What age were you when you became mortgage free?

donstermonster

any more for any more

Madmel

We became Mortgage free in June this year, aged 38 (me) and 41 (DH). I used an inheritance to pay off the remaining £30k. We also moved house in September, and this new place is owned outright.

Whilst the house-selling/buying was going on, we made a conscious decision to tighten our belts and cut out unnecessary spending. Now we're trying to keep those habits going and rebuild some savings.

I say Good luck to anyone aiming to be Mortgage-Free - it's a great feeling knowing that you have the security of that roof over your head.

Imelda

Well I am in the process of moving in with my OH and selling my flat, he will be mortgage free by the end of Feb, so I guess I will be too! He will be 29 and I will be 26.

Realistically we will only live in his flat for 2 years max, so we will be saving what we would have been spending on the 2 mortgages (and 2x council tax etc) and so hopefully will have another £50k + to put towards a new house. Although I will be quite happy to take out a sub £100k mortgage to get our dream home.

Mrs(no)money

AAhhhhhh, BIG sigh!

So many of you have achieved it and i am still wanting it badly! We have about 10 years to go on our mortgage, (we're 46 & 43) its not huge, in fact quite small compared to what the 'average' mortgage probably is nowadays. BUT it does get to the point where you just want rid of it, and we're definitely there! We make overpayments every month and anything extra gets thrown at it too, but the final payment still seems ages away! It seems that a redundancy or inheritance helps shift that last chunk, but im not wishing for either of those thank you!

dragonsoup

Around 3 years ago aged 42. This is our 4th property and has 6 bedrooms so it is possible to move up the property ladder whilst becoming mortgage free early.

piglet6

We are planning to become mortgage free in 2007 (so I guess we haven't achieved it quite yet, but hopefully you won't kick me off this thread entirely!!;)). We are planning to sell our home in central London in the first half of 2007 (the first quarter ideally, but I don't want to jump the gun, just in case it doesn't go as quickly as I'd hoped...!!). This will make us mortgage free at the ages of 33 (me) and 34 (Mr P).:j

We won't be living in the lap of luxury once we have achieved mortgage-free status - we have a lot of work to carry out on the house we will be moving into, and it won't be cheap :eek:, but I am very much looking forward to saving up in advance to pay for renovations on that house, and owing nothing to the bank (if that makes sense!!:rolleyes:).

Piglet

*Louise*

Not mortgage free and don't expect to be for a good few years yet...

roger56

Mortgage free at 46.
Overpaid regularly, did overtime if available.
Struggled a bit in late 80's when interest rates peaked at 14ish% :eek:
...mortgage payments were nearly 50% of take home pay.
I'd budgeted for max 10% interest rate when starting the mortgage.

GooeyBlob

Bought my house at 27 without needing a mortgage, but it was a struggle saving the 50K I needed to buy the place on an average wage.

I forewent holidays or a car, took holiday entitlements as cash payments instead of time off work, and invested every penny in a Halifax TESSA and other high-interest building society accounts. After 5 years I had saved enough money for a 3-bedroom semi.

That was in 1998 though, and it's difficult to see how anyone could do the same now.

play2day

32 for me and 43 for DH. We each had our own homes when we met and sold both to buy a large 'family' home increasing our mortgage as we did so. We overpaid and sold some shares to pay it off in just under 5 years.