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 would have been paid off by 59 and 60 but we are about to move. We got an 18 year mortgage this time so officially would be 56 and 57 but we hope to overpay in the future once we get settled in. Would love to be mortgage free by 50 if at all possible but who knows what life will throw our way!

Ours will be paid off when we're 54 (2 years time). Haven't done anything special. Got a 19 year mortgage (someone said it was the best length to get - can't remember why!) and stayed in the same house. Have remortgaged for various things but only increased the length of the mortgage by 6 months.

Our mortgage will be paid off in the next few months. We are 37 & 40. Our house has increased in price hugely and is worth close to 1mil.

I have just under 100k left to pay (it moved into 5 figures this month!). I’ll be 65.

You'd notice it if you had a £1500 mortgage on top of the nursery fees etc. Everyone has childcare costs, renovation/maintenance costs. They aren't unique to house owners.

I appreciate you may have meant you still had little left over cash, but imagine having a mortgage (or rent) on top like most do.

People do notice it. The stress can be unreal for some.

Bought a rundown property. Worked ALL the hours to pay for it and renovate. Sold. Bought again with the equity. Worked ALL the hours to renovate and turn it into a home with income. Still have to work. But we're mortgage free. No family money. No inheritance. Just lots of work. And some hutzpah.

Sadly I paid mine off in my late 40s due to inheritance from my mum. I’d much rather still be paying it and have her here…

I am ignoring the inheritance ones because inheriting a house or inheriting a wodge of cash is not the same as working to pay off a mortgage, but it shouldn't be hard to believe that there are people who pay off mortgages by 30s/40s in the normal way.

Not everyone lives in London or the south east. Not everyone buys a big / expensive house. Some people buy and then get significant payrises, making it possible to significantly overpay. Just because that isn't your circumstance doesn't mean it's not possible.

Most mortgage providers won't lend if the term is past retirement age.

we could pay off in 2 years when we will be 45. However we do have ‘Jobs’ we need to do. Like a small extension, new kitchen and bathroom. So paying off by then looks unlikely.

I finish paying off the zero-percent finance on the kitchen in 18 months (house needed complete renovation, priced to match) and then I can channel that (approx £170 per month) to overpay the mortgage, assuming I don't need that for other costs e.g. energy bills. If I can overpay by that amount for the rest of the term then potentially I'll be 66.

If DD lives here for a while once old enough to earn then potentially I can overpay by more.

But then rising cost of living may mean I can overpay by less.

Past retirement age, but a low to value ratio

Mine should be done by the time I'm 32.

Yes, it is early. No I'm not making it up.

I got a well paying job straight out of uni and lived like a student. Bought a house young and in a comparatively inexpensive area of the country. I have had promotions (salary 2.5x what it was 7 years ago) and haven't moved to a bigger house. I have overpaid every single month since I bought my house, and up my overpayments with every promotion.

I'll pay a massive chunk of the rest off with savings I have pulled together in the last 6 years when my fix ends next summer.

So a combination of a good dollop of luck, and prioritising my security (i.e. getting the mortgage paid off) over pretty much everything else.

early 50s

60k left

54 . Sooner if i used all my savings but I'd rather have money in the bank.

Very true. I have some friends who I will talk frankly with about things like this, but not many. It would feel crass beyond belief to talk about it to someone who I know is struggling.

£26k to go. I'll be 63.

Everyone's circumstances are different so it's not really comparable. I paid off mine at 32
, but it was only a £20k mortgage (due to inheritance - mortgage was for renovations). I would have preferred not to have been bereaved, though!

If you are thinking of overpaying, read the advice on the money saving expert site. We were caught out once by putting a little bit extra in and not specifing that we wanted it to go towards reducing the term, so it ended up reducing our monthly payments instead...by £1. Wished we hadn't bothered!

Now we overpay monthly and have specified it is to reduce the term. For us, a permanent £100 monthly overpayment reduces the term by 6 months. It's a good incentive.

But 'most people' doesn't mean all the people, does it?? I'm certainly not lying (don't judge everyone by your own standards). Nor did I have an inheritance. Or a cheap house (although it needed a tonne of work so cheap in comparison). Or a 'massive salary'. Just gumption and vision and a dream of where I wanted to be. Did I mention a tonne of work?

53, next March

Exactly this!

We have about £228k left and technically it will be paid off by the time I'm 63 but we have over paid a lot in the past so might reduce the term at some point in the future.

I’ll be nearly 60 but atm my mortgage payments are only £300 a month which I’m happy paying.

Early on mortgages are interest heavy and you're paying off very little principle. Look for an online mortgage calculator, you can put in amount still owing and interest rate and calculate the term.