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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:
Dazzedandconfused · 06/08/2020 16:44

Interested reading all these comments as I bought my house a single person with no help from (estranged) family. I'm 30, in Scotland and earn £32k per year, my house was £115k. My mortgage is 20 years but I'm overpaying so hoping to pay off by the time I'm 45. It depends where you live but most of my single friends on similar wages have also bought a flat/ house.
That being said I'm hoping I'll have a partner and family in the next few years though so would probably want a bigger
detached house (mine is a a semi)

Waytoomuch82 · 06/08/2020 16:47

@Divebar

I earn £45k in the South East in a public sector job and if I did the same job up north I would earn £35k. My sister is a teacher in the Midlands and earns a little bit less than me. Don’t assume everyone in London / South East earns £100k Plus and anywhere else is minimum wage.
To be fair, your scenario - two public sector workers - I don’t think anyone would expect vast regional differences in public sector workers!
Totallycluelessoverhere · 06/08/2020 16:57

Divebar I don’t assume everywhere except the south east is minimum wage. I said I had empathy for low earners in the south east - my empathy for them is because they have the double kick of low wages and astronomical house prices and I feel the jobs the low earners do are usually vital to the running of society. Hard work and remuneration are often not well aligned.
But I have no more empathy for somebody earning £100k in the south east than I do for somebody earning £40k in northern towns. Both are good wages for the areas they are in.

catfeets · 06/08/2020 17:06

When I first got the mortgage I would be 42, but I've been overpaying for years so not sure now (I'm 36).
We're now looking at a much more expensive house and it's looking like I will be about 69 by the time I pay it off 😩. Typing that out made me realise it's not that great an idea

Divoc2020 · 06/08/2020 17:09
  1. Could have done it earlier, but we extended it for a house extension.
BillywigSting · 06/08/2020 17:11

I'm 29 and we bought our current house outright after a very generous inheritance.

Mortgage on last house would have been paid off in ten years or so, so around 40.

We in a very inexpensive area of the nw though. Our 3 bed terrace with a decent sized garden, walking distance to school and ok (but not brilliant) public transport in a reasonably nice area was under 100k.

We'd probably still be renting if we were se

Spinachfinger · 06/08/2020 18:50

It is a weird question to ask, because everyone's circumstances are different. It's great to have a nosy but there is such a wide spread of answers as this thread shows. There probably is an 'average age' by which a mortgage is paid off, but the range would be huge.

IckleWicklePumperNickle · 06/08/2020 21:00

Will be 49, took a 25y mortgage at 24. Overpaying a little each month, so hopefully sooner.

Jumanji89 · 07/08/2020 06:30

Will be 44. Was due to be 56 but overpayments that we have been making and continue to make will knock 12 years off. We have just kept the same monthly payment as interest rates have reduced and we have benefitted from a smaller ltv. Also when we have had payrises we tend to up the payment.

Waytoomuch82 · 07/08/2020 08:11

@Spinachfinger

It is a weird question to ask, because everyone's circumstances are different. It's great to have a nosy but there is such a wide spread of answers as this thread shows. There probably is an 'average age' by which a mortgage is paid off, but the range would be huge.
You do understand what chat rooms are about, yes?

When people ask when did your baby sleep through? How much do you spend on holidays? Etc

It’s called chewing the fat, getting an idea of what others do beyond immediate friends and family etc

And that is precisely what this thread is about. Not “weird” in the slightest!

whattododo · 09/08/2020 09:54

I'm 35 and we bought our first two houses outright with cash, but we might move soon and finally get a mortgage of some sort 😬

HollyBollyBooBoo · 09/08/2020 10:00

If all goes to plan 50. Later than I would have liked but started from the bottom post divorce age 36.

Spinachfinger · 09/08/2020 10:17

@Waytoomuch82 all right, keep your wig on! Pp mentioned that these these ages can't be representative of real life, but clearly the wide spread shows they are and wholly dependent on circumstances. Chill your beans.

frolicmum · 09/08/2020 10:38

Got a 25 year mortgage at 28, so will be paid off at 53. Depending on how many children we have, we may overpay at some point but nanny fees are too expensive for us to overpay at the moment.

We are looking to move to a bigger house but don't want to change the years of repayment.

Waytoomuch82 · 09/08/2020 16:18

How bizarre

Port1aCastis · 09/08/2020 16:26

I bought my house in my twenties because my lovely Dad died and I inherited a considerable sum, however I would rather have my Dad than my house.

thegoodthebad · 01/06/2021 17:09

Without parental help bought a 4 bed house in 2012 age 30 in southwest London. Paid off 2021 age 39.

Was a 25y mortgage paid off in 9y.

Location : South West London.

Feel very fortunate.

Whyareblokesonhere · 01/06/2021 17:37

23, my DH only earns about 750k plus bonuses, I only work 1 day a week so am only on about 80k, so we had to scrimp and save in true Mumsnet style! 🙈

shivawn · 03/06/2021 14:49

We have 25 years left on our mortgage which would bring us up to age 58 by the time its paid off.

We bought way below our means, mortgage is less than 7% of our monthly take home pay, so we should really be overpaying but I doubt we'll be living here for more than a few more years anyway.

Caramel81 · 03/06/2021 14:51

I’ll be 38 and DP will be 42 but it’s a small house in a very cheap area. We’ll likely move somewhere bigger in a couple of years so will have to take on a bigger mortgage and it could be another 15 years to pay that off

Silkiecats · 03/06/2021 22:38

29, bought flat in London years ago and rented a bedroom out. No help from family but prices were massively cheaper than now. Most of my friends got priced out as were fussier on area and prices were rising really fast.

User135792468 · 03/06/2021 22:55

Aim to have it paid off by 50 with overpayments. We’ve just taken out a massive mortgage on our “forever” home. I would be 57 without overpayments.

cariadlet · 03/06/2021 22:59

Dp and I bought our first house when we were in our 30s (he was still living at home and I'd always rented so no separate properties previous to this). We took out a 10 year mortgage but paid it off in less than that.

Moved a couple of years later. Went from a small 2 bedroom terrace to a big 3/4 bedroom semi. Took out another 10 year mortgage and again paid it off in less than that. We were in our 40s. That's the house we're in now and where we're planning to stay.

NDSandG · 03/06/2021 23:04

Age 44 - £230k mortgage paid off in 13 yrs with DH. Plan to take out another and will probably be in my 60s when paid off. Not looking forward to it.

candle18 · 03/06/2021 23:34

In 2 months time, age 53. Have reduced the term by 10 yrs making overpayments