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Original poster

What age will you have finished

644 replies

Lastchristmasibakedyouatart · 04/12/2022 18:45

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?

OP posts:
WeightoftheWorld · 04/12/2022 19:39

About 65 but hoping we will be able to overpay a lot and clear it faster as our repayments aren't massive.

Menopausecankissmyass · 04/12/2022 19:39

Me and DH will be 55
Both 50 now and got £18,000 left to pay.
Cannot wait x

DramaAlpaca · 04/12/2022 19:39

I was about 54 when ours was paid off. It's a wonderful feeling being mortgage free at last. We never overpaid but did take a six month mortgage holiday at one point

TiredyMcTired · 04/12/2022 19:40

I’m 54 and DH and I are about to pay off our mortgage. We’ve overpaid for quite few years and also had an offset mortgage as we’re savers. We have less than 10k left and we’ve had financial advice to just pay it off. Can’t quite believe that we’ll be mortgage free!

WonderfulCounsellors · 04/12/2022 19:41

I paid mine off aged 37, it was 19 years ago. But even though ratio of borrowing was better and house prices less we had a very successful year investing plus we earned more than average. We didn’t bother to upsize and remain in a big 3 bed semi with zero money worries.

EmmaDilemma5 · 04/12/2022 19:41

I genuinely don't believe the first page of comments (all I've read).

They either have 1) inheritance 2) tiny mortgages/relatively cheap house prices 3) massive salaries 4) are lying.

I live in the SE with a £500k 3 bed house. We bought mid twenties with decent jobs and will have paid it off at around age 53.

If people are paying it off in their 30s or before, then they have tiny mortgages or huge salaries (or inheritance).

Most people are struggling to pay their mortgage and afford a decent lifestyle. Let alone overpaying by £1000s each month 🙄

Xmasbaby11 · 04/12/2022 19:42

Wow, I'm amazed how many people are paying off their mortages so early! I think anything under 60 is really good. Most people I know have a mortgage until their 60s, as even if they move, they get another mortgage. We are in our 40s.

I think it will be around 50 for me, which is young, but DH will be 60. We agreed this as although DH expects to be working in his sixties, health can go downhill. I am hoping this means we have more money for holidays and home improvements, as we don't have much spare cash at the mo and only one holiday abroad since dc were born 10 years ago.

Freetodowhatiwant · 04/12/2022 19:42

About to take on a new residential mortgage and can only borrow for 22 years so I will be 70. But I am not really bothered about paying off the debt, I earn part of my income having remortgaged and released funds and now running two BTL flats so it’s become my job. If I build up a lot of equity I would probably remortgage and buy another flat.

MarkBright · 04/12/2022 19:43

EmmaDilemma5 · 04/12/2022 19:41

I genuinely don't believe the first page of comments (all I've read).

They either have 1) inheritance 2) tiny mortgages/relatively cheap house prices 3) massive salaries 4) are lying.

I live in the SE with a £500k 3 bed house. We bought mid twenties with decent jobs and will have paid it off at around age 53.

If people are paying it off in their 30s or before, then they have tiny mortgages or huge salaries (or inheritance).

Most people are struggling to pay their mortgage and afford a decent lifestyle. Let alone overpaying by £1000s each month 🙄

So because it's not in your experience people are lying? 😮

TenoringBehind · 04/12/2022 19:43

Paid it off a few years ago (late 40s).

familyissues12345 · 04/12/2022 19:43

We've just paid ours off in our early/mid 40's. Sadly DH inherited after losing his second parent so not necessarily a happy thing. FIL would have been delighted to know it was used on that though.

Prior to that we had about 140k to pay off, with another 15 years to go

Coffeaddict · 04/12/2022 19:43

Currently have 37 years on our mortgage with 278000 left to pay but plan on overpaying and getting tatters down once the kids are out of nursery.

www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/
This is a usefull tool to help you work out terms ans see how much you can knock off by overpaying even by a little.

RomeoOscarXrayIndigoEcho · 04/12/2022 19:43

I'll be 67, my husband will be 70. Were overpaying by £300 per month as it's all we can afford right now and probably for the next 10 years too.

If we can keep overpaying at that rate (though the interest rate changes will have changed everything) we should knock about 11 years of our mortgage.

