What age will you have finished

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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?

This is a depressing thread for those of us who could not afford enough to get a deposit until we were in our 40s. We will finish off paying ours at s similar age to you. We paid an absolute fortune in rents for 25 years whilst struggling to save for a deposit and raising kids then got the mortgage a few years ago.

Mine was paid off 18 years ago when my dearest DH suddenly died. He collapsed in front of my eyes.
It was a huge weight off my shoulders at the time because I was then left alone to bring up my 3 year old DD, although of course I’d rather he was here beside me,having no mortgage has been really nice.

Would have been 35 but we bought a bigger forever home so now I'll be 50ish! Looking forward to it 😆

Is that a final salary (DB) pension, or a DC one (where you can draw down 25% of your pot tax free)?

This is a depressing thread for those of us who could not afford enough to get a deposit until we were in our 40s. We will finish off paying ours at s similar age to you. We paid an absolute fortune in rents for 25 years whilst struggling to save for a deposit and raising kids then got the mortgage a few years ago
It would be more depressing if you were still renting.

My mortgage runs until I am 75. It’ll depend on your projected pension income, as to whether they think you can afford the mortgage payments - I can

Surely you know when it finishes based on the number of years you took it out for? It's always a good idea to overpay if you have a repayment mortgage & can afford it so the capital reduces then it will finish earlier than expected

I have often wondered, when reading about people's huge salaries, whether there is a paper's version of Mumsnet that I could join. I think that I would have more in common with people there. In fact, reading about people paying off their mortgages in their twenties or getting inheritances from their very wealthy families, I'm sure that I've wandered into the wrong place. Could someone direct me to the place for those who are just scraping by?

I will be 45 my Husband 53. 160k to pay, currently 60% ish equity. About ten years remaining. Don’t want to move, but considering borrowing options to renovate/extend.

I just dream of a new kitchen and my own bathroom!

The OP may have her number wrong, but it's not unusual to have a mortgage past retirement age. We have a 35 year term until 70. Quite common

Is that a final salary (DB) pension, or a DC one (where you can draw down 25% of your pot tax free)?

A combination, if you take a tax free sum of up
to 25% from
the final salary one then you get a smaller monthly amount.
We sold another final salary one that paid just under 12k a year for 635k a year ago.

Tbh, everything about the cost of housing and the state of the property market in the UK is depressing. Housing is a basic need and should be affordable to all, it shouldn't be the driver of inequality that it is. Governments shouldn't be continually creating policies to prop up the wealth of the property owning classes. Ownership of property and the inheritance that it creates are huge drivers of inequality.

Will be low 50’s, but I have a part time job and pension and not been able to pay anything extra into it. Have zero saved for university costs of helping the children when young adults.

perhaps we should have sorted those things and not the mortgage!

Not sure. It was going to be 62. But it may be never. Part is on interest only, we had a plan to pay it down by 62, but with inflation and all the economic volatility we may have to downsize to pay it off. This would be disappointing, but acceptable. We don’t need a big house in retirement.

We paid ours off by the time we were 47,best thing ever.We have friends in their 60s still paying a mortgage.

My brother and SIL have a household income which is at least four times as much as ours, and yet they’re still paying their mortgage off whereas ours is done (when we were 39/40ish). We live in a small terraced house in the suburbs whereas they live in a massive detached house with a huge garden in a very affluent village. They have two kids at private school vs our one son at a state school. We don’t take foreign holidays, buy expensive clothes or furniture, and just generally live quite modestly. Even then we wouldn’t have paid ours off so early without help from parents on both sides.

All Paid off by the age of 64. What a relief and how great a feeling of freedom.
Very little savings now but life is simpler and quieter. Until Grand children arrive one day!

Finished paying ours 10 years ago when I was 37, could have paid it off sooner but we decided to have an extension. We got a current account mortgage and overpaid every extra penny off we could. Not many holidays, no new cars, not many take aways or nights out but it was peace of mind when the kids came along and I could be a SAHM with both of them until they went to school. It's also nice as my husband is a contractor so can be out of work for weeks/months sometimes, so not having to pay a mortgage (and putting what we would have paid into a savings account) makes life easier when he's out of work.

Your thinking you will be 69 but that’s only if you don’t move. We moved house and area paid off the mortgage and because we chose a cheaper area now live in a bigger house 😀

We have 10k to pay! Property cost £380k. I’ll be so relieved when it’s paid. Hoping to have it paid off by next summer. Hub will be 45, I’ll be 44.🤞Put more In if possible.🍀

How will you have £104k paid off in the next year paying only £3k/month?

Paid off at age 43. Remaining amount was £70k. This was 4yrs ago. Mortgage of 220k started in 2005. Did well from being on SVR for several yrs after a a few fixed rates.
We continued to pay the same amount as we paid on fixed rate despite the monthly cost being £300 less so overpaid for a few yrs.

Got 9 years left on a mortgage of just under £100k, but I have an offset mortgage and am planning to be mortgage neutral in 4 years time, when my fixed rate ends.

I think my current mortgage I will pay off age 65. But this is a simplistic way to view it.

I have around 200k to pay off but have a very low interest rate at the moment of 1.3%. This means it is better to earn interest on saving any spare income, instead of overpaying my mortgage.

When my 5 year fix is up this probably won't be the case, so I will put my savings in at that point of renewal and reduce the term and get the lowest rate I can manage.

I will only overpay if interest rates are higher than savings interest. There is nonppint being mortgage free when interest rates are at record lows - best to take and invest that money to keep moving up the housing ladder, or buying more property. It is the best way to secure wealth in the UK.

If you want to - not sure if I will do it but I look at my parents who were in the same house for 50 years and never upgraded, just paid what they owed and enjoyed life when they stopped. They could have had a property worth double, or triple, what they are in now and much more able to downsize and use the money to retire well instead of penny pinching and worrying about heating bills.

Oh, forgot to add ages: so would be 54 when the 9 year term ends,, but will be 49 when I'm mortgage neutral.