What age were you when you became mortgage free?

donstermonster

I am 40 in May 2007 and want to be mortgage free before i am 41

It has been hard work but i possibly (read REALLY WILL TRY) could do it (still owe £27k but with £6k payout next November and various other bits plus my overpayments and my other efforts etc etc etc)

SO hopefully i will be able to say i was 40 when i became mortgage free but i wondered how many people and at what age they became MF and if they are comfortable in saying so , perhaps explain where they got the money from?

Mine will:beer: just be from work and buying things to sell (no lucky inheritance for me i am afraid) BUT this is not to judge it is purely an interest item that i hope i can gain a boost from to help me along the way

Happy New year everybody !!!

seven-day-weekend

My husband and I were 46 and 47 when we first became mortgage-free in 1996, (paid for it in 20 years by making slight overpayments) but then took out a BTL mortgage on another property when we were 48/49 and became mortgage-free again (by selling the property) in 2005 when we were 55/56.

Our Spanish house is mortgage-free by using the proceeds from the sale of an ex-Council prefab that my husband inherited from his mother (although we provided most of the money for it in the first place).

Not really much help to you I don't think!

Good luck!

Prudent

I was 38. I am a single mum on average earnings. My house was all paid for by my earnings. I paid off the last £12k or so by living below benefit levels for two years.

I have no regrets. Not only do I have extra income now with no mortgage to pay, but I have learnt to live well on very little.

I wish you all the best in paying off your mortgage.

Prudent

My user name came from the excessive financial prudence I needed to pay off the mortgage!

donstermonster

cool, the replies are exactly what i was after, and what i hoped for, a real mix of people with different circumstances

Knowing that others have done it (and i have never heard anybody who regrest having paid it off) is an inspiration ,

it all helps

thanks, keep them coming !

A_Nice_Englishman

I was 44. Did it by working overtime, living frugually and overpaying as much as I could. A redundancy payment paid off the final chunk.

seven-day-weekend

Some friends of mine became mortgage-free in their 40s by using an inheritance (of £100,000) that the woman had had left to her by a client.

She was a professional care assistant, and the old lady she looked after left £100,000 each to both her carers and the district nurse. :T

mike3000

I was 25, the first time i payed off my mortgage. Had a private mortgage/load with my uncle as was self employed(only 2 years accounts) and cound not get a propper mortgage, paid it off in 4 years. Yes i was single then, and renovated it pretty much on my own.

But only stayed that way for 3 or 4 years. Got a mortgage when i bought a house with my then girlfriend (now wife).

Am currently working very hard to be mortgage free again within the next 5 years.(ie before i'm 38).

tomstickland

I'm 34 and my mortgage is 6 months old. I owe £76K and I worked out that I could overpay by £500 per month, so that'd be £6K per year, so I should be able to clear it in 10 years.I've not made any overpayments yet because I want to build my savings back up first.

silvercar

Became mortgage free at 42, then bought a bigger place with a mortgage 3 times the original size (eek!) at the age of 42.

Paid down the mortgage once and hope it to it again -7 year plan, the goal is to be mortgage free by the time I'm 50. Will be sensible and money saving but not to an excessive level, really believe that you only live once. Now 43.

nearlyrich

We paid off ours in 1999 so I was 38, we overpaid as the interest rate came down we didn't lower the payments and remortgaged to lower the rate as we became free to look for a better deal.

We never missed a holiday and to be honest spent more on "stuff" than we do now, we had cars and holidays and nice clothes, maybe didn't have weekends away or eat out as much as we had younger children, they are older now and we don't need a baby sitter LOL.

I don't crave a bigger or better house, we have a 4 bed detached on a nice road, plenty of living space and everything we need, the views are amazing and I am proud of what we've got.