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?

62, if we're lucky

I've just signed up for a 25 year term, so will be late 60s unless I can over pay when DCs finish nursery (in 2027!).

DH and I were mortgage free at 26 (me) and 28 (him).

We have had an awful lot of heartache in the interim years and it's been a blessing that the mortgage has been one less thing to worry about.

Im now 32 and occasionally we consider upsizing but doesn't feel worth it when I think about starting again with mortgage payments.

@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 😒

we have around £300k left and will pay it off in about 7 years time when I’m 41. We overpay every month and will pay lump sums off at each new fix. We didn’t max out our mortgage so have room to substantially overpay.

I've got an offset mortgage and will technically have enough next year to pay it off, but probably won't until I've built up a bit more reserves but obvs will pay no more interest. I will be 50, original mortgage term gave me until 70 so I'm pretty happy with that.
Original mortgage was only 100k tho and although I started out on a fixed rate of 5.5% I've had the benefit of a much lower rate for about 10years and I have overpaid as much as I could.

3 months older than I am now. (52, dh will be 47).

I was originally going to be 68, had to take out a 30 year mortgage at 38. Overpaid by anything between £50 and £100 per month for 6 years meant I could reduce the term by 5 years, so 63. I've sadly come into some inheritance and paid off a huge chunk, just before a good fixed rate deal started. Current payments mean I'll have paid the rest in 6 years, but with continued overpayments I hope it'll be 4, when I'll be 50.

68 . Turns out divorce puts you on a very different path to the one originally envisaged.

It's a big house and I do have a lot of equity and could downsize a while before then though if I wanted.

I know budgets are tight right now, but I would strongly advise you to overpay by whatever is achievable for you. Even small amounts make a big difference. And when/if you get a pay rise, work out what the difference in take-home pay is, and add half of that difference to your overpayment.

Fingers crossed we can pay it off next year. It's up for a remortgage so if we can work the number we can just pay it off at term.
Just dont want to leave us with nothing in the savings. Although once we aren't paying the mortgage each month that can all go back into the savings pot

In 4 years and 8 months. We’re on the final haul. We will have both just turned 51.

We paid off our mortgage in late thirties had several years mortgage free and then bought a bigger house with just shy of 200k mortgage just over three years ago

Overpaying as much as two teens allow

Difficult to know as no 'norm' tbh would love to win lottery 😜

52
My DH retired at 55 and used some of the tax free amount he received to clear it.

We earn 140k between us but our mortgage is 500k so we can't afford to overpay and pay the other bills, it's nearly 3k a month as it is. And we've worked professionally all our lives. I don't know how people do it (but we bought late is suppose, not til mid/late thirties, but took that long to save a London deposit!) it's so true that houses earn a lot more than people do though!

I was 56. Great feeling.

I'm 37, we have 28 years/ £171500 left (originally 30 years and £200k). I guess our monthly repayments are low by many people's standards but it would be tight if they went up considerably. At the moment it doesn't really feel like we'll ever be able to overpay but hopefully things will get a little easier when the kids go to school (current nursery bills are £900+ a month).

I answered the question the OP asked. She didn’t ask us for advice on her mortgage.

If we dont decide to move up the ladder any more.

I'm not sure, it depends what we do. If we just let it run, 58. We have a flat which is rented out and also has a mortgage on it. We talked about just selling it if the tenant decides to move out, which will clear the mortgages. I'm 42 currently.

@TomTraubertsBlues Yes that seems the only way at present 🤔

58

64

8 years and 4 months but our mortgage for a 2 bed flat was tiny, just 25k. We are incredibly lucky that we secured a 2.4% 5 year fix just before things started going tits up. But we've adjusted our overpayments now so it should be paid off in 5 years.

We're 42 and 43. Sold a house earlier this year that had about £55k mortgage left. Paid off the mortgage, moved to a cheaper area, and used rest of sale proceeds to buy mortgage-free. If we'd not moved, we probably would have paid it off this year or next out of savings. It was originally a 25 year mortgage and if we hadn't moved we'd have paid it off in 10.