Are you in ur forties and don't mind telling how much mortgage u have ?

[Molly333]

Hi sorry if I seem nosey but I'm worried about upping my mortgage ( need room) but worried I'm not realistic . The mortgage amount is 145000 , what's yrs ?

Mine should be paid off when I am 52, I am so lucky that we bought when we did.
It now costs twice as much to rent here!

Im 25 to pay £100k will have paid it off by the time im 35. No savings.

We're 40/41. Current mortgage is around 200k but we are thinking about moving and upping it to about 600k. It's probably about as late as we would want to leave taking on a big new mortgage.

I have just turned 50, dh does next month.
We are just about to pay 2nd mortgage, have paid one off in late thirties.
I think if you have enough assets they'll lend at any age. As long as the money is guaranteed you can be any age.

Agree it's all relative

We have £116k left on ours. I am 43, dh is 53. Our joint income is around £74k. So we have reduced the term considerably. I plan to get it paid off before dh retires at 60 so his lump sum is money we can enjoy. We have nearly 12 years left on the mortgage but will be able to reduce it considerably each time we re mortgage I hope.

44 and I paid it off last week. We bought the house in February using an interest only mortgage on the understanding that it would be paid off within the year. We could only do that because I had a large inheritance which was in probate at the time of getting the mortgage, as soon as the money was paid out the mortgage was paid off.

I'm 44. We paid ours off last month due to unexpected sudden inheritance.
I'd rather still have my mum and a mortgage.

45 and last payment was this year bought first house at 20 when they were cheap

Im sure you're already thinking of this, OP, so I hope I'm not being obvious, but consider the liquidity of your assets as much as anything else. If you are concerned about paying off your mortgage quickly, also consider that what you'll have at the end is...nothing. Unless you liquidate the asset and either sell or remortgage your home. I think it's really important to get the balance right between debt reduction and liquidity. I know from scary experience that liquidity is everything...

42 and £64k. Trying to throw some little overpayments at it at the moment as I would love to have it paid off by the time I'm 50.

Our final payment is in January!

It's a 25 year mortgage which was renegotiated every time we moved keeping the same length of time. We could have paid it off completely about 6 years ago, when our savings were higher than the remaining capital on the mortgage, but we preferred to look on it as an alternative savings scheme with some tax benefits.

We're either side of 50,

We are 37 and 36, have two mortgages (one rented out, accidental landlords) the rental mortgage is 86k and in negative equity, our own house, the mortgage is £89k and we have plenty of equity so I'm not too worried.

Should both be paid off by 59 by latest unless we are in a position to pay off earlier.

Mine is paid off. We worked hard to do that early. I can't imagine ever taking any more on in my forties. Saddling yourself with more debt?

45. £117k remaining. 18 years left.

Early 40s and just below £200k but house worth over £1m and we have 2 six figure salaries coming in. It will be paid off within 4 years.

I am 39 and DH is 41. Mortgage has 16 years left and is around 190k.

We took advantage of the very low interest rates and massively overpaid so that the mortgage was clear by the time we were 40 - it's a lovely feeling to be debt free

I can't imagine ever taking any more on in my forties

As with everything everyone's situation is different and you have to do what is right for you and your circumstances at the time. Just don't forget things like income protection and life cover.

With mortgage interest rates at such a low point (ours was 11% when we started ) further debt in your 40s is well worth considering!

Mid 40s, £110k but won't be paid off until I'm 65 unless I win the Lotto!

About 40K on house and 50K on business.

Mine is paid off. We worked hard to do that early. I can't imagine ever taking any more on in my forties. Saddling yourself with more debt?

Having done the same and having the same thoughts on the matter - I'm now not so sure. Depends on your circumstances.

I've recently found out that my pension pot is now over the LTA (thanks to the 2016 budget - which we paid very little attention to at the time...). We're getting financial advice this week but I can't help but reflect on the different ways our friends with similar incomes (but wealthier more upper middle class backgrounds) have gone about things - especially when I am reading online articles about purposely taking on more valuable properties with a view to downsizing at retirement.

Ignoring their likely large inheritances in the future, these friends will almost certainly be wealthier than us when it comes to retirement and at the moment the two couples I am thinking about still have what I would class as mega mortgages.

I guess we took the super safe route (much smaller mortgage in a small town paid off early ) and they took the riskier one (stretch yourself London Mortgage - and downsize and move out of London later). We've not regrets but I definitely don't think we have been financially savvy either.

Late 40s. Paid mortgage off this week so very happy.

We paid off our first mortgage in our thirties. It obviously wasn't the be all and end all for us. We went straight out and got another for a rental and then moved to a bigger house.
Paid both of those off, then got another and on and on. Overpaying became easy as we used the incomes. Paid one mortgage off in four years.
We keep saying this is the last mortgage.