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?

It's a moot point and only relevant if you are never going to move again. Those is their 30's saying they have already paid off, or nearly, must have decided to never move again, which would be unusual.

We have moved 4 times, each time moving up the ladder. Our last move was at 38 years old, with a £350k mortgage, so we have been steadily paying that off, but won't finish until late 50's.

There has also been a very low interest rate for the recent years, when we were in our 20's in our first flat, the interest rate hit 15% for a while, and was around 10% for a long period, so we were never in a position to overpay, also we lost money on our second house due to the first house price crash.

We now have a lot of equity in this house, but we have moved to achieved this, have has huge mortgages, and paid a lot in mortgage payments although rarely been able to overpay.

I'm 36 & have 27yrs left, officially, but we've overpaid from the beginning so will knock a good few years off.

@Autumndays14 I agree. The size of the mortgage is also relevant.

Someone who has taken out a £200k mortgage and has 10 more years left to pay it off isn't anything amazing.

I used to overpay by the grand sum of £20 a month. But even that chipped 18 months off it. IIRC it would have taken 4 years off in the long term.

didireally our situation is possibly not representative since DH and I are both high earners so had more potential excess cash than the norm but we have basically had a much more modest standard of living than we could have had for the past 10 years in order to achieve this. Our mortgage was scarily high though and caused DH sleepless nights.

I'm 31 with 32 years left. We paid our first mortgage payment last month (London-based)!

I am however, planning on overpaying by £160 a month so we knock 7 years off the mortgage term by the end of it. We only save about £18,000 interest doing so though, so it is more about shortening the term and having a bit more equity when it comes to remortgaging than saving on interest.

Age 48
18 years on mortgage.

The backstory is that me and ex paid off our original mortgage about 15 years ago. When we split I bought him out of the home and took on a mortgage for 1/2 the value. Thankfully it's a very small house so it's not a huge mortgage, but it was quite depressing to go back where I was 20 years ago! Thankful that I am able to do so though.

I'm 33 and we have 21 years left.its a fairly small mortgage in comparison to others of only 132k (up north). We can't afford to overpay at the moment but will eventually.

The person who paid a 220k mortgage in 6 years... good for you but you must be earning a pretty penny to have achieved that (36k a year before the interest) Even if we didn't go on holiday (which we don) or eat out (which we don't) we couldn't even remotely pay ours off in that time, we've wiped every penny of our savings out putting the measly 10% deposit down.

It's a moot point and only relevant if you are never going to move again. Those is their 30's saying they have already paid off, or nearly, must have decided to never move again, which would be unusual

I agree. Also it assumes that your household income will remain static for the next 30 years. We currently overpay by a small amount, but next year we may be able to overpay significantly more. This year we spent our bonus on a new kitchen and bathroom (and a holiday!), next year we could throw it at the mortgage. Who knows? So the number doesn’t mean much really.

35 and 12 years.

35 and 27 years left.

Although I aim to have it paid off in 20.

For those who asked, we have been paying double our mortgage for several years. If mortgage is £600pm we also add £600 as an overpayment. This combined with the fact that we bought a wreck and have slowly done the work ourselves means we will be mortgage free next year (our late 30s) and have added a lot of value too. We are in the SW so prices aren't crazy. However we plan to buy another (massive) project next year so will be back to something like 50% equity and mortgage will be back up to 25 years.

42. We each have one - about 20 years on each. About to reduce one mortgage by selling and buying cheaper. I don't know if we'll be organised enough to overpay much on either.

@oakenbeach good for you, enjoy your £600k house. Now whose bragging eh?

@olderthanaverageforMN we never intend to sell this house. If we move again yes we may need to take out another mortgage but this house is plenty big enough for our family, has land and is in a nice area so it’s unlikely that we’ll move again.

39 and 23 more years

30 and 24 years

35 years old and 34 years left to pay. We only got a mortgage for the first time last year.

It’s something we had always dreamed of but was out of our reach for a very long time. At first I felt a little deflated when I was reading everyone’s mortgage length but actually I’m just super proud we are finally on the property ladder and hopefully in the years to come we will be able to over pay like lots of you have done.

We paid it off in our late thirties, in fear of being accused of bragging now obviously. This is around fifteen years ago so the housing market was easier then as well.

We both had really decent jobs plus we both dabble in investing and DH had one year were he made a lot, it was the equivalent of around 30% of the value of the house. That year I made the equivalent of around 10% of the value of the house. We had always over paid anyway. Those kind of returns are probably never going to happen again and we don't expect it.

24 and 25 years to go.

38 and 9 years but we don’t have a particularly big house and have been overpaying it. Currently torn between staying put for the forseeable or using the equity to move somewhere a bit bigger. Waiting to see what happens with Brexit/interest rates.

One of the main reasons for overpaying is that DH earns over 6 figures, but in the industry he is in he is basically installing the equipment that will eventually replace him. So it’s a time limited salary that we know won’t last forever.

20 years will be paid off just before DH retires.

Took till early 30s to save a deposit - then we sold for less than we bought so 8 years paying down a repayment mortgage just got deposit back.

So got new mortgage over 24 years given our age. We are overpaying have 18 months’ overpayment but haven't used it to reduce term yet – more buffer in case we hit problems.

We can’t downsize for another at least 10 years even then it would probably be smaller place closer to work which will probably be as expensive.

IL insisted we were too young in 30 to buy – they bought in their early 20s – now we are early 4os they going on they’d paid their mortgage off by now - they did over 20 years though not 10 .

26 and just under 16 years left. I overpay though so should be done quicker. However we are going to remortgage soon as much as we can :(

Welcome to Mumsnet, OP.

Why the fuck do you want to know all this?

I’m 36 and have 27 years on our mortgage, we only managed to get on the property ladder last year. Hopefully as the kids get older we can start to overpay and bring down the length of the mortgage but that’s a good few years away yet.