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 bought our house in 2022. We have £150k left on it. We won’t be mortgage free any time soon!

I have owned several different types of property

Mortgages have all been over paid & paid off many years earlier than first planned

Other property has been bought via savings & redundancy money

I have rented out 2 properties owned out right & paid all taxes & completed all repairs
(Extra stamp duty
Capital gains tax
Tax on income)

My most recent purchase was a downsize

We have paid off our mortgage. House is worth about £500k. We bought it for £150k around the turn of the millennium and have probably spent £150k on it on an extension and other improvements over the years.

Never had a mortgage as we built our own house over a few years on our farm. Not sure of current value tbh.

Mid 40s.

House bought in 2014 for £100k, now worth about £140k. Mortgage was about £80.

Paid it off last year when I got a chunk of inheritance, which spured me on to use savings, work overtime and scrimp and save to pay the rest off.

Actually, it's not paid off entirely. I paid it down to £1900 left, which is about £16 a month. I have easily enough in savings to pay it off completely, but I have a very old style Nationwide mortgage where I can pull back my overpayments at a moments notice without any questions. As I'm single it's very valuable to have that easy access to all that money should I need it. It's worth paying the interest just for that peace of mind

My house is worth £1.5 mill now, more than twice what I bought it for in 2003. Mortgage will be paid off in March 25

Ours was bought for c£60 k in the early 90s. We’ve remortgaged twice for extensions, extending the term for the second larger one, and once to change from the endowment at which point we didn’t extend the term but we paid the higher monthly fee.

Took 30 years to pay it, cleared it a few years early by overpaying. Now worth around half a million.

Enough to be worried about a ‘mansion tax’.

Mortgage paid off. £400,000 valuation.

So last year?

I bought a flat in 1994 and have been mortgage free for the past eight years. It's worth ten times what I paid for it but that doesn't actually mean anything to me in practical terms. I don't have access to that money without selling and I would still need somewhere to live. It's only a two bedroom so while I could technically downsize, there's not a lot of motivation for me to do so.

House worth approx 700k , no mortgage. Early 50’s

Yep, this year will be paid off.
Worth approx £800,000, late 40's

Worth about £125k, I bought it when I was 28 and paid it off when I was 43 (so 15 years on the mortgage). I constantly overpaid, and reduced the term by 5 years on one renewal, but I never earned more than minimum wage. The last £44k was paid off with an inheritance though. I expect I'll take on another mortgage to upgrade the house, and my income has gone up significantly so that should be do-able.