What age will you have finished

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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?

In 1981 I bought mynfirst flat with a 20% deposit (very orivileged) and mortgage of three times my income. Sold flat five years later and bought a house. Owned it for 7years through the late80s/early 90s massive drop in values and very high interest rates. Got married and sold it at evens Stevens. Bought our family house on what felt like an ouchy mortgage in an area under development and for the next 4/5 years frankly awful.

Mortgage was paid off by the time we were early 40s. Replaced by the school fees.

No idea- we remortgage all the time and change the term based in affordability. At the moment with high childcare we have it running until I’m about 70. But in reality it will end up nearer 60 once we have lower outgoings.

Also I’m likely to inherit at least double what the mortgage is. Awful to think about but imagine it will get paid off sooner and not by us. My parents (divorced) have a significant amount between them as they have inherited too. Even if they need care my brother and I stand to get £500k+ each and our mortgage is under £250k.

This isn’t intended to show off or promote a certain lifestyle, I’m just sharing my journey and hopefully it may inspire someone. There’s obviously a lot of people in a better position than me who’ll be more inspiring etc.

I’ll be 38 next year and my ambition is to have it paid off before my 38th birthday. I just took on two extra casual seasonal jobs to put towards extra payments.

Five years ago I didn’t think this would ever be possible, we had a car loan and credit card debt. I decided to give the David Ramsey thing a go, followed it loosely and paid off our entire debt (car loan was paid off 2 years early). Now we have six months worth of expenses in our savings account and no debt other than the mortgage. We also brought a new car with cash. I know we wouldn’t have ever been able to do this without (loosely) following David Ramsey. Not gonna lie though, the beginning was rough and tough, I had to break my shopping addiction!

In five years though we have turned our lives around.

Don’t even have one yet - estimate mid 60s! Would rather have lower monthly payments so will take a longer term.

I would have been 49 if we'd stayed with the mortgage we had planned but inheritance meant we paid it when I was 43 (dH was 59)

36 now, will be paid off when I’m 50 but I should definitely think about overpayments. However it’s not our ‘forever home’ so we’ll move eventually. But we’ve got savings and got the house at a steal so any new mortgage means we could put a very sizeable deposit down.

68! £600k to go!!

55 for me , 43 payments to go then I’m hoping to reduce my work hours and partially retire

Overpaid like mad for the final 2 years.

Big expensive ( relatively speaking) house in north east here. No inheritances, no bonuses. Will be paid off when DH is 64 and I am 59, no regrets, it has been amazing to have all the space whilst the kids were young, and no intentions of downsizing as at some point hopefully will have it full of grandchildren. Never really thought/ knew about overpaying but if we were to overpay now by £100/month( which would be tight on the current cost of living) we would save the grand total of £71, so I don’t think we will bother 😀

I bought outright at 40 but had to get divorced and lose both parents to manage it.

We paid ours off about 12 years ago when I was early 30s and DH was just passed 40. Modest 3 bed detached, I’d love a bigger house but having no mortgage means we have more disposable income to save.

I pay £2500 into my pension every month, I’ll withdraw 25% tax free to get rid of the last bit of mortgage if its not gone by the time I retire.
That seems smarter than overpaying for now.

Never really thought/ knew about overpaying but if we were to overpay now by £100/month( which would be tight on the current cost of living) we would save the grand total of £71, so I don’t think we will bother 😀
wouldn’t overpaying shave a few years off your mortgage term?

Ours was only even 92k in the first place and paid off in our early 50's but only because of losing both in laws . I came on to say you are not alone. Many people go into state retirement age still having a mortgage. It's not a problem if you are confident you will be able to pay it. I see the financial situations of a lot of older people through my job and many are still paying mortgages at 70. It's not ideal but if you have decent pensions then not a problem or there is always the option of downsizing maybe?

Currently if i keep over paying the max ill be about 43. My mortgage is small and we need to move so probably a lot longer. Im 34

68. If I can keep up the payments! No spare money to overpay and no savings. Single mum. Some are you are very lucky

34, DH is 30.

I pay £2500 into my pension every month, I’ll withdraw 25% tax free to get rid of the last bit of mortgage if its not gone by the time I retire

That seems smarter than overpaying for now

Thats what we did, it worked brilliantly.

I was 35 and my husband 33. We bought at 24 and 26, 20% deposit but 5.99% interest rate on our first mortgage, 146k mortgage. Bought a property in a nice area but not an overly popular one (safe, good schools, but not very pretty) that could be paid for with just one salary if one of us became ill or I went on maternity leave, but every single month we could we overpaid by the maximum allowed before putting money aside for holidays or even pensions (questionable decision, but now we put nearly £1k each a month into a pension which we used to pay off the mortgage). We still live there, property has doubled in value in the last decade and we've extended too, we are considering getting a mortgage again though to get a larger house now we have a family and in a slightly different area.

Exactly, people have asked me about our mortgage and I make the right noises, but we don’t have one. We live in a big house in an expensive area and people just assume.

If your renewal is due when interest rates aren’t quite as crazy then you should be able to reduce your term if you can afford it.

I’ll be 49 when we pay ours off but hoping we’ll be able to overpay when we’re not paying £1000 a month on childcare! 🥴

60 but I’m going to start overpaying each month (I can only overpay £40 without a cost) and putting away £60 so that when I remortgage in 4.5years I can pay extra off then to reduce what I need to borrow. I’ve worked out what I can afford a month and if I get a payrise then I will just add the extra if I can.

What I have learned from this thread:

Inheritance makes a huge difference,
Divorce throws a spanner in the works.