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?

We have £150k left on the mortgage but £850k equity. Combination of massive property price rises in the 17 years since we bought the house, and a £350k inheritance.

Mortgage free by late / mid 30s due to overpayment and then inheritance, which kind of saved us because I suddenly became very unexpectedly disabled and could no longer work. House valued at around £350k in South Norfolk. We’ve never wanted to move anywhere bigger. We enjoy having more disposable income to spend on holidays etc.

£920k or so based on what my neighbour sold for recently. It hasn't gain much value in the 12 years we owned it. We started out with around a third deposit and the rest mortgage. We are higher earners and overpaid as much as we could every month, plus we added pretty much every bonus etc. We didn't have any inheritances yet. We live cheap, not into expensive clothes, tech or beauty, while other people bought range rovers I drive a 15 year old banger but my house is paid off.

£700k 40 now bought when we were 29 house was £240k when we bought it. We’ve spent £100k on it.

Paid off a £120,000 mortgage two years ago and house is probably worth about £850,000 now. Our initial mortgage was taken out on 3x DH’s salary. I’m convinced house prices have risen so much in part because people can borrow so much more now. The only reason our house and others in the street are worth so much is because of the vast amounts of money people can borrow.

I think the OP was asking how much the mortgage was rather than the current value of the property.

We will have ours paid off in ~4.5years, just as I turn 40. House bought in 2019 for £205k with a mortgage of £165k. We are focusing on maximising overpayments before we remortgage for the last time. Standard 3-bed semi that we have spent in the region of £65k on since 2023 to modernise, probably now worth in the region of £330k. We haven’t had parental help or inheritance to help, it’s purely our wages.

I saved up and paid cash for my house so effectively cleared the mortgage before it ever existed!

I’m a very high earner living in a very modest house. I’d rather invest my money and retire early than have an expensive house. Others on similar salaries are often quite shocked when they find out but they’ll all be working for many, many years more than I will to fund their lifestyles.

Our home is worth barely 12 month’s pre-tax household income.

My parents’ home has more than doubles in value since they paid the mortgage off 20 years ago. They never could have afforded what it’s become.

Mortgage free at 33

House worth 700k but will only confirm if house dold

Do not count it as part of my net worth as I need somewhere to live.

House is around 400k now. Paid off at 37 but because my husband died and it was covered by insurance. Its a weird asset as it keeps me and DC safe but I don’t have much money to play with as a widowed parent

Mid 50s now and 1st bought at 23. Equity built up over the years with each move, 1 bed flat (£30k to £32k), 2 bed flat (£40k to £130k), 3 bed semi (£220k to 275k) and current detached £275k in 2014 with a £90k mortgage, which was paid off last year due to overpaying when interest rates were low for a long time. Now worth approx £550k.

Clearly our age / timing / low interest rates played in our favour. This is not lost on us, and we do feel for the younger generation who won’t get the benefit like we did. All we can do is save where we can and try and help DC with deposits - the 5% deposit on our first flat was £1,500. We know how lucky we were.

Bought for £285k with £165K mortagage in 2011 paid off in 2022. Gradually increased overpayments each year (everytime we got a payrise we overpaid by that amount) and savings through not paying fares and working from home over covid. Now worth £500k approx. Live in the South East.

Bought the house for £775k in 2019. Paid mortgage off in 2024. Now I reckon it’s worth about a million. Both mid 40s.

750k
200k
and 300k.

@Georgeinacan YANBU, people saying you are are wrong. Yes lots of variables, but if I'd stayed in my first 2 bed quasi semi which was £32k, it would have been paid off decades ago. But I didn't. My house has sim value to yours and I owe c£300k. So no chance it being paid off in the next 5 years! But I will downsize and take the equity to make me mortgage free soon...!

My 3 bed semi in 2001 cost £65k. Mortgage £65k. Age 22 + married.

Had we stayed in that house, the mortgage would have been paid by 2016 easily on our joint income. I'd have been 37 yrs old and mortgage free. The house is on Zoopla for £250k. But the kids grew, so the house needed to be bigger. So the mortgage got bigger.

Then after a few "buy bigger" house moves, we divorced.

So I'm back in a house the same size as the first, with a £220k mortgage. And thankful that my salary allows me that level of borrowing on just my salary. And likely to finish paying off the mortgage when I'm 69.

I despair for my children trying to afford their first house.

It’s about how long you’ve had a mortgage for and what the property was worth when you bought it, just as much as the current value of the house.
Our first mortgage was £140k on a property we bought for £160k - that was almost 25 years ago. Now our mortgage is 85k but our house is worth over 700k (we’ve added to mortgage over the years when we moved house/built an extension, as well as paying it off.)

So in around 5 years we will be mortgage-free in a property worth well in excess of 700k but that’s because we’ve built up equity over 25 years of house ownership.

We own three properties.
The first one was mortgage free at 41/48, the second was inherited and the third was bought outright with savings and what we’d squirrelled away by being mortgage free for 8 years!

Not sure what they’re worth today.
Our tactic was “live below your means and have aged parents”🙁.

House worth around £450k. Bought for 320k in 2020, mortgage of £200k. spent £80k doing it up / extensions etc. 3 bed semi-detached 6 year old new build. Mortgage paid off this year. Quite young, both 30 years old. Looking to sell and move but it's impossible living down south and the house prices are so high. We need to be here another 5 years really to make a decent profit.

£350k, bought outright

Surely you’ve watched homes under the hammer :-)

Anyway to answer your question. House bought for 90k in 1990 sold for 600k in 2015 (on divorce). Bought house outright for 180k in 2015 (after divorce). Sold in 2023 for 370k. Bought house for 280 in 2023. Now worth around 350k. No mortgage since 2015.

This. I had paid off my mortgage at 39. House now worth about 300k which isn’t a huge amount compared to today’s prices. It cost me 62k when I bought it and money was tight then and once or twice we struggled. I had a twenty year mortgage and repaid in about 17 years as nearer the end, from year 14, we remortgaged and increased term and payments as there was less due then.

Paid off at 35, worth 750k