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?

I overpay because we both have quite low incomes and work in industries where our jobs aren't guaranteed in the long term.
So if we want to remortgage when our term ends there is a risk our incomes will be a fair bit lower than they were when we bought the house.
I don't want us to be stuck with a variable rate standard mortgage if we have a chance of a better deal.

The lowest rate we could get was over 3% so it's much more than we would make in savings.
I resent paying more interest than I have to.

I’m 39 and we have 15 years left. However DH is 51 so will be 66 when our term ends.

MynameisJune

I hope that now you’ve paid off your mortgage at a very early age that you’ll feel you can live life more in the present rather than focus disproportionately on the future by sacrificing the best years of your life building up wealth...

32 and 15 years. We are in a position to overpay by quite a lot at the moment so hoping to reduce this significantly

44 and paid off this year. we have taken advantage of the past few years of artificially low interest rates to overpay significantly.

I’m 38 and we have 11 years left on our mortgage (but we do overpay, so will be done sooner than this). Compared to my friends, this is impressive.
But, dh is 51, having 11 years left on the mortgage is not so ‘impressive’ to friends of his age. Friends nearer to his age have already started to pay theirs off completely.
It’s dependent on so many things, I don’t think there even is a norm for this kind of thing.

Paid off at age 48 - feels good.

30, 33 years, hope to slash that drastically by overpaying though.

I'm 46 and currently have around 12 years left, but about to remortgage and get a big renovation and extension to our house so it'll go up to around 20 years and double my mortgage ... but worth it as we live in a historically expensive area and we bought it for a steal 12 years ago... so on the whole think it's good investment

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.

Really? I suppose it depends on what your rate is and how much you have in the way of savings. I could only find 5% for 10k then a measly 1.3% thereafter, that's for instant access cash though. We're only just getting towards the 6 months expenses-ish stage with savings so haven't felt comfortable doing any more 'investment' type long term stuff. I appreciate it's different if you have enough that you feel more comfortable tying it up or making riskier investments for the potential of higher return.

Some people have immensely low mortgage rates though, saying that. Sub 1%. But even if you have a not particularly massive 2.5% or 3% that's less than most savings accounts will give you.

@oakenbeach 🤣🤣🤣🤣🤣 okay well thanks for that. We had 10+ years of doing as we pleased before we moved to this house. We’ve been paying it off for 4 years not 40.

You really do have a chip on your shoulder about this subject.

And for anyone wondering, yes we live in the north. Much cheaper than those who live down south. Our mortgage was £220k it’s now sitting at £50k and will be paid by Feb/March next year.

We paid our mortgage here off when I was 40. In south east but very lucky in a number of ways. I bought my first property age 23 (1997) when it was really cheap - it had tripled in value when I sold it 7 years later. Our current house we started overpayments as soon as our eldest qualified for 15 free hours.
Then we both inherited some money - not colossal sums but enough to pay off the rest in 2014.
We also have full time quite well paid jobs, I only took short maternity leaves, have had two significant promotions. I'm quite frugal and managed to save a substantial amount.
We're about to buy another property with combined savings and mortgage. When we've done it up in a couple of months we will sell our current house and repay the mortgage on the new house, so back to no mortgage again age 44.

Although we have worked hard and been painfully sensible, I am acutely aware that we have been very, very lucky in a number of ways.

24 years left and 26 were are 6 years into as of Halloween

35 and our current mortgage has 12 years left. We’ll be moving to a bigger house in the next 2 years though which will be considerably more, it’ll jump up to 20 years. I want to be mortgage free by 55, if we overpay we will be.

47, 4.6 years

54
We owe £45.

We had an endowment that didn't look like it was going to perform, so we added that value to our next remortgage and then when it did perform we paid it in anyway. We also cashed in two small pensions (where you would have had to live for a thousand years to get your capital back.)

So finally after nigh on thirty years we are mortgage free.

We have taken out a loan to do the bathroom and kitchen, that is over five years but we are overpaying that by £700 a month so it should be gone in about twenty two months.

Surely what’s also relevant is the size of the mortgage/house? We could have bought a £200k house and would probably have paid it off by now. As it stands we are just about to buy a £600k house with a 29 year mortgage (this area has crazy house prices and needs must)... I don’t worry about it though because I know we will pay it off well before my husband is 70, and I imagine we will downsize before then as we won’t need a massive house... our three children will have hopefully fleed the nest

55 and 10 years. But this is my second mortgage and I could pay it off earlier, I just have other priorities at the moment.

I’ll sell the house when I retire (about 61), buy something smaller & pay off the last bit then.

May I ask how much people who over pay, are over paying ?

We overpaid by around 25% and then chucked some lump sums into it as well instead of putting them into the savings account (given the rubbish interest rates and the rate of inflation the savings were actually losing us money)

Meant to say that if wanted to pay off the £45 now, the bank would let us, for the princely sum of £2,000

29. 5 years left. We bought the smallest possible house (2 bed terrace) in our cheap home town and pay around £700 a month with over payments.

We may or may not get a new mortgage at the end of this on somewhere more size appropriate .... We suck at saving cash and having it sitting in the bank as we will just spend it so living in a deposit for a bigger place was the most sensible approach for us.

Bats and SuperLoud - both those reasons make a lot of sense.
I have to say that psychologically I would like to be seeing the mortgage go down too! I have to make a 6 monthly spreadsheet with all the balances on to convince myself that the overall position is getting better!
It is also true that there’s an element of risk in it that if our investments were down when we wanted them we wouldn’t end up in a better position. I guess you need to be in a position where it wouldn’t be a disaster to take a bit of a hit before risking doing it this way. Even with a diverse ‘low risk’ investment profile. Also of course it does depend on your mortgage interest rate as to what level of risk you’d have to take to potentially beat it.

We paid ours of at 55 but it was only £50k and a lot of older posters would also have small mortgages. I guess in the future people will be generally much older when paying off as they will be much bigger and longer paying mortgages

35 and 24 years but we overpay significantly so aiming for within ten years.

49 and 0.

Mortgage got paid off during divorce settlement. Ex would have kept the mortgage going for years, despite the fact that there were assets sitting there (and making no money apart from possibly appreciating) that could have paid it off. The decision got taken out of his hands though, and I could not afford any kind of mortgage on my current wages, so we have been lucky.

Ex hates me though, so I do feel tainted by it all. He thinks I brought nothing to the marriage, but this was untrue (I looked after our 3 dc for many years and worked before and after that) even before you factor in the fact that in the end it was an inheritance / gift of mine that paid the mortgage off.

I do feel that he will be tarring me as yet another woman who was with him for “his” property (ours is his second divorce and he only ever referred to his first ex wife as a bitch) - even though we were together for 22 years and married for - well actually we are still married and by the time the absolute comes through it will be 17 years.

Sorry for the essay .