EmmaDilemma5 · 04/12/2022 19:44

Pythonese · 04/12/2022 19:25

Inherited a large Victorian property in London but cost £120k to restore/refurbish. Paid that off in ten years. Both me and DH were 32.

Inheriting a house, and paying off a mortgage, are two very different things. Totally not comparible at all.

ReallyTiredAndHungry · 04/12/2022 19:45

I’ll be 38, in 7 years time it will be paid off

Have £220k left currently

TomTraubertsBlues · 04/12/2022 19:45

EmmaDilemma5 · 04/12/2022 19:41

I genuinely don't believe the first page of comments (all I've read).

They either have 1) inheritance 2) tiny mortgages/relatively cheap house prices 3) massive salaries 4) are lying.

I live in the SE with a £500k 3 bed house. We bought mid twenties with decent jobs and will have paid it off at around age 53.

If people are paying it off in their 30s or before, then they have tiny mortgages or huge salaries (or inheritance).

Most people are struggling to pay their mortgage and afford a decent lifestyle. Let alone overpaying by £1000s each month 🙄

Mine is genuine, no inheritance. I live up north, we both earn reasonable money (not by MN standards, but by northern standards!), and I've had significant payrises since we bought our house. We've taken the view that every pay rise I get goes into the mortgage,and we're very lucky that we can afford that.

Others on the thread have clearly had massive leg ups though, I agree.

TomTraubertsBlues · 04/12/2022 19:45

EmmaDilemma5 · 04/12/2022 19:44

Inheriting a house, and paying off a mortgage, are two very different things. Totally not comparible at all.

Show quote history

Agree.

Freddosforall · 04/12/2022 19:46

pocketvenuss · 04/12/2022 19:38

I'm confused. If you have £104k and are paying £3k a month, how are you paying it off in around a year?

Show quote history

That also confused me. Surely with absolute zero interest the maximum you can pay off in a year is 36000?

EmmaDilemma5 · 04/12/2022 19:46

MarkBright · 04/12/2022 19:43

So because it's not in your experience people are lying? 😮

Show quote history

A full page of people paying mortgages off in their middle age? Yup. Doesn't reflect reality at all.

EVERYONE I know, has a mortgage that will see them beyond 50s to repay.

It's easy to lie on the internet. Many posters do.

Oakbeam · 04/12/2022 19:46

I was 59. I could have paid it off years earlier but it didn’t make sense to do so. It was cheap money.

TommyShelby · 04/12/2022 19:46

In 15 years so 45 ish for me. I’m trying to overpay at the moment to take advantage of an ok interest rate so hopefully that’ll reduce by a bit. Only 75k to go lol

Teadrinkingmumofone · 04/12/2022 19:46

Got 15 years left on the term. I'll be 45. It was a 25 year term 6 years ago so paid off 10 years in 6 and hope to continue overpaying and bring the term down further. 🤞

Dibbydoos · 04/12/2022 19:47

After my hubbies death I had to start again £350k mortgage, over pay £650pcm - apparently in last 3 years I've paid 24% off - but term runs until I'm 72yo, though of course it should be done sooner than that.

Moral of the story, if your partner dies and you sell the family home, don't squander the money 😉

Peedoffo · 04/12/2022 19:47

EmmaDilemma5 · 04/12/2022 19:41

I genuinely don't believe the first page of comments (all I've read).

They either have 1) inheritance 2) tiny mortgages/relatively cheap house prices 3) massive salaries 4) are lying.

I live in the SE with a £500k 3 bed house. We bought mid twenties with decent jobs and will have paid it off at around age 53.

If people are paying it off in their 30s or before, then they have tiny mortgages or huge salaries (or inheritance).

Most people are struggling to pay their mortgage and afford a decent lifestyle. Let alone overpaying by £1000s each month 🙄

We live in the north west bought a 3 bed semi ex LA house but have a high salary.

Anybridget · 04/12/2022 19:48

We have £1.1m left but we hope to have it paid off by the time we're 45 (within 5yrs) if we dont move house again or buy another. We've been overpaying on a second property for years too and we're about 75k away from paying that one off. Could clear it now but on a low fixed rate and our cash is working harder earning interest in various savings & investments. DH in very well remunerated job and I used to be pre-kids too so we saved hard when we were DINKYs.