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?

Overpay as much as you can afford! We paid ours off in our mid 40s. Had to do without luxuries such as nice holidays, takeaways, etc, and work lots of overtime, but it is wonderful to be mortgage-free.

how Do you know for sure you could be reaping inheritance it might be down on paper but know one knows

Paid off when I was 43 and DH 45. Interest rates were so low for most of the time which helped, over paying every month.

I'm hoping to have mine paid off in the next 4-5 years (I'll be 44) then will downsize when the older kids are off hand (getting my 19 year old to start saving now towards a deposit)
Want the mortgage gone, am overpaying £100 a month ATM.

Yes, that was important to us when we finished paying the mortgage and downsized. Much nicer to see them enjoying living in their own homes than to be living in our big old family home.

I paid off my first mortgage after approx 14 years at 38, my mortgage was for £45,000 on a property worth £55,000 and I overpaid whenever possible. I currently have a new larger mortgage on a bigger property and will pay it off in 22 years when I'm 61.

Officially, I think it will be late 60s sometime. I'm actually not really sure what the term was now that I think about it. But it's a great house and we will have income potential in the future and we should be able to overpay eventually, either through increased income or inheritance so I'm not too concerned. I feel we'll still be very well set up for retirement.

Wow people clearly not that effected by cost of living / huge childcare bills if able to overpay mortgages ! I will be about 60 off and still want to move again so may be even older !

38

78! But only started 3 months ago.

I finished paying at 38, I overpaid as much as I could

I was in my mid 40s when I finished paying mine off. It was quicker than it would have been because my dad died and left me enough to pay it off, but there was only a relatively small amount left to pay anyway (£60K) as we had a 20 year term and didn't overstretch ourselves when we bought our house.

If you want to get rid of a mortgage as quickly as you can, you overpay and/or have a shorter repayment term and you don't buy a bigger house than you need.

So, on average you have only paid only £416 per month. Can you pay more and be mortgage free sooner?

£50k left, took out £255k 20 years ago, trying hard now to pay the balance in 2023/24 so I’ll be debt-free by the time I turn 62. I’ve paid every penny myself - no inheritance and got rid of useless H 7 years ago, not that he made any payments, he was an extra liability! - so I’m happy with that. If my health holds out, I’ll retire at 67 with a house worth about £800k that I can downsize if/when I choose.

Quick tip: once DC move out, get a lodger. Up to £7500 pa tax free, this was a godsend when I was unexpectedly struggling a while back. Plus she’s an absolute sweetheart.

We have around £250k to pay on a £1.5 million property. Can't afford to overpay at all at the moment due to stagnant wages, so we could be about 65 by the time we paid it off except that my family is very very wealthy so in reality as sad as it is, when my elderly relatives die we will use the inheritance to pay off the mortgage. I'd rather have the mortgage though 😥

66, but we may have to extend our term to adjust our mortgage as our rate is up for renewal next year so likely closer to 70.

However DH gets a big final salary pension when he retires in about 9 years, which should be around £200k so hoping to pay it off or majority off then.

I’ll be 60 at the end of our mortgage term. I originally bought with ex-h when I was 22, and was on course to be mortgage-free by 40, but life happened, so started all over again in my mid-30s.

We don’t overpay atm, although I know we should, even if it’s by £50/month. I’m just not sure how to go about doing it 😳 Also I kind of think better to put it in savings atm as who knows what’s going to happen with household bills/jobs/the country in general?

We'll be 51 then.

Finish June23 age 57 will then sell up and move abroad.

Fingers crossed next year when I will be 54. Wish I had started overpaying years ago.

I'm interested to know which final salary pensions give a lump sum of £200k?! Normally the lump sum is relatively limited.

Old style Police pension, he pays the max in, is high ranking and pays additional BRASS payments in to it. His was the last cohort who got this pension before the home office removed it.

Quite right about keeping your mortgage manageable, so many people stretch themselves to the limit to get a bigger/better house than their resources can justify. If things go wrong - rising interest rates, job loss, illness - this can lead to disaster.
Better to feel that you have nothing to prove by getting a flash house.
Same when it comes to downsizing, just get what you need, not something to impress others.

@Lastchristmasibakedyouatart I believe you aren't working it out correctly. For one, most lenders wouldn't lend to you past your legal retirement age. Also, your payments are a balance of interest and capital repayments. Over time, as the balance goes down, more of the payment is repaying the principal rather than paying interest. The repayment rate isn't constant over time.

Im interested to know which final salary pensions give a lump sum of £200k?! Normally the lump sum is relatively limited
Banking in our case.