What age were you when you became mortgage free?

MikeLB

All going well I will be mortgage free before I am 27 in 6 months time :-)

scottish_blend

you all must have great wages to be able to overpay by £500 a month -, as someone has posted I consider myself very well off if I have HALF taht after all the bills and repayments are padi. And that's before I think about diesel for the car, and food to live on.

I'm afraid for the majority of us normal folks - mortgage free time is in our late 40s

Well done to all who have cleared theirs early tho!!

hgbels

Well we had fully offset our mortgage when I was 35. This was down to
1 - Luck - DH and I had a house each when we meet - and the postive equity on his paid off half my orginal £45k mortgage.
2 - No debts - neither of us has ever had loans - car etc
3 - No posh cars - luckily I am not a car person, so we have only ever had cheapish cars.
4 - Having children latter at 35

I was also lucky to have a well paid job, but most of my collegues seemed to have huge mortgages, car loans and posh holidays.
We didn't scrimp to pay off the mortgage, and had loads of great holidays, but we didn't have everything (expensive TV's, DVD's etc)

Unfortunaltely we have just moved to a more expensive area for schools, and bought a more expensive house. We are about to build an extention, but I really do not want to borrow so we are looking at spending some of our savings and raising money in other ways to finance it.

Hels

thaylock

I became mortgage free aged 36 (took 6 years to pay off). I am single, worked hard, saved & made sacrifices with a view to paying off the mortgage ASAP. Paying off your mortgage gives you peace of mind & I think it also relieves you of the stresses & pressures most people experience in today's commercialised world of gadgets, mobile phones, plama TVs, big new cars - make your life happier by paying off your mortgage quickly instead of lining the pockets of companies who pedal all of these fancy goods, then once your mortgage is paid then spoil yourself rotten - but don't go into debt.

You have to ask yourself the question, are you prepared to make short term sacrifices for long term gain ?

Gorgeous_George

I was mortgage free at 21.



GG

hilstep2000

Mortgage free at 46. Was diagnosed with MS, and had a critical illness policy paid up. Paid off my mortgage instead of wasting it!

bockster

why is it nobody else i know in the 'real world' is interested in being mortgage free, or, obviously they would like to be but do nothing about it! does anybody else find this? each to their own i say, but keep thinking of the thousands of £'s of your money the banks won't get their grubby hands on!

we could be mortgage free in 2007 in theory if i cash in a few shares and the endowment that is now just a savings policy.we will be 35 and 32.

we will have been homeowners for 11 years then starting with 3bed semi then after 7 years 4bed detatched. i was never interested in paying it off early until we moved into the 4 bed and increased mortgage from £42k to £78k. not a huge mortgage nowadays, but nonethelessi didn't want it over me for any longer than necessary.

it will mostly have been done with overtime at work, making cars last, remortgaging to good deals (knocking down the term a little each time) and lump sum payments when possible. any jobs on the house are diy, a bit of credit card stoozing and skimming money from banks promotional offers etc also helps

undecided what to do when we have the extra cash to ourselves, but it will be great to have options.

good luck to everybody else.

Skintymcginty

I hope to MF in 6yrs time, when I'll be 44. We've just downsized from a house to a flat, reducing the mortgage from 150k part interest/repayment to 40k repayment. Our Standard Life endowments will mature at that time and whatever they're worth will be cash in hand!

Gorgeous_George

Life is for living. It is far more important to enjoy your youth than to worry about paying the mortgage off early. If you can enjoy life and pay the mortgage off early, that's great but, like all things in life, there's a balance.

I doubt anybody's last words on their deathbed have been, "I should have paid my mortgage off earlier."

It's far more important to have friends than money.



GG

roger56

thaylock wrote:

Paying off your mortgage gives you peace of mind & I think it also relieves you of the stresses & pressures .....

I'll drink to that...:beer: :beer: