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?

We're there. It is a wonderful feeling.
Took us 25 years (and 2 moves).

Hoping to pay it off in Feb 2020. I will be 32, dh will be 41

6 years to go. Will be paid off before we hit 50.

Can't wait to be mortgage free. Will give us peace of mind in uncertain times.

Should have been mortgage free in 7 years but split with DH and had to increase it and lengthen the term to my max age to pay him off....sob...

First house purchased (small flat) in 2003. Moved three times since and have 23 years left! But do have over £250k equity in our current house so could downsize if the need occurred. We have just started overpaying a few hundred a month so that should bring it down quite a bit.

Bought our house in 1997. Mortgage free in 8 months!!

I'm seriously impressed!

If we overpay by £500 a month (a little less than 50% of our monthly payment) we reduce the term by 5 years (to 10 years).

Alas we don't overpay that much. Things get in the way!

May this yr overpaid ours great feeling.

Ummm...35 years!! We're overpaying, but think we're looking at another quarter of a century at least until we're free. V jealous of those of you who've paid it off already!

Another 11 years (officially) but it's all good! I'll be late 40s when it's done. I don't think we'll move as we love it there so much.

Mine won't be gone until I'm 70 (moved too many times and live in a very expensive part of the country). Just been made redundant too with very small pay out, so unless I get a job with a much higher basic I'm not sure I'll be able to continue to make overpayments.

39 more months, less of the interest rate remains so low.

The aim is to have it paid off by the time I’m 50 and H is 49 but he has a life limiting condition so who knows when he will have to stop/reduce work. So it’s hard to get a balance of making the most of life and overpaying the mortgage so he can slow down.

We could easily live off my wage without having to pay a mortgage so that’s always in the back of my mind to create security for us.

Currently about 20 years. Until we've finished using childcare we have no chance of overpaying at the moment.

Officially we have 32 years left but we overlapped with house purchases with family help. Other house is sstc at the mo and once the house is gone aim is to start overpaying and aiming to pay a fair chunk off in overpayments going to bring it down to 20. Also I know it’s crass but in that time we are due two inheritances which we would like to pay a chunk off.
Aim is 15 years to have is paid off so before I’m 45, but also considering quite a sizeable extension so depends on if we do that.

28 long years.
We bought our first home (1 bedroom flat) 5 years ago but had to take out another 30 year term to afford a house (South East prices!).
I had hope to overpay once we've finished essential renovations, but we also hope to have a family soon, so I imagine we'll have to wait until childcare is no longer needed if a future pregnancy sticks.

We are very lucky. We have a big house with no mortgage but only because my poor husbands dad who was a very successful entrepreneur died too young and left him a solid inheritance. Appreciate how lucky we are.

2040, or the collapse of society, whichever happens first.

6 years in and we're almost halfway through. Maybe another decade or so? We don't do overseas holidays, restaurants, cinema, babysitters, takeaways, etc, which is making it quicker.

Mid 50’s here and still £28K to pay. Will be well into our 60s by the time it is paid off unless we get a windfall.

Bought last year. 34 years still to go 😂 I’ll be 65. And will still have to pay rent on the 60% I don’t own!

Realistically, things will change - I will be paying less in childcare, I will move somewhere bigger, I will earn substantially more. On paper it looks pretty bleak especially as I can’t afford to overpay now or in the foreseeable future (and I also probably can’t afford my current mortgage in the eyes of the affordability assessment due to childcare costs - something which has changed since last year when I took it out), but the monthly cost is much the same as I’d be paying to rent an equivalent property so I figure that any equity is a bonus and I’m not stressing.

3 years !

28 years. I'm 41. There's is limited chance we can overpay atm as our mortgage is approx £1900. Obviously we can afford it but it does mean we're unlikely to save!

My income is now fixed and unlikely to change unless I go full time but my husbands plan is to retire in his 50s (both of us!) We have several plans for making this happen related to his (our) business so in reality 28 years is our mortgage term but we don't plan to be paying it by then!

We paid ours off earlier this month, only a year early but as DH now semi retired and drawing a public section pension we are now better off than we have been for ages, bliss!

That sounds like you’ll be quite young which will give you freedom which is fab. On the other hand, there is an argument that stretching more for a bigger house/mortgage means you’re investing in property over time. For example, we’d be mortgage free if we’d stayed in our flat but we’re not as we upgraded to a house but that isn’t necessarily a bad thing because we’re building equity and over time the mortgage payments will feel less because of inflation.