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?

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

£500 extra a month. Also DH got an inheritance early this year and put 20k lump on it then which reduced it quite a bit.

We do not sacrifice holidays for this but possibly so things slightly cheaper than others when we could afford more, but choose to throw it at the mortgage. I'd like to be in a position to help my children as young adults as I think they will need it, rather than be paying the mortgage still. They're still little and happy with cheap things!

30 and 22 years. But we reduce the term each time we change providers at the end of our fixed term deals so we'll hopefully keep knocking off a few years each time. I reckon we'll have it paid off in 15.

Sold some land 4 years ago and used the money to pay off mortgage. I'm 54 but DH is 12 years older so it made sense. I'm not saying this to brag, but because the question was asked!

39 & 10 years left to pay, this is only because DP has just turned 50.

And FWIW the settlement was fair but did involve ex having to move out.

I'm 49 and paid off our mortgage 3 years ago. However, we had endowments that didn't perform as well as predicted, so had to overpay £250 every month for 5 years, we also split our original interest only mortgage into £100k interest only and the remainder of £40k was repayment. When our endowments matured we paid them off and with the overpayments it was enough to clear the mortgage.

25 years used to be the norm for a mortgage now it seems to be 35 years

I think the value of the house is relevant here. Our mortgage is 2.5k a month! We bought for 650k and the house now has market value of £1m so although we haven't paid it off, it has still worked for us financially.

50 and our mortgage ends on 31 December. After 25 years of paying, I will feel liberated. I guess I was fortunate as we bought before the big rises , our first home was just 43000

34, 33 years remaining. But we don't overpay, we invest instead.

I think the value of the house is relevant here.

House worth £450k, mortgage remaining around £200k I think - maybe a little more.

49 and paid it off 5 years ago..... I was 19 when we started it so took the full 25 years....

We have never planned to pay off the mortgage - our plan is to sell the house having made a profit and move out of London and buy something for cash or with very little mortgage.

PS the mortgage wasn't that much - about £80k. We were lucky in the 80s and 90s. The house which was valued recently at around £800k will eventually go towards helping the 3 DCs. Although after Brexit who knows what the valuation will be!!

Thanks @user1981287 and everyone who volunteered how much they overpay. I might spend a hour with my lazy Sunday morning coffee paying with the financial spreadsheet.

When we bought our current house we extended the term (I'd forgotten!) to make the payments affordable. Then we spent all our savings on the renovation. I've been advised that we need to rebuild up another 3-6 months salary in cash savings (to cover redundancy) before looking at mortgage overpayments, but it's good to know that I need to be thinking more like 25% than 7% to feel like it's worth it.

49 and 17 years left although we hope to be able to pay it off before then. If we hadn’t moved to this house and taken on a larger mortgage we’d have paid off the one on our previous property next year.

47 and 16 years left. V v late on the ladder. Plans to overpay at some point....

42 and 10 years left. We increased mortgage a year ago for extension but on a lower rate than previously (5 year fix at 1.6%). Overpaying not a priority at the moment as stuff needs doing on house. We are in London so if we did move somewhere cheaper in next few years could pay it off then.

41 and we’ve just paid it off

41. 20 years unless I inherit.

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

Maybe I do.... but life is for living not for living unnecessarily frugal existence now in the hope of a significantly more spendthrift one when you’re older. Balance is important.

As for me, I’m early 40s with about £30k left on a £600k house. I could choose to pay massively overpay and pay it all off over a couple of years, and sacrifice all sorts of stuff with my DP and our children to do so.... by why would I want to self-flagellate?

Bought my first house when I was 23 years old and was mortgage free by the time I was 30. However decided to move. Bought a much larger house and now have 14 years until I pay off the mortgage. I will be 53 my kids will be 24, 26, 32 and 31 so hopefully by then I will be much better off. I couldn’t even contemplate overpaying at the moment. Kids are far too expensive.

56, paid off.

35 and 30 years.

38 and 11 years left to run, although we will have paid it off in about 18 months.

Technically we could pay it off now but it would wipe out our savings. Instead they are offset against the mortgage so we pay no interest and each payment goes completely against the capital. Once we've finished the mortgage we will have a nice savings balance as well.

We made huge strides when we stopped paying nursery fees- we put that money against the mortgage instead.