If you’re in your 40s, how big is your mortgage?

[MultipleMum5]

I’m nearing 40 and mine is the largest it’s ever been. Thinking of remortgaging in a few years to get the rest of the house done.

How big is yours? And is it harder to get the loan once you’re a bit, ahem, older?

£163,500 and 23 years left on the mortgage.

We've been paying a mortgage since 2004 but until 2015 we were interest only. This is because we had nursery fees to pay too. As soon as the nursery fees were gone we switched to repayment.

Remortgaged two years ago to pay for some home improvements.

Have been overpaying mortgage not always by much, but always by some. Hope to restart in earnest in 2 months and maybe take 10 years off the mortgage this way.

We'll both be mid 60s when mortgage is paid off otherwise!

House is a squash and a squeeze just now but it will have to do. I don't want to take on a bigger mortgage. This will have to be our perfectly, imperfect forever home.

Mid-40s, 300K left, equity of more than 50%. 16 years left but plan to overpay

We were about 5/6 years away from paying off our mortgage last year (we were first time buyers aged 36/38 in 2009!) and had planned to start paying into our pension pots instead once mortgage was paid off.

However, we moved earlier this year (to a smaller, yet more expensive house!) and are now 48 and nearly 50 with a ~£125k mortgage,

Im 47...single and just bought my house outright....sounds ok but i earn peanuts and have no pension to speak of...i will be working up until i die...having said that i'm very grateful to have a secure roof over my head that no one can take away from me.

Late 40s, single parent, £140k outstanding with 12 years to run, LTV 30% and plan is to downsize when kids have all left home in approx 5 years... would love to retire early at that point too but suspect numbers won't add up... should able to go part time though 🤞

We’ve never had a big house, despite being able to afford it, so our mortgage has always been small. Only 10k left now. Should mean that we can retire at 60ish

Our mortgage will still be very high in our 40s, we upsized at 33 on a 35 year term, we wanted a bigger house whilst we had children. But our youngest will turn 21 by the time we are mid 40s, we did things the other way around basically! So we could potentially downsize seeing as we've done the kid thing, or more likely, we will up our payments when we have less responsibilities to try and get it paid by 60. I'd like to have the investment of the property ideally, it's an up and coming area and it's already increased a substantial amount. We are both on quite good career path trajectories and have already increased our income by 25% since buying the house so I'm quite confident we've no where near peaked financially.

We were very cautious in our first purchase which I deeply regret, it just meant we outgrew the house quickly and then spent a fortune moving again. Decided to take bit more of a risk this time. But as you can see from my defensiveness above that it's not a risk I've taken without worrying ha!

43 here, 46% equity now and will be paid off by 57 at this rate. DS is 10 so we plan to downsize and move to a cheaper area when he leaves school. Only moved here for the education!

We have a massive mortgage. Servicing it is hard for us and we would be in trouble if either of us lose our job.

However with money still cheap (mortgage rates ~1% for 5 year fixed) and inflation at >4% it is starting to feel smaller (assuming wages keep up with inflation).

I’m 46 and DH 42 . We just payed ours off with inheritance from his dad . We had less than 200k left by then . When DMIL passes we will probably buy a weekend place but not until she moves out of her very nice seaside house ,DH childhood home since DH and kids can do all those water and other sports there while visiting her so we don’t need anything else for now . In the future might also have a city flat since we just moved out after 20+ y in London . We will help our kids onto property ladder with deposits if not buying them something fully .

We are early fifties so not long out of our forties. We have four kids between the ages of 16-22. Mortgage was paid off a few years ago. We have no plans to downsize as all the kids are still at home and there seems to be little chance of them buying their own properties for many years. I am figuring that in the next ten years there will always be a couple of them and maybe partners living with us whist they save.

9y left for will be paid off when I'm 48.

Early 40s and our mortgage is £122k (16 years left). Would like to move to bigger property but we would probably need to double our mortgage and am not sure if we're prepared to take that leap. We can afford it but we won't be as comfortable as we are now.

£290k, which ironically was the purchase price. But... we bought a very lovely and falling down house in a great location. We've borrowed in three tranches, extended as we have had three kids, and rescued it a bit. It has foundations now anyway, and a working staircase.

Counterpoint: am knackered.

41, main home mortgage free. Second home has £25k mortgage on it but is worth £150k (cottage on a popular Scottish island). Cottage is currently rented out to a nice local couple so paying for itself. I’ll retire to it in the next 8-10 years. Dd is being gifted this house for her 18th birthday. If all goes to plan, that is 😳

About £385k with 20 years left. But DH retires in 10 years and is on a final salary so that will pay off fully whatever is left on the mortgage and he will still have a very high yearly pension for us to live on so I'm not concerned.

£280k with 17 years left on mortgage. Mortgage covers 2 properties with a combined total value of over £1 million though so not worried as rental income covers 1/2 the monthly payments.

Plan to pay off mortgage in 5-10 years and sell rental flat once kids have left university.

Ours is around £210k. Early forties.

Paid my mortgage off in my early forties, done by overpaying as much as possible every month (there was no limit to overpayments) and when interest rates dropped (remember those days?) I never reduced my payment meaning that I was eating into the sum even quicker.
Being mortgage free then meant I was able to tackle my next priority which was to make additional payments into the pension.

Some of the mortgages on here are
We bought late 30s but had half deposit. It’s currently @ 66K LTV is around 35% as the house has increased in value the last 4 years. Overpaying and hope to continue as want to have it done in 15 years.
North west. Nice area.

Mortgage paid off in late 30's, haven't moved home since so have had no need to get anywhere bigger.

Paying off mortgage did delay doing investing, so is that a good trade off - pay off mortgage or invest? With interest rates so low now, maybe paying off a mortgage is not such a good idea but if you have unstable income, it is lovely not to have that payment going out each month.

I’m 41 DH is 51 but mortgage was paid off 5 years ago. We moved two years ago but stayed mortgage free,

If I had of known more about investing then, I probably would have split the extra payments into some towards investing, but S&S Isas aren’t completely risk free and so clearing the mortgage would have had the majority of the available cash.

Our focus is now on our pensions and S&S isas with a view towards early retirement.

Personally regardless of the arguments towards investing vs mortgage free, sometimes it comes down to personal preference and for us, not having a mortgage is a massive weight off our shoulders and gives us so much piece of mind. When Covid hit, we were both worried about our jobs, so not having that to worry about was a huge relief.

Mine was £130k. Now down to £123k.

I'm just 40
And bought the house two years ago.