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

[funkmonke]

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

thanks!

56 when my mum died and I got enough inheritance.

Those of us who were able to buy family homes for under £60,000
are now in our 50's
and many are clearing their mortgages.

My own children will NEVER be able to do what I have done due to house price insanity

but it is also the case that a significant number of the mortgage free
cannot afford to move
unless into a retirement flat (if that)

Purchased house for £165k at the age of 32 (almost 33). Opted for a shorter mortgage period of 15 years and 8 months. Will be paid off in 6.5 years and I’ll be 48, assuming we don’t opt to overpay and bring the time frame down quicker.

I was a first time buyer in 2019, we paid 340k and it’s now valued at 500k. We have already have halved our mortgage (280k to 140k) and are on track for being mortgage free in another 5 years - so by the time I’m 44. This is with no inheritance or help from parents, we simply live below our means and throw any spare cash and bonuses at it.

Married with 1 child (15 years old). We paid off the mortgage when I was 45; the house was worth £635k at the time, now estimated at £800k.

I was 43 and DH 49. Original mortgage amount was £280k and was on an excellent lifetime tracker rate so we paid peanuts in interest whilst rates were very low. Not that we didn’t have tough times, including a period when DH was out of work for around a year (I can’t work). Took 19 years with a bit of overpaying and clearing a lump sum just before interest rates started climbing post pandemic. House is worth £1.2m (London so nothing special) but this is completely meaningless as it’s exactly the same house bought for £340k in 2001.

Amazing. Do you have children?

All being well I’ll be 49 and husband 51.

We bought it for £180,000 in 2004, we have added a small extension and it’s worth about £400,000 now. We have 2 teenage dc

Am hoping we'll pay it off by 65!

29 I think. We bought when I was 25 for 98k. Sold a few years after the mortgage was paid off for 150k.
DH was an IT contractor earning £700 a day which is why we could do this.

Bought the next house for 450k and hadn't paid it off when we moved 6 years later.
Now mortgage free on 2 houses (one reno) thanks to DH's company taking off.

Late 30s. Not sure what house was worth then, maybe 350k? We could have paid it off earlier, but it was all offset so we weren't paying any interest on the balance anyway. But then interest rates were low so we decided we might as well clear it. Having an offset mortgage was the best thing to help us repay early.

@funkmonke I have two children - 7 and 2.

44, house worth £400k. Had an old endowment that I'd kept going and knocked off the balance with that and did some fun stuff.

We would have paid off our mortgage on our London flat by now. But we traded up and now we'll be another twenty years paying off this massive mortgage! So about 65 😂

ours will be paid off this year. I’m 44, DH 49. Bought for 275 now worth around 850-900. Kids are 13 and 16.

Paid off when I was 45 DH was 50. Paid 145k it’s now worth 500k, we’ve been looking to downsize, however 2 bedroom bungalows are expensive so think we are staying put.

Age 39, house worth £600k. Then we bought a bigger house with mortgage 3 years later.

Late fifties. 2.5 million

Mid 30s. House was worth c130k. Then moved house and borrowed the same amount again!

But we overpaid.

This actually makes me feel a little bit better. We started from nothing. Both DH and I come from poor families. We worked hard to try pay as much off as we can. It will take us a while but it's nice to see what others do. It gets tiring sometimes but then you read this thread and it gives you a bit of a kick to refocus.

Why @funkmonke and you haven’t said your situation?

About £220k at the time and I have 3DC.

The one I have now will be paid off next year.

We have one, who was also born in 2019, so I’ve worked part-time for the majority of the last five years.