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?

Ours was paid off earlier this year. I'm 43, DH is 55

We have 3 years left on ours so will be 45..... unless we move 🤣

I’m 39, have £195k left, and it will repay the summer before I turn 65.

We moved house and doubled our mortgage 5 years ago. My existing (nice and low) fixed rate does however expire next July, so the above is on the assumption I don’t have to extend my term to meet the new higher interest rate, whatever that will be next year!

Finished at 40, hubby was 51

I’ll be 54 when mine paid off at the rate we’re paying it now. Seems fairly reasonable to me.

We bought at 19 & 20 years old respectively. Mortgage was a 25 year interest only mortgage with a 25 year endowment policy. We made the necessary
payments for 25 years. Endowment policy matured with a healthy profit. Paid off the original amount borrowed AND had money left over. No lies, no overpaying, just paid according to the terms of the mortgage.

I'll be around 65 I think. By that time, I'll likely have 2 lots of inheritance ( elderly parents and inlaw) plus a decent lump sum from my pension. I'd love to pay it off earlier but with the cost of living and my pension now at 500 a month contribution there is nothing left to use

I'd love to be in the position to help my children out with a deposit each.

Late 60s. We were very late getting on the ladder.

Reality check for you all: Have had a mortgage once in my life. Divorce meant I got £80k out of it. That was frittered away over 5 years due to working part time etc Have rented ever since and at 50 years old now with a menial job and wage will never ever have a mortgage. No family to leave me an inheritance so when I can no longer work I have no idea what will become of me. It does wake me up in the night how my life has gone backwards.

41 - No mortgage
Still would rather have my dad though

Our first house we paid off at 32 but then we had DC and upsized - 10yrs later we have an offset mortgage and are technically mortgage free but we need to build up a buffer before we pull the trigger and pay it off completely.

we have always used offset mortgages because my DH's income varies by quite a bit (but we have also been good at not dipping into the offset).

Paid off 3 years ago age 42

Finished paying ours off a few years ago now; mid 40’s but we had a small mortgage compared to todays market; I would want to be trying to get on the property ladder now, it’s horrendous x

Our mortgage in total was the same as you have left! I would suggest overpaying whatever you can afford as it's cut a fifth of time of ours and also means we end up paying far less in interest.

FFS, the OP asked!

I won't even be buying until my early 40s, and that's only if things go to plan 🤷🏼‍♀️

55 with current mortgage term have £150k left though will depend what interest rates are like when our fixed deal is up in 4 years as have a very cheap rate at the minute.

This is so important, you really have to check everything, turns out ours was down to reduce the payments too changed it to reduce the term a few months back now but can't stress enough to check we just assumed it would reduce the term but you have to tell the bank your preference x

I agree fully, I’ve been married 26 yrs with three children two whom are in their early 20’s, we married young and had a family and haven’t been able to afford a mortgage so we decided we will do as many fun things with our children several trips away and one big holiday which isn’t much over the yrs but I was able to be their for them whilst they were very young which I count myself lucky, I’ve worked part time and my husband always worked full time plus overtime sometimes mad hrs but we still could not afford unless it was a flat which was a big no, most people i know have bought with inheritance or help and a few who have great jobs

We had a fixed rate and when it ran out we were advised to go on a tracker as rates had fallen so much. The drop reduced our payments massively but we continued to pay what we had been paying on the fixed rate. Consequently we had paid it all off in 13 years which was 12 years before we expected to. I was 41 and it was a lovely feeling to get our deeds.

I will be 59. Next year. If investments don't drop any more, as we have an interest-only mortgage.

Finished paying off uk mortgage when we were 46/50. Bought a house in the country where we are now living. Paid that off ( with help from a redundancy) at 56/60.

Just moved and have an open ended bridging loan on the new property. If our old house doesn’t sell, it will become a repayment mortgage which according to the bank will be paid off when we are both well over 100😂

We have an offset mortgage nut have had the full amount of money offset in the savings element against it. It gives us the comfort of having cash available should we need it and knowing that our monthly payments reduce capital and we aren't charged any interest. So in theory we could have paid it off in our early 40s.

I was around 50, DH 55 or so. We never remortgaged to take capital out of the house, though we knew people who did this who actually died before they finished paying.