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I’m just moving to another house and was wondering how old you’ll be when you pay off your mortgage?
I will have 13 years left on my mortgage, so will be 56 when its paid off!
no mortgage here, no house either do I win something?
I was 49. Took in a lot of cash to pay it off and the lady gave me 1p change.
We had it framed!
41 now, it was paid off two years ago.
At the moment, I'm not sure what comes first, mortgage clearance or retirement.
42 now, 4 years to go. Managed to pay a whack at redundancy 3 years ago, and also overpaying too.
Canny wait.
mikewsmith - Member
no mortgage here, no house either do I win something?
Yep, you get to pay rent all your days. Win!. 😥
64.
I'm 66...
Sold it on, cash-bought a casa in Espana on part of the proceeds. Sitting relatively pretty.
Cupola vino roja? Gracias.
Don't even really want to contemplate this... 67... 47 now...
Dead. My life insurance will pay it off.
33. Now 37. Then we got a bigger house so it'll be 65 🙁
A few over payments have been made so we would knock a few years off it hopefully.
54. Having said that it was only £350 a month so not a huge amount. Still, better in my pocket than the building society's.
Paid mine off at mid 30s with redundancy money then 5 years later moved and took on the biggest mortgage I have had.
Hopefully pay this one off at 55, 6 years to go.....
Just bought a bigger place. 67 now. Was virtually paid off in the first place. Hopefully be able to start overpayments when not paying a second mortgage in nursery fees
Due to be 64 if we don't overpay.
That said I'll be extremely disappointed if it's anywhere near that in reality.
Projected to be 43
That will stretch out once the current overpayments slow down - kids -maternity leave, interest rate rises etc
Late twenties for me. Was only a little mortgage on a pretty inexpensive flat though so wasn't much to pay off. In process just now of deciding whether or not to stay here and retire in my mid forties or retire in my fifties and move somewhere more expensive. Good choice to have so not complaining.
Currently due to finish late 40's, but chipping away at it with overpayments so hope to have it completed sooner.
Paid off before I was 40. 2 moves later, I'll be 65.
67, I'm 46 now.
Didn't start mine until I was nearly 40 so I'll be fairly old. Could pay most of it off if I really wanted but the money is being better spent at the moment on [s]coke and hookers[/s] investing as the returns are better than the mortgage interest plus a few lifestyle choices
Went from being mortgage free at 50+ to getting a pretty substantial mortgage when we moved 5 years ago. Will pay the mortgage off by downsizing when the time is right.
Could pay most of it off if I really wanted but the money is being better spent at the moment on coke and hookers investing as the returns are better than the mortgage interest plus a few lifestyle choices
This. We have about half the amount of our mortgage in a managed portfolio, which returned 8% last year compared to a couple of % mortgage rate. We are going to remortgage next week before rates rise, and will likely elect for a shorter repayment period than our current 20 year mortgage.
In answer to the OPs question, I’ll be 60.
I paid mine off at 49 or 50.In truth I could have paid it off earlier if I had sold my shares,so I think the pressure was off a couple of years prior to that.
Unfortunately,I didn't like where I lived & to move to where I now live meant more money.I ended up buying a 'fixer upper' so I didn't need to get a mortgage again,but it's been hard work..
Paid first mortgage off at 31 then decided to move house, paid that off at 41, then borrowed more for extension, in the process of selling up and mortgage free again forever at 54.
Now buying a property much cheaper so trousered a few quid to fund a life of debauchery.
43 here, due to be paid off at 60. Figure that will give me at least 5 years to whack some more funds into the pension. Would like to make some overpayments and take a few years off it but these kids don't seem to be getting any cheaper to run!
not bought a house since returning to the UK - now 50. Lucky to have a decent deposit.
Got lucky with a good job and paid mine off at 28. No plans to get another.
Assuming we don't make any changes or overpay, we've got 15 years left so will be 55. It's less than £500 a month though.
