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?

It is all different as ours was paid off by age 50. We overpaid as mortgage was £150 so paid £200. Was lucky to get a low fixed rate.

I think I’ll be 70.

We have virtually all of it to pay back still, as we only took it out last year.

Currently it’s 28 years, age 67 for me and 70 for DH. We are making overpayments every month though and when we remortgage in 4 years, we hope to knock off at least two years. In 4 years, our debts will be gone that will be an extra £500pcm on the mortgage overpayments and in 7 years, DH stops paying maintenance so that will be another £450 a month. We’re aiming to pay off by 50 and 53. We’ve currently got £295k.

Had I not moved house, I would have paid off my mortgage in my late 30s without any of those things being true. It was a house in the SE, with a mortgage 7x my salary. I would have paid it off by a) living extremely frugally (about 70% of my salary was thrown at the mortgage), and b) renting out the spare room.

This was buying just before the last crash so mortgage rates were 5.6%.

I am one of the early mortgage pay off responders. We didn’t tell anyone, my sisters were in their fifties when they finished paying, one was left our Mothers house outright, that went down like a lead balloon. Most of my friends paid off mid fifties but one will be paying till retirement, her DH is on minimum wage and also shit with money.

I'm not sure what you can learn from this tread OP. It depends on how much the original mortgage was really. And that depends on the location of the property.

Late 60s - in nearly 20 years. Remortgaged in 40s. I'll probably downsize when DC are finished in education in 10-12 years. Maybe. I'd love to keep a family home going for them to visit as adults but at the moment I am just about keeping afloat and worried what happens when I next remortgage. Certainly can't overpay.
I'd love to live abroad for part of my 60s if I can swing it.

65, when it ends and expect to have around £150l still to pay.
We have an offset with lifetime tracker at 0.49% above base so its never made sense to try and pay it off early. Thats is not such an easy calculation now but if needed we could pay it all off tomorrow.
we are early 50’s

I paid off 2 mortgages - but am on to a 3rd. I think it will be paid off by 53.

70 ATM but plan to overpay once kids leave home in our 50s.

40. Could have done it earlier but had better interest on investments than was paying mortgage. Hoping to buy a bigger place soon so will start again.

Early 50s. 20 years and 280k to go.

We took it out at £360 four years ago and due to working overseas for an employer who paid my accommodation, we were able to rent our place out to cover the mortgage. The country I was in locked down HARD over the pandemic - which was pretty miserable in many ways but did allow us to save and overpay a big lump sum.

Im so glad we did as we have a one year old and I’ve just found out I’m pregnant with our second child - so come 2024 our nursery fees will be over £3000pcm. No chance of overpaying anything then, or in preparation as everything is going into the savings we’ll need to get through that period!

I don’t even like to think about it - I have years left on mine 😞

We could have been mortgage-free now (first house bought 2019) but pretty much would have meant wiping out all our savings.

As mortgage rates were low, we took out a 20 year mortgage & invested our savings.

When we renew the mortgage in 3 years, we will probably look to pay a chunk off & see if we can keep it to a 10 year term. We’re planning more kids, so that will help prioritise with childcare fees.

Hoping to have most paid off before I’m 40, unless we find our dream home. Our neighbour’s house (same as ours) was recently valued at £530k and one went down the road the same for 525, so we might make a nice profit too.

I'll have paid mine off in March next year. I'm 30 and live in London. Like a PP have been very lucky with inheritance.

Overpaying has more impact the earlier in the mortgage term you start.

Childcare costs for one child + current mortgage at 2% is the entirety of one of our take home salaries (mine or DH’s - we earn the same, roughly).

I am really worried about mortgage rates going up at about the same time we’ll be putting a second child into childcare especially as childcare is going up too and our pay resolutely is not. Just doesn’t bear thinking about.

It depends.. you might be better off having your savings in a higher interest earning savings account rather than paying the fee, for example... especially if you're on a low rate mortgage.

Money saving expert has a calculator that allows you to put in different scenarios including overpayment fees!

Late 50s if all goes to plan. We've been overpaying for years but can't afford to any more. If things go to shit, will try and extend another 20 years!

This is even more true in recent months, as savings accounts have started to pay decent levels of interest.

Not planning on paying off our existing mortgage.
We still have a smallish mortgage as we approach retirement, but we have a 5 bedroomed house,
As our children go our house will be too big for us- so we plan to downsize, releasing the capital on our home will enable us to buy a smaller house outright.

Bought when I was 30. Should be 51, accelerated rate.

I was 44 when we paid ours off. Bought when I was 19 and & DH was 20. Paid it off by simply paying the interest and endowment policy for 25 years and chose our endowment policy carefully so even in the late 80s / early 90s it did well and we were able to use the excess to build an extension.

No shit Sherlock