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?

For anyone overpaying; check with your lender they are reducing the term with each overpayment and not just the amount of subsequent payments. It can make a huge difference

I think we'll be done when im about 45.

We've been very lucky - help buying first home, high incomes, gains along the way and masses of overpaying.

We bought basically our dream house earlier this year when we were 34. It's a 35 year term but we can afford the repayments with childcare for 2 children and hopefully DH's salary will rise (as should mine). I'm quietly hopeful we can do it by 60.

I'm mid 40s. Mortgage paid off at 40. Never again.

All of you lot paid off in 20s to 40s - how? Are you lying?

Clearly people who probably bought in the late nineties/ early 2000's ? it would be very unlikely to be achievable now.

Currently we’re due to pay it off when I’m 61 and DH is 65. But hopefully once we stop paying nursery fees next year we can increase our payments and pay it off earlier.

this is meant to be our forever home so hopefully we won’t have to move again. We do want to do a loft conversion at some stage so may add to the mortgage to do that.

Gotcha. Yeah I didn't have money then. Now.... well..
But I'm in a hugely privileged position even being on my own but with a good income. Still can't imagine paying off even a small flat (which is all I can afford here) much before retirement, if that ever comes

Got a mortgage at 20, due to overpaying, 35 for our mortgage ending.

We will be 48. Took out a 25 year mortgage at age 23.

Paid off my first house age 31. Got a new house now with £500k mortgage. Predicted to have this one paid off in around 8 ish years when I will be 41 using overpaying and equity from the sake of house 1.

i overpay around £2k to £3k a month. Also we used an offset mortgage.

Officially 67 (currently 32) with over payments and investments the aim is to pay it off by 50.

@Babyroobs @germancowboy its possible these days (me and my DH have done it) but generally it’s only possible if you have two high paying salaries (our case) or an inheritance (luckily not our case).

Bought when I was 20. I'm 39 now so 6 years left and will be 45 when it finishes. Not overpaying - just letting the original term run it's course.

But how did people have a deposit and high enough salary at 20? Excluding inheritance, I don't understand

@Lastchristmasibakedyouatart use this calculator and you can see how long it will take you, the impact of overpayments etc.

www.nationwide.co.uk/mortgages/mortgage-calculators/overpayment-calculator/

@germancowboy i agree âge 20 is very young to have a high salary as you don’t even finish uni then.

i bought my first house on my own at age 25 once I had done my post uni professional qualifications on a salary of £34k. House cost around £150k.

over the next 5 ish years I was promoted to around £45k. Met husband who earned more. i do think it’s the two highish salaries (but on a more affordable house) that allow huge overpayments.

in a professional career x2, salaries really do shoot up over the years so you have more disposable income which gets shoved on the mortgage.

My DH took a technical qualification at 16 and by 20 was fully qualified in his role and on shift work that attracted a40% premium on top of his salary. So we were in a really good position for a mortgage at a really young age.
He worked loads of extra shifts at double time and every penny got saved for 3 years so we had a decent deposit. No help from family or inheritance. Just sheer hard work from him.

We bought our first house in 2015 in our twenties and are now on to our second house in our thirties. We will have paid off the mortgage when we are 41. We prioritised buying a house and overpaying the mortgage over other things and a combination of that, working hard and working our way up in our jobs, taking a shorter maternity leave and going back more hours than I would have liked so I could take on more responsibility at work have meant that we can substantially overpay. It is possible!

Yeah I think though working in public sector, being alone and living in a hugely expensive area makes it not achievable.
I will get there but being mortgage free in 40s sounds insane. Well done!

We live in an expensive area (Home Counties) but having two professional salaries has massively helped. There’s no way I could do it on just my salary, or if one of us was low paid.

I don’t believe in overpaying. I believe in offset. So I add my overpayments to the amount I invest each month. So far my investment value is approx 200% the size of my mortgage.

An interesting conversation.

you don't have to read the thread, you can just close them down & find another that interests you.

some people will read these threads & find smarter ways to manage their money.

plenty of threads about COL/low wages/benefits etc etc

By going straight into work from school and not going into HE

I'm aiming for 55 right now; the mortgage I took out this year was set to get me to 60, but I overpay by a little each month. I'm a single mum, though, so I need to balance overpayments with life.