What age were you when you became mortgage free?

lulu650

paid off the mortgage when I was 38 (OH 45), mind you, married and had the mortgage when I was just turned 19. Thought the house was a fortune at £10,500, worth £230,000 now.

I suppose we should have climbed higher on the housing ladder, but went to university at 40, trained as a teacher, husband was eventually able to downgrade his job once I found my first teaching job.

Stompa

I found myself being made redundant just before buying a house, so ended up paying cash for it. Best thing I ever did, can't say I've missed having a mortgage!

cabbageboy

I totally agree that it's a great feeling knowing that YOUR house is YOURS and SAFE, whatever happens, and relieving you of stresses in this modern commercial world.
It also gives great comfort in todays unreliable job market - you don't feel the stress or worry about being made redundant, and finding another job paying X, to be able to pay the mortgage and bills.
If worst comes to worst, you can get any job - just enough needed to pay the bills....These are a fraction of most mortgage repayments!

iggypop37

I should be mortgage -free later this year, I am a single bloke aged 44. This will be despite :

getting stung badly on my first flat in property crash of 1990-4

endowments that under-performed (so I sold them)

having to last year extend the leasehold of the present flat from 55 to 999 years (and thus increasing it's value)

I managed it through moving to an offset mortgage in 2003 (huge difference), and being able to do some stoozing this past year on credit cards, as well as continually shopping around for best prices on utilities, insurances, etc in the last few years. Not a holiday person generally, my only hobby/luxury is running 2 cars.

thriftmonster

We'll be mortgage free on dh's 38th birthday in March 2007 - I'll be 39. We started with an OP of £15 a month and just put every payrise into that instead of using it. We're also lucky because we bought here before prices went meteoric and becouse dh has been promoted several times - but he has worked very hard for it. It's a security thing for us.

Merlin_of_Altofts

We were in our mid 30's when we cashed in our savings, sold shares before the market went pear shaped and paid off what appeared to be an average 35K mortgage at that time.We literally wiped everything out but then began to save what we would otherwise have spent on the mortgage, then in time raised the savings further as we added a bit to the income. Now 10 years on, we have added a decent portfolio of other investments, savings and property but remain mortgage free.The property is now worth in excess of £250K.
No easy way to get that result, a lot of graft, and getting a fair proportion of savings to spends.It cannot be fun to count your money but never go for a pint, so there is a balance.
Greatest feeling in the world is to say 'Our House' and mean it, not the Halifax's, Woolwich etc. It's strange to feel miffed when the Bank of England doesn't raise it's rates rather than going pale !
The mortgage was 12 years old when we paid it off and I don't miss it ! Biggest problem today is keeping the chancellor off my kids inheritance, but we hope to have done that as well.

pinkpixie_2

We haven't paid off our mortgage as yet, but we are aiming to do so at the end of 2010 when I'll be 35 and DP will be 39. We've put the biggest dent in the mortgage due to having two smaller properties when we met, both bought before the price hike, so benefiting from a lot of equity when we bought a new home together and sold those two. Also being frugal and budgeting has helped us, along with a small inheritance to boot. Pink Pixie

cupid_s

Me and hubby will be mortgage free by the time we're 28. It will have taken us 6 years to pay off.

husky510

I'd be interested to know why Dr.Lou doesnt pay his mortgage off if he has savings to do it?

cupid_s

Possibly their mortgage interest rate is lower than what they're getting on their savings or they want to keep the savings where they can access them 'just in case'?