What age will you have finished

[Lastchristmasibakedyouatart]

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?

We paid ours off at 54

I owe about £500k (with about 50% equity) and I’m 43. Depending on circumstances I might never pay it off but downsize instead. My first mortgage was £205k and I could have paid that off by now but I’m glad I borrowed more as I like my house and area and the rise in value has given me a big cushion.

I was 37. dh was 42. We sold our last house which was in an expensive area and relocated to be near family. We bought a bigger/ nicer house in a better area for half the price and could pay cash. Whacked additional proceeds into pension/ Lisa. We're very fortunate. Had we stayed in our old house the mortgage would've been paid off by the time in as 49.

Just wanted to say well done, you should be proud of yourself.

Hopefully 33! We have just over 30k left. For the past 7 years we've been overpaying it with the intention to pay it off nice and early. We may upsize some day so it might not be the only mortgage we ever have though. I just like the security of it and not having that hefty monthly bill!

Very true.

Inheritance is a massive driver of inequality.

About 48 but hopefully be able to overpay more from middle next year. Not long to go.

42, currently 37. The mortgage will have paid itself off at that point but if we continue to over pay it'll be sooner. We paid a lump sum out of the offset account when we recently moved onto the final deal. Would have been more but I want to enjoy things with my DC (3 & 5) and my kitchen is falling apart! I'm happy to be mortgage free in 5 years at the latest.

I'll be 42.

I was in a position to pay it off at 33 which was due to aggressive overpaying (£500/month) and then two £30k inheritances for the rest. Stupidly "invested" in a company who went bust because I thought I'd get more interest than I was paying on the mortgage. Then met DH and bought a bigger house so the mortgage increased again.

We've been overpaying again so not long to go now.

Goodness knows. late 60s maybe? We have a 33 year mortgage, £190k outstanding. A family member may be in a position to lend us the amount as a 'private mortgage' which would enable us to pay it off in 15 years. That's assuming our old house sells so we can relocate. Otherwise we're screwed as our finances are shite and my business was not starting in the old area despite months and months of effort, whereas I've managed to get it up and running in a few months here.

Tuesday, late 40's

Love this!
Amazing how you can save thousands and take years off with a small overpayment!

We bought a small two bed terrace for cheap about 7 years ago.

I'd love something bigger and more modern, maybe somewhere nicer, but the trade off of being mortgage free so young is worth it.

The money we save each month for the first year or two we have said we will use to take DC on a fabulous holiday we could never normally afford and after that we will have a few years of saving hard before we look at whether we can both reduce our hours down to permanent part time or 0.8 FTE and focus on having family/work/life balance for our remaining years.

If I look at my family history I've not much hope of reaching retirement so I'd like to make the most of it while I can!

We could pay off now with savings (at 60), but choose not to, as our fixed rate is so low.
Over the past 30+ years we've had different types of mortgages, including a very large interest-only one when we wanted a European capital city lifestyle for a decade with our teenagers. Paying it off was never the goal: I've never got this obsession with paying down your mortgage as soon as possible. Then what? We chose to let money work for us, and keep choices open at different stages of our life. This helped us to move and live in different places, giving our children a great life experience, new language etc. which to us was more important than paying off a mortgage.

First house was mortgage free at 27 ( husband 33) , took a small mortgage to buy next house and that was paid off when I was 40. Both times we over paid and also the second time we paid a couple of lump sums .

I paid mine by 30. Took it out at 22. Just overpaid hugely then put in a lump sum at 30

38. Chose being mortgage free over moving to a ginormous instagram worthy house.

We were so, so lucky. We should have paid ours off in 2021, but we had a 1% above mortgage rate, fixed for the term of the mortgage, and when interest rates plummeted, we kept paying the same amount. We paid it off about 2007 after only ten years, and haven't had a mortgage since.

I’m currently 35 and it should be paid off by the time I am 50.

if we had stayed in our old house it would
already be paid off. We sold our first house for £120k 8 years ago and put down a 30k deposit on the current house and had the mortgage for £220k. Amazingly, the house is now worth £370k. We have overpaid the mortgage by double and so have worked through what we owe much quicker. We
were in the fortunate position of being child free for the first few years of the mortgage.

Hoping to pay it off in around 4 years from now. We will be 43 and we have 180k to pay on it at the moment.

Does anyone thing it’s worth repaying if it means we will have to pay a fee? What I mean is we overplayed the max (10%) allowed and have some savings which I personally better put in mortgage. Is it a bad idea overall?

47, but we intend to overpay and hopefully have it cleared within the next 5, I’ll be 40.

Next year , we will have the money to clear out mortgage thanks to an inheritance. We are 51.
To be fair I'd rather have mum still here and pay the full term.

I suppose the key question is, what's the term length.
We bought a flat and when we sold and bought a house. We didn't increase the term, initially it was on a 25y and when we moved, we didn't increase the term.

Unless you're buying much older. The length must be higher than the average 25y term.

The BoE interest rate didn't plunge until mid/late 2008, so you wouldn’t have benefitted if you paid it off in 2007. I remember because I had a similar tracker mortgage at the time (it was a massive boost!)