Home Owners - how old were you when you’d paid of mortgage?

[funkmonke]

And how much was the property then worth?. (Roughly)

thanks!

We were lucky and I was 43 when we finished paying. I'd rather not mention the value.
Being mortgage free has made my life much less stressful, I strongly recommend doing what we did and focusing hard on clearing it early. It gives you a great feeling of security and the freedom to slow down a bit if that's what you would like.

Thanks for the reply. Do you have children as well? And well done!!

45, no children. I bought the house at 25 so paid 20 years of mortgage and overpaid bit towards the end to speed it up.

29, but then I got another one. Does that count?

twenty three years old. House was worth 72k. I had a bad accident and got compensation money which I used to pay the mortgage off. Mortgage was only 32k, property prices started to shoot up soon after I bought. So I was lucky with the timing.

I was 40, DH 50 we both took redundancy from our jobs which helped with a huge chunk.
It allowed me to stay home for a few years when the kids were smaller.
We had no help, no money/inheritance from anyone.
We didn't go on mad holidays and sometimes I regret that.
My siblings went to Disneyland while we were paying the mortgage off.

Our house was purchased for €155,000 and they are now worth €500,000 (we bought 25 years ago).

I was 36... I bought my house for £18k .. it needed everything doing to it.
I've also never moved.
I've used the money I've saved to help dcs get on the property ladder

37. Valued at about 130k.

48
WE would have done it ten years earlier but we did a HUMUNGOUS extension so the kids each had a decent sized room.
BUT
We bought it for £60k
Next door was recently valued at £550k

We cannot afford to move other than a massive downsize one day.

A week before I turned 34 last year.

My house is worth about £350K, I think.

Bought for 42k in 1993. Got caught out by the endowment problem so had to remortgage after 10 years (also got extension) could have paid it off earlier but was on a tracker and interest was so low it was better to invest than overpay. Cleared at 55 which allowed me to take early retirement. House worth about 220k now

40, sold house for 200,000. They’re now worth about twice that.

I was 49. It was then worth abt £350,000.

Just paid mine off. I’m 53. Bought it in 97 but remortgaged twice to have a lot of work including a two storey extension done. Paid £47k for it, it’s now worth about £200k. One child, now grown up.

How much was it worth?

dh and I were 46 and 44 and cleared the mortgage in Aug 2023. Paid off over about 15 years. We started with a mortgage that was 6.5% then benefited from the low interest rates and were able to overpay penalty free so we put all our spare cash in the mortgage.

Not sure how the house valuation is relevant but our house is a nice but not extravagant 4 bed a few hours from London.

We have no intention of moving again until we downsize for retirement.

I pay mine off next month. Worth £550, paid £310. DH has final salary pension so that is paying it off. I’m 43 DH 51

Amazing !! Do you have children ?

Paid it off when 50 (house worth about £280k then) I'm now splitting up and need to take out a mortgage in my late 50s, not ideal 😕

First one, I was 45 and house value was £365k

Then I split from ds' dad, took out another mortgage and will pay it off at 62 (two years). House is currently about £800k.

I was 61 and house worth somewhere in region of £375-£400k but also paid cash for holiday home in France too when I was 53.

These threads always attract those who paid off their mortgage early. The average person doesn't buy a house until their 30s and so doesn't pay off their mortgage until their late 50s/early 60s. Many people have to use part of their pension to pay off their mortgage.

We hope to pay ours off when we’re about 47 (currently 45).

30, and I'd avoid having another mortgage at all costs. It's changed my entire attitude to life.

Op your post will self select a group of people falling over themselves to boast that they’ve paid theirs off in their 30s and 40s. A quick Google search will reassure you that the average jo blogs will still be paying you off in their 50s and 60s. From a very cursory search I just did 40% of mortgages won’t be paid off till after 65 in the UK.