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?

Based on our current term, I will be 68. Not interested in overpaying right now as we fixed on a low interest rate before things went tits up. Will pay it off when I retire if it makes sense to do so.

Ok, given your first post, most definitely would suggest otherwise but 🤷‍♀️

Don't forget the option of selling and downsizing when the children have gone. This is how we became mortgage free.

You don't need to go on paying into your 70s.

My understanding is that 50% of privately owned homes are mortgage free.

And you do not need to make finances tight by trying to overpay. Pay the going rate and then enjoy the rest of your money while you and the children are young. Holidays, days out. It will pass in a flash.

Then downsize, having lots of good times to look back on.

Paid off last year. We're 54 and it feels great! We would've finished earlier, but remortgaged 11 years ago to pay for loft conversion and extension. No inheritance or parental help either.

64 and we struggle to pay the minimum. 24 years left on it. Problem is we hate where we live and another move will mean a bigger or longer mortgage :(

🌺

It was a flippant comment to be fair. We're all good, promise

Have a good Christmas

My partner had to start again at the age of 60 but with a big deposit and a 50% shared ownership. I couldn't get a mortgage as I'm a contractor and am not employed permanently so I contribute by paying the rent side of the shared ownership.

Already answered this a few times!

bloomin heck! Whilst I’m vaguely interested, im not going to trawl through 17 pages searching for why. Just a bit odd not to include in your original post! 😂

I’m not least bit surprised.

If you don’t have a mortgage and you see a thread pop up asking when you paid off… of course you’re going to be drawn to it. I would be certainly.

Won’t you struggle to remortgage on any kind of term longer than 10 years?

@TomTraubertsBlues

I was rounding - to be precise we pay £3,250 per mth, so £78k over 2 yrs. That and use of savings and bonuses will pay it off in the next couple of years. I used "year or so" to mean a couple of years.

ah I see now. How long have you been paying the mortgage for and how much was it originally (I saw you bought reasonably priced in the north east?)

Sorry if already clarified

We've moved a few times since our first house, extended the mortgage each time. We've had this house since 2019, mortgage was £200k to start.

When was your first house purchased out of interest?

Not lying, just dying.

As in, in my case, someone died and left me enough money to pay it off. Imagine that is the case for a few others too.

Mid 2000s. Then prices here crashed in 2008, and have taken pretty much a decade to recover.

ah all clear. You seem to have been paying modestly in to your mortgage for the majority of the term and then ramping up very quickly in last couple of years. Sensible with economy as it is!

70

Just had to remortgage to pay STBEXH a share of the equity in our divorce

I hope to overpay in the future though even if it's just to being down below retirement age

68- this used to panic me and I wanted to throw everything at it to get rid of it by mid 50s but I’m becoming more relaxed. Inflation should erode the debt to a degree even if interest rates go up.

My new tactic is to put money I would have overpaid into a LISA to get the 25% bonus and hopefully investment growth over time. I’d then have a lump sum to pay off at 60 if we’ve not cleared it by other means. If rates go bonkers in a decade’s time then I might regret
that approach but for now I have a long-term fix at a relatively low rate so the Lisa bonus is worth more than the interest for 10 years even without any growth.

I was 43. We were both lucky to buy in the 1990's when young people could, and also prioritised over paying the mortgage. When we came into any money (eg, PPI refunds) it went straight to mortgage. When we had kids and needed a house rather than a flat, we chose to move to a cheaper area and also chose a smaller house than others might in order to not increase our mortgage. I would rather live without a mortgage than live in a big fancy house I can show off!

In case you'd like some clarification.

I bought my first, very tiny, house at 19 in 1995. I got it very cheap, and did some, but not a massive amount, of work on it. My husband also bought in 1995. In London. In 1998 I sold my house, and moved in with him. the £10k profit I made was paid off his mortgage. Through our twenties we both had additional jobs to give us extra money, and that went straight off the mortgage. We did get a nice amount from PPI refunds (about £13k) and that went straight off the mortgage.
In our thirties we had children, and moved to an unfashionable but nice London suburb, and bought a terraced house without increasing our mortgage (which was, by this point, under £50k). We got a £10k inheritance at this point which went off mortgage, and 5 years of putting 'holiday money' onto mortgage meant we finally managed to pay it off. We holidayed, but did things like when family members went on holiday we stayed at their houses and did things in their area.

Neither of us are high earners, we just made different choices to others.

Yes, credit has been very cheap since 2008, so it's only now that it's become a genuine priority! Prior to this year, putting money into pensions etc. was a better investment. Now, with interest rates going up and credit getting pricy, things have changed.