What age did you pay your mortgage off?

[Reese123]

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

I'll be well into my 60s.

At 37, I could pay it off right now, but it's silly to do so when rates are so low and investment returns are so high. I've made a five-figure sum over the past year on the difference between investment income and mortgage interest.

We paid ours off about 4 years ago when I was 36, we moved 18 months ago but bought another doer upper without a mortgage.

There has been no family help or inheritance and we moved from the SE to the midlands so we wouldn’t need to get an extortionate mortgage.

The biggest tip I can pass on is that small overpayments add up and when I see people saying it’s impossible so I don’t bother, it makes me sad as when I first started, DH wasn’t even onboard and for the first two years, I just kept making small overpayments with no real plan or realistic hope of paying it off anytime soon. But situations change and all those small payments were adding up, saving interest being paid, so the monthly payment was eating away quicker at the capital and then when DH became interested, it all just snowballed

If you don’t try you can’t succeed.

That’s inspiring @Dashel I agree with you.

Not paid ours off yet, but we've just remortgaged and are planning on overpaying so it will be finished by the time I'm 60, so I can retire - I hope!

At 37, I could pay it off right now, but it's silly to do so when rates are so low and investment returns are so high.

I don't think enough people take this into consideration in the race to be 'mortgage free'.

You might be financially better off with a a mortgage. I was.

When I got my first mortgage it was due to be paid off when I'm 56. I got that down to 51 by overpaying but then moved to the "forever" family home and it's back up to 57! I don't regret it though as am in a far better house for us all and it's a better area for the DC to grow up in. The aim is to pay off if I can by age 50.

I was 37 but paid out via life insurance as dh died

We had 4yrs left as we overpaid every month and remortgaged And cut off 2/3 yrs each time

Took out 25yrs but would have been 16yrs in all so knocked off 9yrs overpaying when we could

I felt very guilty about being mortgage free till I hit 41

This is at that was the age it would have been paid off if he hadn’t died