what the average age of ppl on this site paying off there mortgage

rlc22

I was 30 last month and DH is 32. I'm not sure when we'll end up MF as we want to get a bigger house than this one, so at the moment we're overpaying so that we can move without having to take on a larger mortgage than we currently have

uzubairu

uzubairu wrote: »

We are 38 and 37 now and hope to be mortgage free by June 2016 (46 and 45).

We took out a £113K mortgage in 2006 and hope it's our last!

Overpayments (currently £500 per month) have brought it down to £98K in 2.5 years.
We've just reduced the term to further increase the monthly mortgage payments by £125.

If we cut out all treats and ate beans on toast every day, we could pay it off even sooner (and we'd be charged an ERC), but we want to be mortgage free AND have some nice treats along the way (nothing wrong with a bit of balance).

When I posted these comments on this thread (Nov 2008), I was chuffed that we had cleared £15K since taking out the loan in July 2006.
2 years and 3 months later, we've knocked another £40K off the total (including paying a £2K ERC), and it's all due to the motivation that this forum gives you.

We still do fun things and take holidays, but we try to get the best value we can at all times whilst doing so.

We'd like to think that we can shave a couple more years off our estimate and be free when we are 44 and 43.

The only thing I would have liked to change was to get OH involved from the start, since he earns more money, he wasn't as sensible with his disposable income and I am sure that had he been that way inclined from the beginning, there would have probably been a further reduction of about £10K over the last 4.5 years.

He's fully on board now (last 2 years especially), so that's all that matters.

stedwell

I'm 47 and DH 50. Just over 6 years to go on 100 thousand if I keep overpaying. So good to see people remortgaging again for a bigger house. Thought we were the only mad ones to have done that.........

Mickeyblueeyes48

I'm 48 and have 2 properties. The first one is paid off and my daughter lives there.

cat04

1st mortgage at 18 with (now ex) hubby (26) of £40,000 paid off after 4 years; 2nd mortgage (age 24) to buy house for his parents to 'rent' from us (don't ask...) I think was £60,000 paid off in 2 years!!! Now with my new OH, mortgage of £63,000 taken out on day I turned 30, is due to be paided off on the day I turn 45, but with some serious saving/cutting down etc we hope to have it paided off by my 40th birthday

Ex H was on a much higher wage than OH so that helped, plus I was working after leaving uni and he was also the tightest man I have ever known so I know OH and I will have more of a struggle to pay it off early.

Careful_economist

Me and my wife are both 33 and will pay our mortgage off in December. We have a good property that we bought in 2007 and now have had 2 boys whilst in the house. We have always overpaid and now it's going to pay off and give us financial freedom in our lives at quite an ealy age

gazhagu

i overpaid my mortgage by £135 a month and it saved £36000 in interest payments and saved 7 years off my mortgage. just re-mortgaged now for 15 years and aim to overpay again by the same amount. if i dont move and get a bigger house(??) i aim to be paid off by 2022/23 so i will be 52. first mortgage at aged 39!!!

nakiwala123

Brace yourselves!

DH is 27 and I'm 29. We started our mortgage in June 2013 and still a long way to go, currently stands to finish it in 2038. We are overpaying by £100 per month but with only 5 payments into a 25yr term, we still have a long way to go.

BlueMoo

Not to worry Naki, I'm in the same boat (although I'm a year and a bit in). You can see my thread 'Journey to the Promised Land' for the exact details.

The key point is that you are aware of it, and are taking control of your financial future - hopefully to Freedom!

115K

We are 37 (me) and 43 (him).