43 and a couple of years to go. Mrs was up for moving 18 months ago, same sort of house just a nicer area very close to the tube station. Would of been a total renovation job, with most of the work done by muggings (been there and done that)
But the idea of being mortgage free, slowed her down 😀
Roll on to being Over biked, still untalented and mortgage free 😀
41 now, i'll 57 when done... maybe less, who knows... over paying certainly helps, we've taken 4 years off ours so far...
Now, just the divorcees / newly separated?
Paid off at 45, now 48. We only had a small mortgage after moving up from Sussex to enable MrsMC to stop working when the kids came along, then we overpaid the mortgage with her salary when she started back again.
We were lucky to have been able to take jobs and chances when we did this.
Paid my first off at 36, then moved, downgraded my job to something less stressful, 2nd one should be clear at 50, in the next couple of years.
Then planing to cash in, rent and travel more
65. I’m 31. Meh.
Paid it off about nine years ago so would have been 49 or so.
We’ve just bought our “forever” house (probably forever anyway)
And paid off our mortgage at the same time. I’m 44 and OH is 39.
Feels great being mortgage free I have to say.
59 assuming we don't start overpaying again.
If we end up in a position where we can overpay, I think I am likely to put that money onto my pension instead.
Not that knowledgeable finance-wise but with low interest rates at the moment, I think the returns on a pension should out-strip the savings made by paying the mortgage off early.
Although saying that, it would be nice to clear the mortgage off as soon as possible!
47. I only had a 5 year mortgage and paid it off after 3 years, I couldnt pay it off any quicker due to penalties.
Actually this hasnt happened yet, its 4 months away. Looking forward to it.
Will probably buy a santa cruz nomad to celebrate.
50, I'm 52 now and next move will be to cash-in and downsize / move somewhere cheaper. Have tried to convince the wife that we could go travelling in our camper and rent the house out which would give us a good income - she's not convinced.
56... finished paying it last year, total anti climax 🙂
57 (26 to go) if we stay here that long.
Plan like a few others on here was that this was to be our most expensive house and we bought it in fairly crap cosmetic condition. So hopefully its value will be significantly higher if/when we sell it, then we can move back up north and be mortgage free.
11 years left, so 51. Hopefully means I’ll be able to cut my working hours a bit but we’ll see...
Paid it off 6yrs ago so 43yrs old after getting shares in company sale that I'd been key to. It felt good and still does. No intention of getting another either.
We'll be 68. Bought our first house at 19 and sold it for more than 200% profit 15 years later. New house was a family owned property that I paid my uncle his 1/3 share straight out ,for the remainder I paid my mum 10% and pay a cheap mortgage every month (£250) .She's said if she pegs out before it's paid I owe my sister half of what's left.
If I'd had a couple more boom years with my business it'd be done, but we still have a low-ish five figure amount to go.
Should be done before I'm 50, but at least it's nice low monthly payments.
This is a willy waving thread of top proportions.
62 most likely. Reserved our house. But it won't be built till September2018!
42, 9 years ago. Always lived alone so it was a priority to get it paid off as no second income to fall back on.
wrightyson: This is a willy waving thread of top proportions.
It is indeed. And mine will be paid off when me and the wife are 70.
Which means I win. Hooray. I win the willy waving thread.
I've got that right haven't I.... 😉
**** paying off the mortgage. Mrs ws and I plus the kids now are partying hard still and paying off the mortgage as the contract requires. Bollox to overpaying and suffering now whilst we can still enjoy going out and doing/buying what we want when we want etc.
paid off at the start of this month 😀
aged 48
people who've paid it off, or are likely to pay it off early are more likely to be over represented on it to be fair.This is a willy waving thread of top proportions.
Depends on the value of the house surely in the willy waving stakes ? A fully paid up 1.5M would be quite something.
Why do people feel compelled to tell other random strangers this piece of useless information?
Does it matter? Everyones circumstances are different, if someone has a mortgage till their 100 so what, that on its own is meaningless.
Go watch Strictly ffs.
I dunno, but I did buy a new bike today so I is happy!!
I think given the astronomical house/income ratio if you drop out it can be very hard to get back on again.
