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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:
EmmaDilemma5 · 04/12/2022 19:48

TomTraubertsBlues · 04/12/2022 19:45

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.

Show quote history

Oh yes, I appreciate some people will have low mortgages and high incomes.

But reading the first page was crazy. Literally ALL of them mortgage free in their 20/30/40s. I don't believe it.

OnceAgainWithFeeling · 04/12/2022 19:48

£36k left on fully offset mortgage so no interest.

Could pay it off now but prefer to have some liquid assets. I’m 45. Deciding whether to pay off by 50
or keep it (as could take £200k from it) as long as it’s paid off within 30 years.

Lozzybear · 04/12/2022 19:49

It’s all relative thought isn’t it. We would have paid off our original mortgage had we stayed in that house but we chose to
move up the ladder. Now have £600-700k equity so whilst we might not pay off the current one until we’re in our sixties we could downsize now and buy something for cash in our 40’s.

TomTraubertsBlues · 04/12/2022 19:50

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

I said in the next couple of years. It'll be just over 2 years, and it'll come from a combination of those payments (£39k a year in total, so £78k over 2 years), DH bonuses (these go straight into the mortgage), and a hefty chunk of our savings at the end.

Jagsy · 04/12/2022 19:50

i will be 70 when it’s paid, can’t overpay really.

Passanotherjaffacake · 04/12/2022 19:50

Realistically I rent my house from the bank! It’s more likely we will downsize then pay off. But still have our capital, depending on prices and very lucky to still have a very good fix for the next 4 years.

Jackiecirca1987 · 04/12/2022 19:50

Hi OP - I'm the same age as you and we are predicted to pay off at 67. Which is depressing. However the DC are close to finishing their education - and this was always the point we were going to zoom round to focusing on the mortgage. I'm hoping for 57...

Well I can hope - One thing I know is that if I don't plan for it nothing will get done. Neither me or DH have inherited and it took up a long time to get on the ladder, a lot of money in rent. It's not that bad having a mortgage though. Well, I'm stuck with it so might as well get used to it!

splatfrog · 04/12/2022 19:50

I was 26.

TomTraubertsBlues · 04/12/2022 19:50

Also - we're not limited to 10% overpayment because we intentionally got a flexible mortgage that allows unlimited overpayment without charges.

superdupernova · 04/12/2022 19:51

64 and 66 here. We're about to take out a 30 year mortgage. If we stayed where we were, it would be 59 and 61.

Crustyjuggler92 · 04/12/2022 19:51

Bought an ex-council house at age 25 using money saved from starting my business at 19. Got two lodgers and used their rent to overpay/significantly reduce bills as we split them 3 ways and I remortgage every time my fixed rate ends, paying off a chunk using the lodgers' rent each time. Now 30 and should be done by 33/34 so it is possible without inheritance but it's involved sacrifices.

Loics · 04/12/2022 19:51

DP will be late 20s, I'll be mid-30s. He worked it out, I'm not sure how much is left but can't be much now.
We did put down much more than was needed as a deposit, though.

mast0650 · 04/12/2022 19:51

We would have been finished in a year (I am 51, husband 61). However 3 years ago I inherited some money and added about 100k to it to buy a rental property. So now it will be paid off in about 8 years. We actually paid off our (tbh, really my husband's) mortgage way back about 20 years ago, but then bought a more expensive house and got a new mortgage.

FrownedUpon · 04/12/2022 19:52

50 and will be retiring early not long after!

TomTraubertsBlues · 04/12/2022 19:52

EmmaDilemma5 · 04/12/2022 19:48

Oh yes, I appreciate some people will have low mortgages and high incomes.

But reading the first page was crazy. Literally ALL of them mortgage free in their 20/30/40s. I don't believe it.

Show quote history

The problem is that the people who respond to threads like these are more likely to be those who have paid it early, or are close to doing so. We're not representative.

Eukanuba · 04/12/2022 19:52

On my 50th birthday, it was a great feeling. Would've loved a larger property, but we're glad we stayed put .

isthisamistakeornot · 04/12/2022 19:53

The term ends when we are 69 but hoping to pay it off by the age of 50.

We haven’t overpaid at all for the past couple of years due to nursery fees and as soon as that stops we can put it all on the mortgage instead (£1500 per month!)

TheOGCCL · 04/12/2022 19:53

At some point in my fifties (am 46). We took a £250k mortgage out in 2015 and have got it down to £116k with overpaying so no more than the same again hopefully. Wouldn’t rule out taking another one out if we are still working and want to move somewhere (even) more expensive though.

Freddosforall · 04/12/2022 19:54

TomTraubertsBlues · 04/12/2022 18:47

I'll have mine paid in the next year or so (40s). Is there any way you can overpay? Even a small amount makes a surprisingly big difference.

Er no you didn't. Just couldn't wait to boast.

Zanatdy · 04/12/2022 19:54

Not even started yet! Age 48 this month. I’m waiting another 4yrs to buy when my DD leaves school and I can move to a cheaper area of the U.K. and buy. By then I should have around 1/3 of the cost in deposit, maybe more depending what I buy, if I get another promotion etc by then. I will obviously get a lower repayment term. Maybe 15yrs. I will get a lump sum on retirement which would clear it if I still had any left by then. That’s the plan anyway, who knows what will happen in 4yrs time.

ScruffMuffin · 04/12/2022 19:55

48 and 54, which is in a handful of years. Tiny cottage (most of my friends bought bigger houses a few years ago but we stayed put!) and will have taken us around 22 years. Have never overpaid, but put down a large deposit because my husband sadly lost both his parents relatively young and he inherited a share of their (not huge) estate.

NeedAHoliday2021 · 04/12/2022 19:55

I’ll be 58 and dh 60. We have £193000 left and I’m 40 years old.

Boshi · 04/12/2022 19:55

Due to finish when we are 62 but we are overpaying by £1k every month so hopefully will finish when we are 54, in time for uni fees etc

ReallyTiredAndHungry · 04/12/2022 19:55

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 🙄

What a weird post,

RuthW · 04/12/2022 19:55

I'm 54 and just finished. It was due to finish when I was 65 (took out whenI was 37 after divorce). I saved like mad during and since lockdown and made it off with a small loan from dd. I'm really please I managed to do it. Without covid I wouldn't have done.