What age were you when you became mortgage free?

husky510

thanks, to stay on track with the orginal thread, if Dr.Lou is considered mortgage free, i managed it at 40, and to be honest only because of luck, bought a nice little bungalow back in early 90s because i had just split with GF, if was hard for a while but saved, paid a bit more than i had to, and now got a few bob in bank and other investments.

Dr.Lou

husky510 wrote:

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

We haven't paid off the mortgage as yet as we earn slightly more interest on the savings than we pay on the mortgage. I am tax free (housewife) at present.

Plus, I don't think we would feel very comfortable if we had very little savings so I feel that we need to save a bit more to have that security blanket there just in case before paying it off totally.

[Deleted User]

I'm writing on behalf of my parents, they're 53 and 52 and make their final mortgage payments next month. I can't see that it'll radically change their lives financially, but i'm happy for them. They paid it off over 18 years.

It's slightly ironic that I only just started mine. I'd love to know how the hell I could put a better dent in my 180k mortgage...

roswell

so if im 100% offset am i mortgage free ? if so i am managed it last year some time then went on holiday so was no longer 100 % offset now 100% offset again.

iashem

i was 32 when my wife and i paid or our mortgage then had our little girl it made life so much easier without a mortgage

tintoys

We paid our £50k mortgage when I was 45 having paid double payments and not dropping the amount when the rate went down. after a couple of years we moved and added 40k, which we have been paying off in lump sums asap and will owe £7k after Christmas, which we are going to reduce to £5 for various reasons.

But it's such a small amount mortgage wise, you could pay it off with a credit card.

It's worth every sacrifice you make

black-saturn

I got a mortgage in 2001 for £38,000 and paid it off in 2 years!!

Martinslovechild

I'll be making my final payment in October or November this year (2007). I'll be 38 at the time.

Can't wait !!!

Scooby_Man

Good Lord! Hats off to all you peeps who are MF before 40! I'm 30 and have a 350k mortgage and wont be MF before my mid-50s!

Unless, of course, I win the premium bonds or lotto!

ixwood

Will be 54 when my mortgage runs out in 24 years time. *gulp*

I'm hoping to pay it a lot quicker, but probably easier said than done!!

Thinking about it, when I'm 40 in 10 years time sounds like a good target.