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?

59. I had planned to pay it off by 62, but have now received a critical illness cover payment which will pay it off as soon as I can pay with no penalties.

I'm 38, DH 50, we have 17 years left and £320k (just added 110k for an extension a few months before rates went nuts). Overpay £50 every month as all savings were going to the extension. Now we will use what cash was meant for overpaying the mortgage on just paying the bills.

Bloody ages, another twenty years, but do have a brilliant house and see it as a great investment in the future as well as being able to live in a place that we love.

60 if we don’t make overpayments or remortgage over a longer term.

Paid mine off in 2014. It was an endowment mortgage taken out in 1988. Mortgage term increased by a few months because of a negotiated health related repayment break. When endowments went tits-up I was advised my endowment might not meet the final balance so I switched to a repayment mortgage but kept on the endowment as a savings account. Sure enough once the mortgage was paid off, the endowment payout came nowhere near the original mortgage and I’d have been in real trouble. But I’d paid off my mortgage and the endowment payout felt like a nice “well done” present. I was able to re-invest the endowment sum and it’s been well looked after by a broker and will be a nice little nest egg to add to my pension in less than five years’ time.

I’m 39 and we have 9 year left but we are overpaying so it will be gone in 4-5 years in line with our (very low) fixed rate ending.

Originally 55 but looks more like next year at 38.
For those thinking I am lying it just worked out.
Bought cheap doer upper in up and coming area but still area many didn't really want at the time, worked on it for x years and now will downsize to mortgage free. Yay I think

We’re technically mortgage free at 35 & 37, but owe in laws around 20k. Really want to move to a better area, but don’t really want to get another mortgage. 😬

We'll be mid 60s as the current term stands so another 15 years to go but it's part IO so we are hugely overpaying on that so when this fix runs out we can get a shorter term full repayment mortgage. Would have been about 5 years but we had to remortgage to get a family member out a hole.

250k left, due to finish at 53. Would like to make over payments so that mortgage finished when first child starts uni but currently nursery costs at crippling.

We’ll be 67 on the current terms/current rate! We have around £350k left. House worth about £800k. We’re both nearly 40, so another 27 years unless we increase overpayments!

We borrowed 100k six years ago. We have 75 left to pay over what is now 18 years. So I will be 61.

60 - we’ve just bought a bigger place and used a very big lump sum of the equity in the old house (we bought at a very good time and the market did us massive favours) as a deposit so didn’t have to increase our term, luckily. That said, our monthly repayments have most definitely gone up so no overpayments on the horizon for us until current DD and any future child are in school and we can stop with the extortionate nursery fees! Hopefully then we’ll be able to bring it down a bit.

If we hadn't have re mortgaged 4 years ago, then I'd have been 60. Now I'm going to be 65. Hey ho.

I will be 65 and we have 58K to pay. Too old but like many others had to start again. I only found out about overpaying about 10 years ago, wish I'd known earlier.

I will be putting other money in once our fixed rate finishes. Have answered this several times now!

We paid ours off eleven years ago when we were late 40’s, mainly due to having lived in our house for many years, bought when prices weren’t stupid, DH having a well paid job and overpaying on an offset mortgage with incredibly low interest rates. We realise how fortunate we are though.

@JusteanBiscuits & @angela99999 Totally agree, I moved to a 'lesser' area so I could be mortgage free, I love it, our road itself is so pretty & lovely neighbours. :-) Warm new house. If anyone else doesn't like the area, that's their problem! I'm too old to bother about keeping up with the Joneses now. :-)

PS If you're a first time buyer, get a starter home and then / or your forever home. Moving from place to place costs a LOT of money!

No one is forcing you to! 😂

We took 15 years, I was 39 and DH 44. We had 110k deposit, and took a mortgage of 170k. Deposit saved for mostly by DH who lived with parents rent free and had worked since 16. Took out maximum mortgage, and kept to our first home (haven't moved up the property ladder). We overpaid when we were allowed to do so. Also the house we bought was from an older couple, and although it was structurally sound, had dated bathrooms and kitchens. We didn't change these until after mortgage paid off. We were very patient.

My DH was the driving force, he wanted mortgage paid off as quickly as possible. Very grateful now as DH has been unwell and not able to work for last 6 months.

We were 46 when we paid our last payment.

True 😂

Don’t really understand the initial question - doesn’t it depend on whether you are living in your forever house? Or a big enough one? We paid off mortgage on our small terraced house in mid 40s but moved last year to the big enough one. 100k to pay now and will be 62 when paid off, unless we are lucky enough to get any inheritance to help us..

This is true. I've had to move locations due to work etc. but it has definitely set me back each time in mortgage terms.