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 will be mortgage free towards the end of this year just before my 50th birthday which will be my best gift.

I’ve been in a position to pay off my mortgage for about 6yrs now (so would have been late 40s) however money earns significantly more where it is invested so no point in paying the mortgage off while it’s on a decent rate.

Oh about 80

It’s not going to happen basically I accepted that years ago so will just have to downsize to one bedroom at sown point

I am - aged 45 - through inheritance. It’s only a modest 3 bed semi in the north west though.

Hopefully by 50 (with planned overpayments) 53 otherwise.

I'll be 49, so next year. Can't wait.

Would have been 53 but we bought a bigger house so 61 now. Don’t regret it as house valued much higher than last house. We may downsize at 61 also.

Next Month - when I turn 54

Overpaying so early sixties, term takes us to 70 if we don't overpay, so definitely prioritising overpayments

44 but massively helped by SMI payments before they nerfed both the rate and made it a repayable loan.

37, v lucky. DH had crazy few bumper years in work (won't be repeated) and well make a last big overpayment at the end of the month to finish it

We are currently on track for 55. However, hoping to extend and remortgage, pushing this to 60.

reading this thread and hearing when others will pay off their mortgage makes me think whether that’s sensible, though.

Was mortgage free early 40s then bought ex out after divorce so got mortgage on 1/2 the value.

It is maybe not their choice to be resting.

68 based on current projections, assuming we dont overpay (which i really hope we will!). DH and I both are 38 and moved to our (hopefully) forever home 3 years ago. It was a bit of a stretch.

Didn't buy a house until I was 46, but should be paid off by the time I'm 54 🤞Large deposit and overpayments help.

We were 44 but only had 30k left on it at that time. Due to a sudden accidental parental death in the family and inheritance.

If you are talking the date on a piece of paper for your mortgage end it’s actually completely irrelevant unless it’s the next few years.
it is also about personal choice.
if we stayed in our last house we would have around 8 years (late 50s) left but we moved in Covid to our current house which we absolutely love and are very happy in. To do that we extended our mortgage term our repayments only increased a little but now it’s age 70 for my partner.
This doesn’t concern me in the slightest as in reality our children are likely to have left home and we will just downsize and pay off our mortgage long before then.
Hence it’s just a date on a piece of paper. We have plenty of equity and could be mortgage free in a smaller house now.
Personally I think people get too caught up on the term. Nearly everyone’s circumstances will change over 25 years. You might be able to overpay, you may receive an inheritance.
life’s for living and it’s been the right decision for us.

She hoping to pay it off in one go within next couple of years.

*dh not she

67

56 (in 3 years time). Although considering borrowing more for a small extension so will be 10 years time when I am 63. Husband is 7 years younger so will be 56.

Personally I would say if you live in a £190k house but have no mortgage you are less lucky than someone in a £600k mortgage but with a £50k mortgage left to pay. I mean the mortgage rate is low so paying that off early maybe doesn’t make as much sense as investing the money tbh!

I think for most people they regard having paid off their mortgage as a positive thing - less money being paid out each month, knowing your home is 100% yours, taking that pressure off. It's the biggest thing people worry about if they hit hard times (loss of earnings, illness), so I don't think it's irrelevant for most people. You have a buffer knowing you can downsize quite easily. Many people do not have that.

Planning to pay off balance next month. We are both 58.