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AIBU?

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Original poster

What age will you have finished

644 replies

Lastchristmasibakedyouatart · 04/12/2022 18:45

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?

OP posts:
Bagwyllydiart · 05/12/2022 06:07

I was 39 when I cleared mine

TomTraubertsBlues · 05/12/2022 06:23

mogsrus · 04/12/2022 22:39

We have Ben mortgage free for over 19yrs but never overpaid like we do on the council tax. When I’ve got an odd tenner I’ll go online & stick it on. Finished 7 months earlier this yr. so already paying into next yrs ..,, any else do this

Council tax isn't interest bearing so this is utterly pointless. You'd be better off putting the money into the best short-term savings account you can find (some have good interest rates now), and then paying when it falls due.

TomTraubertsBlues · 05/12/2022 06:26

germancowboy · 04/12/2022 23:46

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

I bought at 23 in the 2000s. Deposit was £5k on a house worth less than £100k. That was doable with some saving once we left uni. These days it wouldn't be.

TomTraubertsBlues · 05/12/2022 06:27

Although we could only borrow 3 times the highest salary plus one times the lowest back then. (Bought as a couple)

TomTraubertsBlues · 05/12/2022 06:48

concernedalot · 04/12/2022 22:41

What yet another depressing comparison of wealth thread on MN. What purpose does this actually serve?

Some people will be reading this thread and realising that a small mthly overpayment will save them a fair bit of interest over the years. With interest rates on the rise, this could save people a lot of money. Martin Lewis advocates doing so if you can find some spare in your budget.

Cuddlywuddlies · 05/12/2022 06:48

@germancowboy i worked since I was 14 and saved since 17. I worked over 24 hours a weekend and with tips I had 250-300 a week of which I saved 100 per week in college terms and more over the summer. I had 20k coming out of uni. I had met my boyfriend/husband at this point and he had similar. It is important to add I am from Ireland where university was “free” at the time and my parents paid my accommodation costs of 3-4k a year (they were happy to!)and so I never had student loans. I’m 37 now so this was 18-20 years ago mind.

userxx · 05/12/2022 07:17

germancowboy · 04/12/2022 23:16

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

No, I had a large deposit and my house was only £135k.

HandlebarLadyTash · 05/12/2022 07:25

paid off a couple of years ago at 44. Overpaid when we could using side hustle money. Now the money goes into pensions, we will have shit pensions even with the extra payments. Due to the government keep moving the goal posts. A lot of the time I think screw the saving and blow the lot.

Spicypies · 05/12/2022 07:31

Age 65 here. We bought 5 years ago and have paid off about 1/6th of our loan. It’s a massive mortgage, but less than 40% LTV now as more than half of our home equity has come purely from gains. Realistically we will probably sell and downsize before our mortgage is paid off, so the amount left is a bit of a moot point.

Spicypies · 05/12/2022 07:32

65 is when we will pay it off, I mean.

crossstitchingnana · 05/12/2022 07:34

I was 38. We would be struggling now if we had housing costs. I inherited some money so paid it off.

lugeforlife · 05/12/2022 07:44
  1. I first got a mortgage at 25 so that feels quite long. I had a stupid mortgage fixed for 5 years which limited overpayments so we rode that out then paid it off. 2 lump sums in that time )redundancy and inheritance
neverbeenskiing · 05/12/2022 08:32

DH and I are both 38. We don't overpay atm, and are on track to pay off by 50 if we keep paying at our current rate. But it will probably be well before then as next year when youngest starts school we plan to overpay by the amount we currently spend on nursery fees. We will increase this as our earnings go up, which DH's are very likely to do, mine not so much (public sector).

I don't get the suspicion levelled at those who've paid off early on this thread. We bought our first house (a fixer upper in a cheap area) in our early 20's, with help towards the deposit from my DP's, did it up ourselves and sold it at a good time. If we'd stayed in that house and not upsized we'd definitely be mortgage free now.

RudsyFarmer · 05/12/2022 08:49

concernedalot · 04/12/2022 22:41

What yet another depressing comparison of wealth thread on MN. What purpose does this actually serve?

It shows that lots of people are not poor nor are they ‘struggling’.

Legallypinkish · 05/12/2022 08:55

we were mid/late 30’s but we bought very young when houses were affordable. DH is a builder so we extended and improved and moved a couple of times.When we moved into our current home we only had a small mortgage which we paid off a couple of years after moving in.

RufustheFloralmissingreindeer · 05/12/2022 08:56

We would have been clear in the next year or so but at the age of 52 dh decided to get a massive interest only mortgage

so possibly never….

Proneu82 · 05/12/2022 08:56

TomTraubertsBlues · 04/12/2022 18:49

Forgot to add, we have £104k left. Paying off just over 3k per mth.

You’ll have paid off in the “next year or so”

Are you sure about that? Presumably lump sum as well as £3k a month?!
@TomTraubertsBlues

Proneu82 · 05/12/2022 08:57

RufustheFloralmissingreindeer · 05/12/2022 08:56

We would have been clear in the next year or so but at the age of 52 dh decided to get a massive interest only mortgage

so possibly never….

And you were in no way shape or form involved in that decision?

RufustheFloralmissingreindeer · 05/12/2022 08:59

He said what he wanted to do and i said do what you want….

it was a bit scary, not gonna lie 😀

NoSquirrels · 05/12/2022 09:03

Lastchristmasibakedyouatart · 04/12/2022 19:00

@TomTraubertsBlues Looking at it, it says redemption date is 2046, so 36 years, seems an odd number 🤷🏻‍♀️So we’ll be 69, I was right 😒

That is a whopper of a mortgage term, OP - you mean 36 years in total? You’ll pay more in the long run than a shorter term. You haven’t remortgaged and added extra? How much are your monthly payments?

I’ll be 64 on our original term if we don’t overpay. But that was a standard 25 year term.

RufustheFloralmissingreindeer · 05/12/2022 09:03

If id have said no he wouldn’t have done it if that helps….

mamabear715 · 05/12/2022 09:05

Sold up 175 miles away & moved back to home city as my (now late) mum was ill. Used the equity after the former mortgage was paid off, to buy something cash. Not THE best area but it was what I wanted to do. Couldn't be happier, especially as things have turned out. I was early 60's.

Proneu82 · 05/12/2022 09:09

RufustheFloralmissingreindeer · 05/12/2022 08:59

He said what he wanted to do and i said do what you want….

it was a bit scary, not gonna lie 😀

I am guessing not the healthiest of marriages?

RufustheFloralmissingreindeer · 05/12/2022 09:13

Youd guess wrong….

Curiosity101 · 05/12/2022 09:15

£200k mortgage and if we continue to overpay at the current rate it'll be cleared in 9 years (although our interest rate with in increase when we our fixed rate deal finishes).

I expect we'll have it cleared in 12 years which will make me and DH 44 and 45 respectively.