If you’ve paid off your mortgage, how much is your house worth?

[Georgeinacan]

I often hear people saying they’ve paid off their mortgage on here. I wonder how! Ours is valued at 640 and we owed 300 ish. Obviously if it was worth 350 we would almost be mortgage free. Are people paying their mortgage off early generally in lower valued homes?

So many variables, size of deposit, age at purchase, inheritance, salary, prioritisation of mortgage over pension.

@CarminaBiryani of course but I’m wondering generally

I bought a flat in 2010, paid my mortgage off in 2021. Obviously, it is now worth about three times as much as it was worth when I bought it so I am not really sure what you are asking.

Mortgage paid off. House wirth 1.4M.

@Catza oh I didn’t think of that. I suppose what you bought it for and when then!

@CleanandLight109 how?! That’s amazing

Those I know it was buying at young age, 2 incomes, making over payments.

House worth £700k no mortgage but im early 60’s and been on property ladder since 19yrs old

Yes my house is lower value. I have a 2 bed terraced, but I live alone now my child is an adult and don't need anything larger.

I don't feel the need to have a larger house that gives me a higher 'status'. I like working part time and traveling lots. I have a fantastic quality of life and enviable work life balance and was mortgage free well before the age of 50.

I paid off my mortgage when my house was worth maybe £150k but my original loan was £40K - so I wasn’t paying off £150K

Worth around 400K paid off for six years.

I paid off my mortgage last year. I would guess my house is worth around £350,000 and I paid £125,000 for it, with a £75,000 mortgage which has taken me a long time to pay off. (In excess of 20 years)

I'm bemused by people who talk about 300 or 400k mortgages as wages around here (Lincs) are low. You would consider yourself well paid on about £35k a year. Fun fact, when I bought my house I was a qualified teacher and earned £19k a year, so a £75k mortgage was quite a lot. I don't know anyone who received an inheritance or had parental help.

Because I suspect we are older than you and having owned and sold property for 30 years, dh even longer we had enough equity between us to buy outright. We also chose a smaller less expensive home than the bank would have allowed us to borrow - we had a mortgage briefly due to covid stalling the sale of my house and the bank offered us £700k, we didn’t need even half that in total which the mortgage company seemed confused about

The value of the house isn't really related to whether people have paid off their mortgage. People who have paid off will have done so by virtue of age and having come to the end of the mortgage term.

I'm over 50 and if the subject ever comes up in conversation most people in my circle would say they have finished paying simply because they started so long ago

Some people actually buy their house outright, no mortgage.

Well ours was bought for about £250K with a mortgage of something like £140k (can't remember). We paid it off about 10 years ago but it's worth at least 4 times what we paid for it (obviously with inflation that's not real, but it's still gone up a hell of a lot). It's all about timing & context.

The only people I know who have paid off mortgages are those who bought in London and moved near me (north) House prices here are not nearly as affordable as people seem to assume, but obviously not London prices (definitely not London wages here either)

Most people I know didn't (couldn't) buy until in their thirties, so even with over paying they're unlikely to be mortgage free until fifties, especially as for most I assume ability to over pay would be affected by the high cost childcare years.

Perhaps you need to apply a bit of critical thinking to this one, @Georgeinacan
someone who bought in the 1980's will have huge amounts of equity, as their £650,000 property was a consequence of several moves up the property ladder over the past 30-40 years.

Paid off last year at 41, house is worth around £550k.
Bought it in 2014 for £280k, mortgage of £220k

Maybe £340k, paid off 5 years ago..now mid 40s considering moving.

Ours is worth 1m and we paid off the mortgage. Original purchase price was 500k and we borrowed 400k. Paid it off over 15 years by overpaying a lot.

And that’s how we were able to buy our £850k house outright, along with other asset sales. Now worth £1.2million.

We’re late 30s. Bought in 2019 for 450k & paid off in 2024, probably worth 475-480k now.

Mortgage paid off ten years ago when I turned 40. Worth .£500k
Paid nowhere near that as we built it

£75k cost (plus additional for conservatory, windows and roof as it was a flexi product) so probably £120k.

Repaid when 48.

BUT we had a 0.25% above base tracker in place when the rates fell to virtually zero. So instead of dropping our payments we upped them to £1000 a month. With pennies interest we paid it off fast while we could. And then low interest rates continued for years!

Its worth about £500k - if anyone wants to live in Cornwall that is. Not sure if they do any more?