early 60s

Me 57 and dh 59, but hoping to over pay once dc have been to uni so we can reduce that by a couple of years. We’ve been in this house nearly 9 years. No plans to move again unless finances change dramatically.

60. Haven’t got any means of overpaying it and no intention to move! Seems like a lifetime away :(

In our 40s. But our mortgage was only 50k and we bought our house in London in the 1990s.

I paid it off at 29 but house prices were much cheaper then.

This has some data and the age for being mortgage free has risen quite a bit.

https://www.ii.co.uk/analysis-commentary/later-milestones-retiring-paying-mortgage-ii528626

unless we can start to afford to overpay again. I will be 58, Dh 63.
Our monthly payments are very manageable at the moment though.

I’m 56 this month and we’re aiming to downsize this year as kids are adults now (one has married and the other is still here but planning to move in with his love in the next year or so) so aiming for mortgage free at that point.

Paid it off this month. I am 59.
we have moved houses and upscaled, so increased our mortgage in our 40s.

I will be 60, which ties in with my retirement. I have chosen to carry on paying my mortgage though rather than sell up other things and pay it off. and I am gifting money to my children. My inheritance that I have recently been left is going straight to my children as well as my 2 investments that I always meant for my 2 children. I have good reasons for this and it’s a slightly unusual situation but ultimately I will need to work until I’m 60 and then I can retire mortgage free. I have a boyfriend who I don’t live with so from a financial point of view I’m single so I do think that makes it harder.

I’ll be 67

Me 57 & DH 60 but we moved and added 7 years on. So it would have been 50 & 53. Fed up of it now & might try to overpay this last chunk. We had to renegotiate mortgage rate a few years back & it was just after the disaster of Liz Truss & Kwasi K’s short time in power & costs sky rocketed.

I was 42.

I was 46 when paid off. I'm 54 now.

Hopefully in 18 months (55)
We would have been mortgage free last year, but we moved and took on a higher mortgage 14 years ago.

We’re 36 next year when our 25 year will be renewed, so I guess 61 although hopefully more like 50-55 if we overpay!!!

I’m 40 and own by myself. I’ve got 17 years left on my mortgage but do try and overpay where I can so hoping to be free by 55 at the latest, if I can be mortgage free by 50 that would be even better.

Mortgage-free at 50. I’ve never owned a house.

Mortgage runs til I am 70. But will hopefully clear sooner from either inheritance or pension lump sums. DH is a couple of years younger and has less pension so little help.

We paid off in 2024. DH was 45 I was 42. It took a lot of overpaying and forgoing holidays etc but worth it for the security. Now that extra money has gone into pensions and home improvements (and the odd holiday).

I paid mine off at 49 but my sister and her DH will be a lot older as they upsized about ten years ago, whereas I bought one house and stayed there.

It’s currently due to finish at 67 which ties in with our state retirement age but we plan to relocate when we are 58 and hopefully become mortgage free at that point.

In 20yrs so I’ll be 62. Realistically we’ll have to move house again too so could be longer than that.

If I hadn’t moved to where I am now, I’d already be mortgage free.

As we are currently... Mid-50s, but aiming for the lower end of that. We over-pay as much as we can. Usually manage around 14 months of payments over 12 months.