To ask if you own your home outright, how much is it worth?

[Ujjj]

I’m trying to work out whether we are being idiots by not just downsizing to be mortgage free. DH seems to think mortgage free means settling for less in most cases as you could just go on and on borrowing for bigger. I like having a reasonably big house but with that comes a hefty 250k mortgage. Are those mortgage free usually owning less than 500k homes? We are in our thirties for context.

Depends if you also consider it an investment as well. Until Labour remove the CGT exemption that is. Aim big, pay off the mortgage during working age, with the intention of downsizing in retirement. Made much more financial sense when interest rates were lower than house price inflation. In the current climate less so.

We could be mortgage free now (in our 30's) if we'd stayed in our old house, it was worth 255k but was only 145k when we bought it in 2016. We upsized instead though and have no regrets.

£425k maybe. Central England .We are early 50sTook mortgage in 95, repaid in 2018. We were on the verge of moving to a. bigger house when DD1 graduated but she moved away for work so not feeling the need anymore with just 3 of us here. Don’t want another mortgage at our age .

400k, but bought before house prices exploded.

We love the location, walking distance to schools, shops, town, etc and also the fact that there's plenty of parking. House is big enough for us as a family - its only 3 bed, and sometimes would be nice to have a guest room but not troublesome enough to up size and get a mortgage.

Ours is probably worth about 325k. I am 56 but have been mortgage free for about 8 years only because of dh inheriting. Four bed house so we will likely be downsizing when all the kids have left home for good which could be some years away !

Well l got a 3 million compensation pay out a good few years ago ( took 16 years and attended murder on me .. leaving me horrifically disabled) l bought 3 houses outright.. for myself and two daughters.
One daughter is actually considering selling and down sizing.. now she's divorced so only her and her son.. and wanting a 2 bed bungalow from a 4 bed house.
They are worth between £600.000 and £900.000
But it's cheaper here ( l live round corner from Jane Mcdonald ) mine is similar to hers.

House is worth 500k and we decided in our late 30's to pay off mortgage rather than buy a bigger house. Best decision we ever made.

We're both early 40's now.

We actually spoke to our financial advisor about this and he said it would be a mistake to downside just now (late 30s). He suggested while we're both working (me PT) and happy to continue doing so, and we don't need the extra money being mortgage free would give us, now is the prime time to see our home as an investment. Then years down the line when we genuinely are ready to downsize, it will be more lucrative to us as we would have paid off more and the house value will increase more on a larger home than if we were to downsize just now.

For context our home is valued at £800k and we owe £490k so we could be mortgage free on a nice three/four bed where we live.

Our plan is to downsize when the kids leave home and buy a smaller home outright and a little holiday home abroad.

Over 500k and paid off about 10 years ago when in our 40's. I'm selling it and going home.

Mine is paid off I'm 62. Its worth £260k big three bedroom house 2 bathrooms and dining room and kitchen. It's cheap because it's rural West country. I downsized from a big house with a big mortgage in the south east because Ip didn't like living in the south east. I love it here and wish I'd moved a long time ago.

About 250k. Aged 56. Paid if off a couple of years ago. Lovely feeling.

We've just sold to be mortgage free by moving from London to south of London but still commutable. Sold for 1.6m bought for 900k and paid off the remaining £300k mortgage. We're mid 50s.

Due to a series of unfortunate events I inherited a house in my twenties.

It’s nothing fancy - four bed semi that we’ve done up ourselves. We kept DH’s house that we now rent out that will be my pension.

I now get to be a stay-at-home-mum that I absolutely love (will go back when my youngest is preschool age). DH works full-time in a job that he loves. We could have decided to upgrade, could have bought something gorgeous, but we choose to start a family instead.

We’re extremely fortunate to have our lifestyle and freedom.

There really no need to be mortgage free in your 30’s and you really don’t have a big mortgage. You would be totally mad to downsize at this point. Effectively so long as you can afford it you’ll be putting your money into one of the best investments you can and in the long run it will only increase in value

I was mortgage free mid 40’s. House worth £1m due to a bereavement

early 40s, worth about 850k, mortgage free ten plus years due to inheritance

Late 50s mortgage free since 40 (hard graft by us, not through inheritance). House currently worh 600k

No idea what it's worth - we bought it for 58k in 1998 (though it's had an extension since). Paid off last of the mortgage in 2012 when we were 43 and 45. This is generally considered quite early by most people.

The detached with a bigger garden over the road has been on Rightmove at least 2 years, stubbornly refusing to sell for 350k. Sold prices round the estate suggest ours might be around 230-250?

Is there anything you particularly want to spend the extra money on? More than you want to have a comfortable home?

If you have a decent income borrowing another 250k in your thirties isn't much.

£400,000
Paid off when I was 43. I'm 55 now.

Much less than 500k. Mortgage free around 45 and have downsized (square footage, number of rooms) to a more desirable house of equal value.

What on Earth is the point of this. There will be people ‘mortgage free’ living in houses worth between £100k and £100million.

We are not mortgage free but we have mortgage across several properties which means we can be generating income from some of our mortgage (if that makes sense). Overall we have about 2m of equity but have about 1.5m of mortgages too (across 4 properties). So we could be mortgage free but it makes more sense not to be. I am 39 and my OH is 10 years older.

We paid off our mortgage a few years ago, our house was worth around £800k. Then we sold and borrowed £300k for a bigger place that needed lots of work doing to it. Huge mistake! Wish I just had a nice house with no mortgage and no stress!

Mortgage free, house worth about £220k, paid it off at 35 and 38 I think. Will be moving next year and taking about about £200k to buy our “forever home”, which will be in the range of about £500-550k