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?

Because younger people cannot afford to buy or get mortgages? That makes sense, I’m mid 40s and nobody I know was able to buy their house outright, most could not even get mortgages until their 30s or 40s, the few that did had financial help from parents or other relative.

I still suspect that most owners without mortgages skew older, most younger people with kids do not own their own home outright.

Share of adults with a mortgage in the United Kingdom (UK) in 2020, by age, by Statista

5 years time, I will be 60. Had to start again after divorce, but I know I am fortunate to have a mortgage. Just under £60k to go.

Sorry that should read I will be 65

We were only able to buy with help from my parents, our deposit was larger than lots of the entire mortgages I've seen on this thread. And it's only an excouncil 3 bed terrace!
% of people private renting into middle age is higher now than 10 years ago. % of people in social housing in lower across the board.
I think mortgage terms are also getting longer, although I can't recall the stats on that.
It's going to be carnage once we have large numbers reaching retirement whilst private renting.

All being well my DH will be 67 (last mortgage payment due the month that he retires) and I will be aged 56.

Paid off at 53 should have been 48 but we borrowed extra

I was 39 (now 45) no kids and bought my first house in the midlands when I was 23, then moved to the NW.

I'll be 56 but do overpay dribs and drabs where I can do hopefully earlier than that, by how much I don't know

44 or 45 depending whether we keep paying monthly or pay off the rest as a lump sum (44 now and remaining mortgage is small enough to do that with).

However, we bought a small house quite young (both 23), have over paid some, and never moved into a bigger house.

We now have the dilemma that we want a bigger house, we can probably afford a bigger house, but the idea of being mortgage free and actually having spare money for holidays or cars or at a minimum knowing we don't need to worry about a 'rainy day' is very appealing.

I've just paid my last payment and I'm now 61. I had a mortgage with the first DH over 25 years then we split with just 5 years left to pay. I remarried and got a new mortgage with new dh over 20 years but because mortgage rates have been so low over the last 9 years we just carried on paying the same, so overpaying. We paid it off in 15 years and 2 month's saving a lot of interest. I honestly feel like I've paid a mortgage marathon. I've paid 35 years and 2 month's between both mortgages. I might have to help my DC out with theirs before too long because my DD is in a 5 year fix at 1.99 but it ends in October and she told me it is likely to cost her an extra £340 per month unless she can find something cheaper.

Very sensible.

Is it me or is this thread full of competitive show offs? Where are all the normal people who slog away at their mortgage until late middle age - and in some cases for longer? I don’t think this site is really for me anymore.

Current predictions are 76 on one and 72 on the other! Aim is to sell one to pay off the other and release more equity down the line and start paying off a large sum extra a month in 2 years once the eldest finishes school (fee paying). I'm 49.

It should have been this year, I am 57 but due to a stellar investment plus house prices were much cheaper then I was 37.

My mortgage was paid off when I was 38 however I am now divorced and had to pay my ex half his share of the house so had to remortgage and now mortgage won't be off until I am 65.

I am in my 60s, and don't plan to pay off my mortgage.

Our home is rapidly becoming too large for us as children fly the nest.
So although technically we have 10 years of mortgage left we don't need the five bedrooms that we have in this house.
We have enough equity to sell and buy a smaller place outright- that was always the plan.

So in answer to the question- we won't pay off our mortgage.

You’ll pay it off when you sell!

I was around 50 and DH 56. Our mortgage ran the full 25 years. As it was an endowment mortgage it wasn't a sensible option to pay it off earlier as we would have missed out on the final bonus which was quite a lot of money.
If it had been a normal repayment mortgage we would certainly have done our best to pay it off a little earlier, but I doubt that we could have cut the term by much as we have four DC and neither of us were high earners.
We're retired now and know a few people who've constantly borrowed more against their properties and are now facing continuing mortgage payments with much reduced incomes, not ideal.

I still have a mortgage at 76 and a teenager. We manage.

66. We’ve had no help from anyone, no family money, no inheritance, no profit from previous houses (sold at a loss actually), kids and no help with childcare so not a chance we can overpay for quite some time.

We are in the un/happy position of being mortgage free unless we decided to massively upsize.

Happy because it is a massive thing to be mortgage free in our 30s (me) and 40s (dh).

Unhappy because it comes at the loss of both of DHs parents.

Paid off at 42. Possible because we bought our previous house for very cheap in 2012, overpaid for years, sold ten years later for twice what we paid for it, and moved to a much cheaper area last year and equity plus a bit of savings allowed us to buy mortgage free.

We would like a bigger house which would mean we'd need a mortgage of maybe £100k, so not a huge amount but rates are high and we love the security of not having a mortgage so currently a bit undecided.

I'm in the process of remortgaging and taking stbxh's name off the mortgage. Fortunately I've had a promotion and can now prove affordability so can afford the remainder of the mortgage by myself, I've inherited some money which I will be spending on an extension and buying stbxh out of his share of the equity.

The downside is that unless I'm in a position to make overpayments i'll be paying it until I'm 70 😥

Only got a mortgage ten years ago. 51 now and I'll be just about at retirement age when it gets paid off.

Really struggling with cost of living at the moment, mortgage has gone up £100 per month. Not sure what we can do about that.

Something that will make a difference is that sadly I expect to have a couple of decent inheritences coming my way , but that could be in 10 years, and if nursing homes are required then that's gone.