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

[funkmonke]

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

thanks!

56 in 2023 (next month)
£1.2 million, £250k (needs work then about £350k) and £550K ( 3 homes in total) but 1st house bought was £26k in 1987

And before anyone jumps in they are not BTL or 2nd homes. Family members live in 2 of them for as long as they want.

At around 38 I had enough saved to pay off the mortgage but the interest rates were so low on the mortgage I was better off keeping it going.

Paid it off at mid 40s. Just for the physiological boost rather than best decision numbers wise. It was a nice feeling.

No kids and I only ever bought one place -a flat -and never moved. Easier to pay off if you don't upgrade over time.

46, Bought 1998 with a 90k mortgage and overpaid the mortgage. We sold for 480k, downsized and used some of the money to help our child buy a house. We were extremely fortunate to buy when houses were affordable and felt it was our moral obligation to assist our child with our profit as these days its so much harder to get on the ladder.

1st time, 33 - property later sold for £85,000.

2nd time, 46 - property currently worth £260-280,000.

I paid mine off at 34. Bought a wreck for cheap. The mortgage was tiny. Sold for just over £200k (Bought for £48k).

50 for me, very recently paid off. We were lucky to buy when property was affordable, but we do live in an affordable area. We had a 25 year mortgage and overpaid when interest was low. It wasn't all easy for our friends in the 90s, I remember friends divorcing during negative equity, so had to take stonking great loans to pay back what they owed after the homes were sold. Some friends also had taken interest only mortgages, or endowment mortgages, which came back to bite. We've both worked, I had minimum time off with the dc, we always had cars no younger than 10 years old and didn't do expensive holidays abroad. People (my age) who tell me I'm sooo lucky have brand new cars every 3 years and holiday in Spain a couple of times a year, so have very different spending priorities. To me home ownership is important, I've been saving for my dc since they were born so that hopefully I will be able to give them 10% deposit on a modest starter home.

DH and I paid the mortgage off 3 years ago and we’re now using the £450,000 from the sale of this house as deposit on our forever home. Scary to be taking out a new mortgage in our late 40s though.

Paid off our mortgage aged 58. We had bought and sold 7 properties together over 30+ years and moved up the ladder each time. The last one sold for £900k which enabled us to downsize and buy a bungalow in cash.
Not much £££ left after paying off what we owed, but it makes me sleep easier at night without a huge mortgage hanging over us, or worries about interest rates.
Will still have to work for the for-seeable future.

I won't pay mine off until I'm 65 because of a previous divorce. It might be a bit earlier though as we are overpaying. It's currently valued at £400k and we have £220k on the mortgage.

Not in the UK, but we bought our condo at 32 and 34 (yikes) and will have finished paying it off when we are about 47 and 49. Part of me wishes we had gone for one of the bigger units, but DH does not want to sell and buy a bigger one as he likes the idea of being mortgage free!

58 & husband is 63 just paid ours off.

Worth an above average amount ( we’re in the South) but how much is our business.

Fingers crossed by EOY (only 88k in mortgage and 82k saved to pay it off). House with land valued at around £650k-700k age 42.