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Original poster

What age did you pay your mortgage off?

208 replies

Reese123 · 05/08/2020 13:57

Out of interest what age did you pay off your mortgage or what age will you be when you anticipate paying it off?

OP posts:
OneRingToRuleThemAll · 05/08/2020 16:17

It's due to be paid off in 8 years. I'll be 41. But it's very much a first time buyer home. I'm likely to move and increase the mortgage at some point.

OrangeBlossomsinthesun · 05/08/2020 16:19

Unless I manage to pay it off early through inheritance or lottery win or something I'll be 65. Didn't take it out until I was 40 though.

Deardonkey · 05/08/2020 16:21

First at 33 then we decided to buy a bigger house, through overpayment it should be paid off at 44 (two years time). We are not planning to move again !

Atadaddicted · 05/08/2020 16:21

This reply has been deleted

Message withdrawn at poster's request.

Atadaddicted · 05/08/2020 16:22

This reply has been deleted

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BlueBoar · 05/08/2020 16:27

I’m aiming for 8 years’ time (I will be 50) when DS turns 18 and no more CMS. Will involve the maximum overpayments annually using income from my BTL flat and a big lump off at the end of this 5 year term. But if my plan works, I will have two fully paid off properties and the ability to maximise my earnings for the next 18 years.

peajotter · 05/08/2020 16:33

We could pay it off now (mid 40s, cheap area) but we’ve got an offset so just keep it open. That way we can borrow cheaply if we want home improvements.

CarolEffingBaskin · 05/08/2020 16:44

Hahahahaha I’m a millennial, we don’t get mortgages.

Roselilly36 · 05/08/2020 16:45

31

whatswithtodaytoday · 05/08/2020 16:47

We got a 32 year mortgage aged 34. Planning to overpay and reduce it when we can, but we haven't yet as we wanted to build up our savings first (and thank goodness we did).

Bagelsandbrie · 05/08/2020 16:50

38 due to inheritance. Otherwise we would have probably had to have keep going to our 70s....!

Bells3032 · 05/08/2020 17:02

Likely to be 157 when we finally pay a mortgage off. Yay london!

HasaDigaEebowai · 05/08/2020 17:04
  1. We had an interest only mortgage for flexibility and massively overpaid each month.
m00rfarm · 05/08/2020 17:11

I will be 70. Another 13 years to go on my uk property. But I have five properties without a mortgage in Portugal, so if I had to, I could sell something to pay it of. But it works better financially for me to buy properties when I have some extra money.

Geneva12 · 05/08/2020 17:11

If we don’t extend it then I’ll be 57

2020notQuiteAsPlanned · 05/08/2020 17:13

40 then got another one to do huge extension. Now 65 😱.

Tappering · 05/08/2020 17:17

Term finishes when I'm 64 but we're overpaying every month so currently on track to finish at age 57. Hoping to get that down even lower as things improve, so we can throw more money at it.

Concretenotcement · 05/08/2020 17:19

I’ll be 41. Due for paying off next year. Got mortgage at 23 and stayed in the same place since. House has more than doubled in value, we are thinking about another move but I like the idea of no mortgage and more disposable income for travelling.

KoalasandRabbit · 05/08/2020 17:19

First flat 28. Now have a house with a small mortgage but it's as we haven't sold other house yet.

Legallybleachblonde · 05/08/2020 17:20

I've had to start again a couple of times so I will be 67 😳

Nquartz · 05/08/2020 17:30

At 45/46 if we can continue overpaying as we are currently.

It's been something we've actively pursued though, no cars on finance etc, only 1 proper holiday a year.

Once it's cleared lots of extra money will go into our pensions

Jenasaurus · 05/08/2020 17:32

47

Jenasaurus · 05/08/2020 17:45

Interestingly my DS has just taken out a 40 year mortgage at the age of 30, which will make him 70 when its paid off, He isnt worried as he says when they move again in another 2-3 years he will get one over a shorter length. My other son (aged 26) has just got a 30 year mortgage, In my day (I am 55) the maximum mortgage term was 25 years. I took mine out at the age of 20 and we would have paid it off at 45 but we had endowment policies that were a let down so took an additional 2 years to pay off at the age of 47. We couldn't pay it off any quicker by throwing money at it, as we had 3 DC and I was a SAHM for 10 years raising mine and DSIS 2 DC so we had only one income for a while. I am always amazed at people that pay them off in their 30s, Its so hard to get on the housing ladder now, especially if you live close to London. The only way my 3 DC could do so is because they inherited from their DGM otherwise they would be renting. Properties around here start at £320,000 for a flat so its hard for average earners to get a mortgage without a substantial deposit

Ohffs66 · 05/08/2020 18:02

I'll be 69 😭. Plan is (fingers crossed) that by 60 I'll have enough in my pension to pay off the outstanding balance with the 25% lump sum, if we haven't sold up / downsized by then, which is a possibility.

Floralnomad · 05/08/2020 18:05

The first one was at 30 , the second was at 48 .