To ask how long left on mortgage?

[Wallawallabangbang]

Just that really. How old are you and how long do you have left on your mortgage?

Oakenbeach I am surrounded by people at work that have massive mortgages and equally by people that paid them off much earlier than I did. That's why I kind of think they are representative as often people don't discuss them openly and interestingly when I did a couple of us really started looking at overpaying and were amazed at how even small amounts fairly regularly impacted the term. The overpaying can get quite addictive especially with all the calculators online and you can see your mortgage statement decrease (assuming you have one that pays interest per day).
That's what got me started on overpaying as then I could see a light at the end of the tunnel.

37 and 29 years to go. Will likely pay it off in 10-15 years though

36 and 22 years to go. We’ve made some overpayments but right now childcare cost is making it v hard. Once that’s done that will go right into the mortgage so term will drop faster.

We are also considering trying to love only on 1 salary next year and if that works that will be more on the mortgage. On paper it does but in life who knows 🤷‍♀️

57, 6 more years. We have massively overpaid over the years so it is tiny now (about £10,000) and we could pay it off tomorrow but I have been told that is not a good idea. However the thought of being mortgage free is very appealing. What do other MNetters think? Should we redeem it or let it run?

I’m 38 and have about 28 years left. Our mortgage is tiny compared to the equity in our house so we never really think about it. I find it interesting that so many people are so keen to overpay, for us that’s just something we’d never even think about. We like knowing how much our payments are and it’s getting paid off so we like to use any spare money we have for doing stuff / holidays / etc. We are very low income as well so not well off by any means (disabled child, tax credits, dla, low paid full time work etc).

33 and 29 years left. We moved last year and massively increased our mortgage - if we’d stayed in the last house we would have paid it off within 5 years.

It’s worth it though for the extra space the new house gives us. DH’s salary is likely to increase in next few years also so we will be able to pay it off more quickly than planned.

didireallysaythat we did throw hundreds at it but that was when the interest rates dropped. We moved to a tracker and continued to pay at our previous stupid rate. Any extra money, such as when the gas/electric company return any overpayments, or the two months we don't pay council tax, got thrown at it as well. I found even the small amounts started to make a bigger impact as we then got into a mindset that the mortgage had to go and even if I had £30 left yes I know lots don't have that at the end of the month it got put onto the mortgage.

We were set to pay it off last year but we're advised otherwise as it's such a small mortgage.

48 and 12 years left

We are about to receive an inheritance of around 200K when MILs estate is settled and are planning to pay it off.

33 and 19. But that's outside the south east and even then we deliberately made the choice to purchase somewhere cheaper and with a smaller mortgage. Have had it a couple of years and we have overpaid but less than we'd planned, average of about £50 a month. Should be increasing soon though.

I think also the missing part of this question is how much roughly the mortgage is! Easier to get shorter ones and/or buy earlier if you're only borrowing 5 or low 6 figures.

I know it’s not the question asked but I’m a little surprised at people throwing everything at mortgage overpayments with interest rates so low at the moment. We were advised (and this has proved correct) that we could make more on our savings (even in a low to moderate risk investment) than we are paying in mortgage interest. It also keeps our savings accessible in the event of a crisis. When the mortgage fixed term is up we’ll pay off a big chunk and remortgage at a better LTV and over a shorter period. If rates are still low we’ll keep a proportion in savings, if not we’ll throw much more at it.

Also it depends how old you were when you bought. We spent our 20’s living in different countries (lived in Milan, Madrid, Valencia and Paris) so didn’t actually buy our first house until last year (we were both 32) as we weren’t ready to settle down until then. And I wouldn’t change that for the world, we had the best time.

I overpaid £500 a month for a few years. Was tough but I had a second mortgage hay I really wanted gone. Overpaid over £30K and was really pleased with myself. Now building up the savings.

age 33 - 10 years left. however, renewing / moving in new year so extending. sigh.

Loonoon we got told that as well that it's best to keep it. But from what I could see it only matters if you want to borrow again in the future as it makes it easier but we are fortunate to be in what I hope is our last home. Also I think people in the past did it as the banks would store the deeds but again that is no longer relevant with the move to electronic storage at the land registry. I therefore went with paying it off.

I overpay £100 a month and it should reduce the term by 2 years.
I might be able to afford more later but it seemed like it would make more difference if I did it from the beginning.

It's in my budget so I don't miss it.

In answer to dr why, phycologically its better for me to overpay, I stick to it and the money is gone. Savings are too much of a temptation!!

I admire your self control. Wish I was more like you,

Ours is planned to be finished when DH turns 60. We’re planning to overpay when we can (we have previously when we’ve had spare money) but saving for mat leave atm!

29 and 27 years left, live just north of London if it’s relevant.

30 and 26 years.

32 and 32. But we have just remortgaged to buy another property.

DrWhy you are right in that often people would be 'better' investing instead but it goes on your financial risk adversion. I am low risk and found it better to overpay so that in the event of redundancies or illnesses it would give me more security to know that we didn't have a mortgage because after all investments can go down as well as up but once the mortgage is paid we would significantly lower our expenses no matter what the 'market' was doing.

44 and 18 years . Every time my mortgage deal expired I had to extend the term to be able to afford it as I was a single mum with a large mortgage.

If nothing changes it won't be paid off until I'm 73. When we remortgage we plan to reduce the term slightly and we overpay too. The plan is to pay it off by the time I'm 65. It does worry me.

People who are near or have fully paid off their mortgages are more likely to click on this thread. Plus the size of the mortgage is also key. Lots of people paying them off in their 30s would have bought in cheap areas with small mortgages. It’s all a bit skewed.