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?

Paid off £180k mortgage in 18 years with help from inheritance. Now worth £425k.

Interesting that you mention 'moving up the ladder'. It used to be common, and it might vary geographically, but in my peer group (forties) people don't really move anymore! Many have stayed in first homes, a few have moved into a second to accommodate growing families, but the idea of a FTB home followed by three or four moves just seems impossible. Mainly I guess that people are having to buy much later due to the cost of renting and amount of deposit they have to save to even consider it.

Not paid off yet, but really hoping to in next seven years, by the time our 10-year fix comes to an end. We'll both be (just) under 50. We bought our house for £310k in 2017 and it's probably worth about £350k now. We're in the SE, so there are much grander houses around, and some days I think a better house would be nice... but we decided to prioritise security, being able to help out DC (who will be mid-teens when we're paid off), have more disposable income to enjoy, etc.

I suspect many of us are 50+ and moved up the property ladder taking advantage of rising house prices. I bought my first flat in London in 1999 on one salary for £55k. Sold it 3 years later for £125k. Then bought a house for £195k with DH using my equity and his savings. Sold that three years later for £285k bought current house in London for £385k Mortgage was never more than £150k due to equity. Paid it off 5 years ago. House now worth £900k.

I bought in 2012 for €255k, had a mortgage of 230. Persistently overpaid it, and cleared it in 2023.
House is now worth over 500k.
I’m 46.

About 250k.
4 bed detached.

Yes, we first bought in 2013 and are now in our second (and last for the foreseeable). Salaries aren't going up enough to be able to keep buying bigger and better!

Bought first house in 1996 with a £60k mortgage. Paid that off in 2005 with inheritance money. Sold house for £600k and bought current house outright for less. Current house worth around £600k I imagine.

There are so many variables on being mortgage free, inheritance, extra income, interest rate changes and over payments.

We bought our house in 2018 for 285k, mortgage was for 265 original mortgage was 20 years. I’m now 38 and we should be paying off the end of this year. House is now worth about £415

We private rented before we moved here, which was so expensive compared to our mortgage. We’ve always over paid using this difference, any pay rise or funds left at the end of the year have helped to just keep chipping it down!

looking forward to the final payment!

We paid ours off years ago. It’s worth about 1.2m now. The mortgage was only about 50k. We bought it in the 1990s.

We are old(ish!). Bought for much less than current value but spent a lot getting it as we wanted it. I worked in the city at a time when bonuses could be taken as shares and nothing lost to tax and NI as long as you held onto them for 5 years. Took all bonuses like that for a decade. Went back to work when DC1 was 5 months and stayed off a bit longer with DC2 but not much. DH worked hard too and earned well.
We didn't have fancy hols often and instead paid the mortgage off in chunks when we could. We talked to the DC about why we wanted to do it. We did everything we could ourselves. DC would help decorate with us from when they were 8 and 10. Both DC got into good state schools and we never tutored but we helped them where we could. Cleared it when we were 53.

Bought outright 30 years ago £107k, still in same house, now worth about 500k. I'm 62.

Bought my bog standard 3 bed semi, ex council house (from private owners) in 1995 for £57k.

Paid off the mortgage 5 years ago and it's worth around £470k now.

ETA: I was 25 years old.

We’ve almost paid the mortgage off. Bought 13 years ago for £400k. Have £40k left and will paid off later this year as we overpay. House now worth £800k I think - we couldn’t afford it now!

we bought our current house for cash for 475k 10 years ago, and the money came from having bought and sold various properties between us (both first bought in London in the 90s when a house was 80k!) We do now have a mortgage (200k) which we borrowed to extend this house - but it’s now worth £1m as a result - so we have increased the equity significantly by doing the work. We have done this on every house we’ve bought and sold and were fortunate with the markets at the time. We could downsize and buy outright again but have decided to switch to interest only and just enjoy living here for very little monthly outlay for another 10 years before we move and pay off the balance. I think when we first bought is the key thing though. I was able to buy in London as a single person aged 22 in 1997 - no way would I be able to do that now so it’s not realistic to measure against those lucky enough to have got on the ladder back then

Stamp duty is far higher than it used to be. This deters people from moving

Wheni I bought my first house, the stamp duty was about £3,000

And people gave smaller families, therefore less need to upsize

Very hard to value the house as rural and no others similar locally
but mortgage paid off as we have been here 27 years, house probably worth 3x what we paid for it so not the ridiculous overinflation you get in many areas.

We bought our first house, a three bed semi, in 1985 for £17,000. We paid about £100 a month for years. We sold for £48,000 after 13 years and bought a brand new four bedded detached house with a garage and conservatory for £73,000. Twenty years later we sold for £250,000, mum sold her bungalow for £250,000 and we bought a 5 bedroom bungalow with annexe for £600,000, since valued at £900,000. We're 60, mum's 84. It's a beautiful home with a huge garden, but we're not wealthy, all our money is in the property. We could downsize to free up some cash, but it's going to be very difficult to leave all this behind, and for now, I absolutely love living here. We'll see how things pan out when we retire.

I feel so bad for youngsters these days who can't afford to get on the property ladder. We have one son living at home and the other has a big mortgage for a very small house, he and his wife work full time to afford it with no hope of moving to something bigger for them and their two children.

Our generation have done pretty well with regards to owning our own homes and not having to worry about sky-high mortgages.

Rented until we were late 30's/40 and had two kids. Bought in London for £500k with half in mortgage, rest in cash we'd saved for 10 years and with £100k from MIL. Paid off in five years after putting everything toward it. Now worth around £900k. (after 15 years).

I nearly paid off a 200k mortgage in my early 30s by living very frugally and ploughing a lot in to overpayments, a 30k inheritance and renting out the spare room.

Then DH and I got married and we sold both our houses to buy one worth £750k. Again, rented out spare room and made overpayments and cleared the balance in 4 years.

Bought for 47K in 1997.
Paid off in 2004.
Divorced in 2016. Bought ex out and took on £80K (half the value at that time).
11 more years to pay and house is worth £220K

Newly qualified teachers start on £33k, so are they well paid?

OP I think you are asking the wrong question.

We will all eventually paying our mortgages (all being well!)

Are you trying to find out if people who paying their mortgages early or at a particular young age do this because they stay in a lower value house?

For example i am mid forties and single.

had I stayed in my first home it would be worth about £220k now and I would have fully paid it off ten years ago. But I moved

my second home would also be paid off by now and would be worth around £300k. but I moved

my current home still has a mortgage of about £100k and is worth about £600k.

I'm 57, DH is 59. Our flat is worth about £380k and our outstanding mortgage is £40k. We've just reduced the remaining term from 6years to 3 years.

Mortgage paid off 5 years ago (I was 45) house worth £250k.

We bought it for £35k in 1998 - it needed a LOT of work! 😂