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?

In summary, appreciation, inflation and upgrading.

We could have paid ours off early but chose travel and some fun instead. Only 50 when we did finish paying now have 3 properties worth around £3.5 million.

3 million pound house paid off at 23 and a half 🙄😅
In reality mortgage ends when I retire in 3 years at hopefully 62. House worth about 450k. We’ve now got enough to pay it off in savings but would rather keep it in case. We’ve given both our kids good deposits to help them house themselves and generally enjoyed our life so no regrets.

Not quite paid off but will be next year
House worth £300k

Going to be very unpopular, we bought our 3 bed end of terrace council house 1981 thanks to Maggie Thatcher for £9375 half market value as we'd been tenants long enough to qualify. It had been brand new when we moved in a few yrs previous.

Sold it to downsize for £178.000 early 2000s. Bought outright, a ground floor maisonette. I'm on my own now, so my next move is already paid for..via the Coop, no flowers by request😎

I do agree its a travesty more houses weren't built with the money the councils gained. I have family paying nearly £2000 a month to rent with no hope of ever saving to buy down south, even with 2 working full time.

Ours is paid off, but we live in a 2 bed terrace in the North of England, so it's only worth 100k - if we're lucky!

My house has been paid off since I was 40 but it’s only worth £250k. It’s small but lovely and perfectly fine for me & my DD.

I just absolutely love the security of not having a mortgage. I put far more importance on enjoying my life.

Bought for mid six figures in 2012 with a mortgage of £350k as we sold another property. mortgage paid off after about 7 years, now worth £1.2m ish.

We had a couple of good years and we prioritise mortgages and saving for retirement.

I’m 63 and bought my house with cash. Bought my first property at 24. Buying and selling, inheriting from my DH and parents and was able to buy the last couple houses outright. My house is worth £1.25m (bought in 2021 for £920k but have made improvements).
The Thatcher years encouraged everyone to buy as soon as they got a job and you just about could, or bought with a friend. Then as values outpaced salaries you waited til you built up some equity, you were earning more so could get a bigger mortgage and you bought with your partner who also had a property. One or two moves and over time you pay the mortgage off. I imagine yes the lower the mortgage the sooner you might pay it off…. I live in London.

Worth around £500K, paid £245K for it, can't remember how much the mortgage was for, £1xxK something as we had a large deposit.

Your question is a bit 'how long is a piece of string' though, as the value of a house now is nothing to do with the price paid for it & the amount of mortgage there was on it.

£450k maybe a bit more.

Don’t compare yourself to people who got on the ladder years ago! My parents house was 45k ish in the 80s, it’s now more worth 1.8m 😆

I bought my current home outright 5 years ago but my goodness I feel like a pauper compared to the pp on this thread!
I paid £120,000 for this place. I know the value has increased substantially since then. I'd love to move to a better area, even if it meant a smaller place or somewhere without a garden but I literally can't face the thought of moving again. Since my DH died in 2005 I've moved 3 times and I really can't do it again.

Mine is paid off as I bough 26 years ago and never moved.

Value has nothing to do with it. Just didnt join the "climbing the property" ladder cult. Bought once and made do, yes kids shared bedrooms, no we didnt always have much room but we managed. More money was available for the family as we werent servicing a massive mortgage.

Bought my house for £146K with an £84k mortgage when I was 24, always just paid the monthly amount and never overpaid. Last payment was about 18 months ago, when I was 45.
House now worth about £400k.

Bought for 118k in 2008, 75k mortgage paid off in 2014, valued now at 250k

If you put every spare penny into over payments in the early years it hugely shortens the term.

There is no 'generally'.

People who've paid off their mortgage could just be old enough to have had one for long enough that they've paid it off, especially as often people in their 50s or older would have bought long enough ago that houses were a lot less expensive so easier to pay for.

Plus there's all the variables in income, inheritance, spending, house cost etc etc.

Very roughly, I think there's about a third of people in the UK who own outright, a third own with a mortgage and a third rent. So there's literally millions of people, in all sorts of circumstances, who have paid off their mortgage, some will have done this early and some just because they've had a mortgage for 25+ years and got to the end of the term.

Paid off and worth £600,000 ish … we are late 50s though and got onto the property market in the early 90s.

Mortgage fully offset (we have an offset mortgage as DH is a contractor). Worth about £310,000. It's our second home. We've owned it for 10 years.

I get the 'how long is a piece of string' comments, but there's also something to be said for not overstretching yourself for a bigger/fancier house in the first place.

This obviously. Bought my flat in 1999 for 43 k. Now they selling about £265 k

Same here

I do t really see the point of " moving up the ladder" merely for the sake of it

Paid off mortgage age 42 from divorce setrlement. Recently downsized to last home valued around £500k.

Bought our 3 bed house in 2005 when I was 20 and DH 27 for 85000 in a quiet street in a Northern ex-mining town. Paid off mortgage in 2021 and worth around £150000 now. Never had the inclination to move, especially now it is exactly how we want, inside and out with every ‘mod-con’ we could want!