Always worth keeping the arrangement in place as it’s a v cheap way to borrow
57 but our mortgage is for 80% of the house, not sure when we'll manage to get the other 20%. Maybe when the mil pops her clogs she'll leave us enough to buy the rest out.
I've got 22 years left (am 44 now) so 66 - the year before I retire!
We plan to overpay a little bit once the childcare costs drop, so hoping to get it down to nearer 60 eventually.
Nobody is going to be leaving us any money so down to us to pay it off.
Not bothered about it really - as even though it is loads of money (£1300 PCM) it is still considerably cheaper than renting where we've chosen to live.
If it all goes wrong we've got enough equity in our house to buy outright a bit further away from London.
Probably about 20% true 'brags' too 🙂
I think its interesting. Perhaps all the skint whiners could FO to another thread to whine?
I'll be 59 when ours is paid off. 16 years left to go. Only got the mortgage 3 years ago. Was a 30 year term initially. After 2 years the LTV was that good we dropped it to 17 years for £90 a month more. Hopefully able to drop the term once we don't have to pay nursery fees. Mid 50s paid off is my plan.
3 weeks ago, at 57. It felt good.
Go watch Strictly ffs.
I would, but I sold the TV to make my last ever mortgage payment 😆
Dead, probably. The biggest downside of divorce.
Why do people feel compelled to tell other random strangers this piece of useless information?Does it matter? Everyones circumstances are different, if someone has a mortgage till their 100 so what, that on its own is meaningless.
A useful gauge of whether you're being sensible/reckless? Plenty good enough reason to ask.
I was only 12 when I rocked up with a wheelbarrow full of cash and made the owner of my country estate a ridiculously high offer to move out on the spot.
Do I win a prize?
A useful gauge of whether you're being sensible/reckless?
I dunno, but I did buy a new bike today so I is happy!!
😆
Do I win a prize?
Yes. But it might not be the one you were hoping for.
It is willy waving .
Ha.
Five years left one one and the other will be sold to buy a northern castle.
Or,we'll stay in the south ,skint! and spend all our cash on artesan bread and organic veg.
70, I think. Only £350,631.94 to go. Good job I'm a single earner on a zero hours contract doing labouring and only have four other mouths to feed.
Not my favourite topic, this.
39 now will be 63 when it’s paid off, plan to clear the odd bit of debt over next few years then start to over pay hoping to cut it back to 55, if not will take my lump sum from pension and use that, will def pay it before 55 one way or another.
A useful gauge of whether you're being sensible/reckless? Plenty good enough reason to ask.
Quite possibly, but perhaps not in the direction you think.
So to clarify, do you think the sensible person is the one who has paid off his mortgage by the age of 45 or the bloke on the first page who has a big fat mortgage, presumably at a ridiculously low interest rate, and is making 8%PA on his big huge pot of savings?
So to clarify, do you think the sensible person is the one who has paid off his mortgage by the age of 45 or the bloke on the first page who has a big fat mortgage, presumably at a ridiculously low interest rate, and is making 8%PA on his big huge pot of savings?
Depends whether you want/need a big house or not. No pockets in shrouds and all that.
Harmless enough thread. Made me think how lucky we are in the wider world picture, regardless of our mortgage balances.
What Mr sheen says
Tbh my plan is to treat it like a savings account mostly....
Overpay now while I work abroad in a wellpaying job(pays well because I work abroad in shit holes for weeks on end) and take payment holidays when needed/reduce my payment to suit the lesser paying job(as I don't want to be that father if I can possibly not be) I'll have once kids come along. ....
We just took on another mortgage to fund doing up our place. About 20 years to go, so 62 or so.
Sad to say, I think we might getting windfalls from dead parents sooner than that though so could be earlier.
50. 9 years ago.
It wasn't a huge sum so I easily paid it off with the huge lump sum I got as part of my early retirement package.
I'll bet my flat cost less outright than some on here pay in a year towards their mortgage. It's entirely possible to have no mortgage and a decent pot of savings. All about choices and what you want in life. Some are happy with a simple life and free time to enjoy it, others aren't happy unless they have all the trimmings. No need to compare yourself to anyone else if you are happy doing what you're doing.