How long until you are mortgage-free?

[Tootytata]

We bought our house 5 years ago but we're hoping to be mortgage free in about 6/7 years time. Would've been a bit sooner but we decided to have DD (10 months). So we'll have enormous childcare costs for the next few years.

We're lucky to be able to make regular overpayments so that our mortgage term reduces every time we do this. I dream about being mortgage-free every day

When did you buy your house and when will you be mortgage free?

Already there 🙌 it is a great feeling at 34 best of luck!!

We bought 4 years ago so officially 21 years, aiming for 10-12 though so overpaying as much as possible

Officially 22 years, but we overpay the maximum and hoping we'll be able to pay the balance when our fixed term finishes, so 3 years.

We are mortgage free now.

But we might buy again, in which case we would also definitely overpay to reduce the term.

13 years. No chance of overpaying.

We bought our first house 15 years ago and had 10 years left, but we’ve just moved and have added another 12 years on, which is a bit painful. Hoping to start overpaying in a couple of years’ time and bring it down again.

27years!! but once ds is out of FT nursery and at school, we are going to start to overpay as much as we can and get it down by 10 years or so. I will only be just over 50 when its paid, so any earlier is a bonus :)

We could do it anytime now. We have savings greater than the oustanding debt. The mortage rate is low though, so the money's working harder elsewhere at the moment.

We've got an interest only mortgage, so never. But if there comes a time when we have to move, we've got enough equity to be able to downsize.

I bought in 2003 and have three more months to pay. 👏🏻

In 6years. We’ve saved 5yrs on the term by overpaying about 150/mth (can’t remember exact figure)

I'm there! Paid it off about 7 yrs ago at age 52

Probably 35 years. We'll be moving this year to a bigger house so will need to do it over 35years to keep monthly cost down.

I don't count it as real debt though so not too worried.

Even the odd £20 a month can make a difference..aim for 10% or what the interest per month is without incurring costs.

We paid off 4 years ago 11/15 years but were over 50 now

Just under 25 years.

No ability to overpay at the moment as paying FIL back £500 per month for lending us the deposit (about 8 years to go on that!)

Once that's gone we will look to divert the extra £500 to the mortgage, which should reduce the term by 6 years.

Hopefully mortgage free at 45! But should be definitely at 50 anyway as I refuse to remortgage for extra funds.

by 50 is the plan

October 2024

Paid it off February this year. Got it in 2001. Wonderful feeling.

01/10/19 - just over three months to go. £10k left to pay.

10 years. We could overpay but it turns out to make much more sense in the long term to put extra money into DP's pension.

25 years - i cant over pay - single/child care costs/ im skint.

But the house has shot up in value and ive got approx 65k of equity in it - i could downsize and be paid off quicker but wheres the fun in that?!

mortgage is quite cheap though so its do-able!

I do however, want to screw myself over and move in a few years!

We did it in 25 years. We did borrow more 12 years after first purchase but endowment did well enough to pay off original amount, the extra and pay for a new conservatory. I was 44 and it felt amazing.

Officially in 9 years (I will be 50) but the overpayments mean it should be 6 years time.

We were going to pay it off last year but we're advised against it while interest rates are low.