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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

What age will you have finished

644 replies

Lastchristmasibakedyouatart · 04/12/2022 18:45

Paying off your mortgage?

Inspired by another thread.
We have what I *Think is a fairly small amount left on the mortgage-around £120 k, but working it out, I think we’ll be around age 69 by the time we’ve finished paying it off, I’m only basing this on how much we’ve paid off so far in the amount of years..69 feels disappointing.
We’re both 45 (Dh and I)

How old will you be when you’ve finished paying the mortgage off and how much do you have left?

OP posts:
TomTraubertsBlues · 04/12/2022 18:47

I'll have mine paid in the next year or so (40s). Is there any way you can overpay? Even a small amount makes a surprisingly big difference.

TomTraubertsBlues · 04/12/2022 18:49

Forgot to add, we have £104k left. Paying off just over 3k per mth.

Original poster
Lastchristmasibakedyouatart · 04/12/2022 18:49

@TomTraubertsBlues That’s amazing, did you manage that by overpaying? I don’t think we can at present, but perhaps in the future

OP posts:
Justthisonce12 · 04/12/2022 18:49

52 had to start again from scratch at 40

TomTraubertsBlues · 04/12/2022 18:50

Yep. Overpaying like a beast! We overpay by over £2k a mth now that interest rates are one the up

FuckoffeeBeforeCoffee · 04/12/2022 18:50

Hoping to pay it off next month. I'm 34 next month. My husband is 43.

Robostripes · 04/12/2022 18:50

Like a PP said, overpaying massively reduces the term if you can. We remortgaged recently and there’s 17 years left of our original 25 year term which would expire when I’m 52. However by overpaying we think we can just about clear it in 10 years, possibly 11, so I’ll be 45/46.

Original poster
Lastchristmasibakedyouatart · 04/12/2022 18:50

@FuckoffeeBeforeCoffee How?! 🙈

OP posts:
BloodyShoes · 04/12/2022 18:51

I was mortgage free at 47. I'd planned for 40ish. It ended up having children so life got busy. Our mortgage was similar to yours. I put my half straight into sayings so I didn't missed it. We need a bigger house so we will have. A new mortgage in the future.

TomTraubertsBlues · 04/12/2022 18:51

But in the past we've overpaid by as little as £50 or £100 a mth - whatever we could afford. It adds up so much over time, because you save the interest in the log run.

TheGoogleMum · 04/12/2022 18:52

I think we'll be about 68. 200k to pay!

NeverDropYourMooncup · 04/12/2022 18:53

Missed the boat on that one by foolishly not being wealthy or well paid in secure employment. Too old and prices are too high to ever get one now.

Simonjt · 04/12/2022 18:53

If we continue paying at the same rate (we overpay) and our interest rate doesn’t go above 6% I’ll be 46, so 11 more years. I really want the option of retiring at 50, or finding a more relaxed job so we’re prioritising paying it off early, it also means if any of our children go to university we should be able to help them financially.

IDontWantToBeAPie · 04/12/2022 18:53

Everyone is different. Comparison of these things will only make you feel bad.

We paid ours off with an inheritance aged 23. Yes it was young. Yes it makes life infinitely better. We live in London. We are extremely lucky.

Original poster
Lastchristmasibakedyouatart · 04/12/2022 18:53

Perhaps I’m working mine out wrong as it seems a relatively small amount left to pay (mortgage wise) so surely shouldn’t take that long 🤷🏻‍♀️
We bought the house around twelve years ago and have paid off 60k

OP posts:
ThatsRoughBuddy · 04/12/2022 18:53

I was 25 and my DH was 36.
We had a very fancy flat in the centre of Edinburgh that used to be his parents and he took over the tiny mortgage. We sold it for many pounds and paid off all debts and bought a very unfancy house on the outskirts. I don’t know how the fuck we'd manage if we had rent/mortgage now!

TomTraubertsBlues · 04/12/2022 18:54

Lastchristmasibakedyouatart · 04/12/2022 18:53

Perhaps I’m working mine out wrong as it seems a relatively small amount left to pay (mortgage wise) so surely shouldn’t take that long 🤷🏻‍♀️
We bought the house around twelve years ago and have paid off 60k

What was your original term?

FuckoffeeBeforeCoffee · 04/12/2022 18:54

Large deposit from my husband buying when he was quite young and then selling at a profit.

We save as much as we can each month then overpaid the maximum every year.

Then, my husband sold part of his business so we've managed to bring it forward a few years.

jackstini · 04/12/2022 18:54

I was 48, DH 44
Overpaying and offset mortgage

TomTraubertsBlues · 04/12/2022 18:55

Because of the way the interest is structured, more of your money goes on paying off capital in e.g. Yr 20 than in Yr 1. So it speeds up as you go through the term.

Boooooot · 04/12/2022 18:56

We only have 20k left to pay. We’re not bothered about overpaying it, we own another property outright too. I’m late 20’s and husband is late 30’s.

GettingStuffed · 04/12/2022 18:56

We've just done it, I'm 58 and DH is 67.

Whoneedsleep · 04/12/2022 18:57

Ancient!!!

I know we need to overpay or we will be paying it well into our 70s but I don’t understand where the spare money is supposed to come from!

girlmom21 · 04/12/2022 18:57

As things stand, officially 42 but I'd be surprised if it's not gone by 35.

TomTraubertsBlues · 04/12/2022 18:58

ThatsRoughBuddy · 04/12/2022 18:53

I was 25 and my DH was 36.
We had a very fancy flat in the centre of Edinburgh that used to be his parents and he took over the tiny mortgage. We sold it for many pounds and paid off all debts and bought a very unfancy house on the outskirts. I don’t know how the fuck we'd manage if we had rent/mortgage now!

This is great for you, but I'm not sure how useful it is for the OP to know how quickly a miniscule mortgage can be paid off by someone who got the other 90% of the property's value for free! Your situation isn't typical.