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 have 8 years left, so will be 58.
we have £130k left but are overpaying to try and get it paid off sooner.

75 on the current scheme
although I may well downsize before then
I had to buy my ex husband out, to keep the house for the kids, so I’m screwed basically

We’ve paid ours, took out a 25 year mortgage when we were mid 20s and paid it off 11 years later. We had an offset mortgage and it was spectacular. No kids which made it easier. We also had low wages at the time (pretty much minimum wage for the time) but the mortgage was only 80k (in the north) so pretty low to start with.
My DH was homeless when he was a teenager and he just wanted a roof over his head for life. I’m grateful we did it.

I was 37, DH 39. We overpaid massively and paid it off within 5 years (flat) and then again after a further 4 years (house). That was achieved with us having two very well paid FT careers, a property/mortgage that didn’t stretch us, living relatively modestly during that time (one small unglamorous second hand car) and ploughing every spare penny and bonus into paying off the mortgage. It was all us - we had no family help like deposit, gifts or inheritance etc.

Plus, due to fertility issues, we had our family quite late. We got promotions and gained financial stability that we wouldn’t necessarily have achieved if I’d dropped to 3 days a week in my twenties and we paid for nurseries.

We paid ours off 2 years ago, both early 5Os. We overpaid a lot and made a conscious decision to stay put and have more disposable income rather than upsize to a larger property and have a big mortgage.

Finished ours in our mid 40s.

OP size of the original mortgage here makes a huge difference.

on a separate note the last 10 years you will be paying off the bulk of the mortgage vs the first 10yrs. So it’s likely you will be paying it off sooner than you think.

maybe not a great advice right now, but in general you do not want to be constantly remortgaging even if it is to fix a rate. Why?

on an average 20 yr loan (figures from here will be random and not exact, the message is key though) you pay more interest in the first few years compared to the end.

so year 1 = 90% interest and 10% capital
by year 20 = 10% interest and 90% capital.

somewhere around year 10-12 there is a switch where you start paying more capital and less interest.

if you constantly remortgage at year 2,3 or 5 you effectively never reach that mid point mark and you always end up paying way more interest than you would have done otherwise.
Banks want you to remortgage..

On another note, overpaying even as little as £10-£50 a month make a significant difference although not as much as the lower figures.
On most mortgages you can overpay any amount up to 10% of the remains balance in a single year.

I was responding to those saying overpaying would have minimal impact on their length or repayment. Great you understand so well, I didn't until I had reason to learn about it...

@TomTraubertsBlues Well, I can't remember exactly, but we started off with around 10% interest, which went right down in 2003 I think? Anyway, when it went right down, we paid it off extremely early, and were very lucky to do so.

We have £17 left so hoping to clear in about 17 months as overpaying.

I'll be 62 then.

Ours is a little different as it's an Islamic mortgage so the terms state we cant make overpayments unless it's a minimum of £4000.
We've 19 years left so will be 61 and 63 years old. We're making an additional payment of 4k this month to reduce our monthly payments but must prove we have additional money to keep up with monthly payments as well.
If the bank feels we don't then they'll refuse the payment.
It was a 30 year term, we borrowed 84k and our income is now just under 39k. At the time it was 28k.
Monthly payments from January will be £403 and we'll own around 44.7 percent of our home the bank own the rest

We’re just moving into a new house and doubling our mortgage to around £170k. We have a plan to overpay so we pay it off in ten years, but I think it will be more like fifteen (40 and 44 here). Which means it will more likely be twenty!

Late 40s. We got out first mortgage at the age of 32 (a year after we had our first child). We overpaid almost from day 1. First by rounding up by 20 dollars a month and then by rounding up by more. It made a big difference.

Our retirement advisor wanted us to keep the mortgage and invest the money instead (the way interest rates were it made financial sense) but I insisted on paying off. my home isn't an investment or a way to make money.

I will be 63
£46000 left to pay
When I can I overpay but at the moment it’s hard and I’m also saving for repairs and new kitchen and bathroom
If I was still in a relationship with first partner I bought a house with I would have been mortgage free over 15 years ago and with higher equity
Due to relationships ending (4 long term over 40 years) I have had to buy people out etc
I will never live with or marry anyone ever again!!!!

A pound a month, @caringcarer?! Please tell me that was a typo 😁

Anything can happen in 20 years though? I’ve no idea how long it will take me or if I’ll even be in the same house. It currently goes to when I’m 69 but my salary is likely to significantly increase and it’s only long at the moment because I was trying to get the monthly payment down while childcare is expensive.

Finished last year, age 54. Overpayed and mortgage ended 10 years sooner than it would have if we hadn’t. Saved loads in interest too which would be even more at todays interest rates. I would say put everything you can I to monthly payments.

Yes £17k. Actually I got all the way down to £35k with first DH then divorced now almost paid off second mortgage with current DH. I feel like I have been paying mortgage we for forever.

We did it last here, 37 and 44. We had a very lucky sale when markets were high, rented for a while (part of relocation package) and bought bigger house in a cheaper area when markets had dropped (and house was just over a particular stamp threshold at the time so hadn’t had much interest). We were very lucky with that, but equally, we saved most of all bonuses and share options as they came in, and when we came to remortgage last year we paid off from savings. V v lucky.

I think from recollection about 53.

To add, we have £275,000 on ours or thereabouts.

I’m 45. Still £350k to repay over the next 23 years unless manage to overpay, which given that mortgage is already nearly £2k pcm seems unlikely!

Next year, I'll then get another mortgage and do it all over again, yay!

Oh, single parent here, and health issues mean may not be able to increase earnings (though I am hoping against hope they get resolved so I can get back to full time work and earning decent money again!)