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?

We should have paid it when I was 62 as we took out the last mortgage for 21 years to match the one we were moving over and I didn't want to be paying one off in my late 60s but we were lucky enough to inherit money in our Kate 40s and it was paid off in full.

That does seem quite a small amount to pay off over that time. Did you take a longer term to make it affordable? The longer the term, the slower it is to pay off the capital.

By comparison we took out a £330,000 mortgage 10 years ago and have paid off £95,000 in that time.

We overpay but only by about £200 per month.

Can you afford higher monthly payments? I'd definitely overpay if you can, or reduce the term with each remortgage.

Unfortunately we had to up our term back to 25 years when we bought this house so I'll be about 55 by the time it's cleared, unless we get some inheritance or lottery wins in the meantime!

We were done when i was 47...I'm 58 now...we all started young with mortgages though....early 20s

This!

Literally just paid the final payment last week. We’re just waiting on the letter to say it officially. We’re 50/51. It’s feels amazing, but we haven’t told anyone as it seems in poor taste in current times. We’ve had so many hurdles over the years, financially, so it makes it seem like an achievement to finally be mortgage free.

We couldn't buy until I was 45 and my DH 41 and that was only 4.5 years ago so if we don't overpay i will be 67. Think we have around £160,000.

Aiming to be 50. I’m late 30s now. Overpaying as much as we can each month whilst rates are low on current mortgage.

I paid mine off 7 years ago aged 51 , I'm a single mum and did it by doing as much overtime as I could and then downsizing from a 4 to 3 bed house.

I was rounding - to be precise we pay £3,250 per mth, so £78k over 2 yrs. That and use of savings and bonuses will pay it off in the next couple of years. I used "year or so" to mean a couple of years.

That’s why we’re staying put and making it our own. Others of our career level have country homes worth 600k minimum but our £400k practical family house is comfortable and affordable. Much less stress than owning a bigger place with a massive mortgage.

And our (lovely) place is titchy

Paid ours off early thirties, been mortgage free 20 years.

55 but our 100% mortgage was only £103,000 to start with. Thank god for cheap north east houses.

We paid 60k back in 2015.

We've paid 25k off - should be mortgage free by fifty.

Paid it off 2 years ago, I was 35 and H was 40.

I've just taken on the house by myself after a divorce. I got an offset mortgage - the plan is for it to be gone by the time I'm 52 🤞

44 for me, but that was due to downsizing. Had I lived in my big old house, there would have been at least another decade left.

It's strange so many people are accusing others of being liars because their circumstances are different.

The op didn't say "please only answer if you're earning less than £50k a year/are a single parent/bought a mansion"

Er yes I did actually.

55, but we’re both still young and in our first house/first mortgage term. We don’t overpay but had a decent whack (around 35%) of equity when we bought which helped.

I'm 32 and will have paid it off by 37. I have £169k left on the mortgage and we have more than this in the bank, due to inheritance, but haven't felt the need to pay it off yet as we're on an extremely low rate. We're planning to upsize and will want to put some aside for doing the house also.

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.*

@TomTraubertsBlues and also that we don't necessarily tell anyone in real life. No one knows we've paid ours off and just assume we still have a mortgage, I don't correct them.

59, if we went to the full term. But with £420k to go and a 1.19% fix for the next 4 years, we’re fervently overpaying. I think we could do it by 49 (even accounting for much higher rates when we re-mortgage). That’s 14 years away.

I think I was 32 - but I’m here to say that it doesn’t make the difference you think it’s going to make. I thought wayhay! Early retirement! 😆 But you still have to live. Then we had DC and the nursery fees were outrageous, and there has been a lot of work to do on the property with various loans. It is nice, knowing we own the place and we’ve been able to stick more in a pension, but you soon don’t notice it, there is always something!

Honestly you all need to play around with this mortgage overpayment calculator

www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator.html

put your details in and look at even adding £50 a month to your repayment. Could save £5,000 in interest. Try different figures.

hell even £20 a month saves thousands of pounds. That’s free money just by paying a little more now. Every tiny bit overpaid helps and will save money long term.