How many years did you have a mortgage for in total?

matthewpoll13

Hello

I'm 24 & just brought my first flat. I just wondered how long do people generally have a mortgage for? I'm guessing it is longer than 25 years, since most people move into a bigger property eventually.



I would like to be mortgage free by 40, I don't desire a big house. A small house in a nice area will do me.

My current mortgage debt is £85,000 & the flat is worth £100,000. I'm making over payments of £150 each month. I currently earn £29,000 & have only £1,500 of savings

Thanks!

Flugelhorn

24 in the end - remortgaged several times as moved to larger houses but was able to pay all off a few years back

mustang121

My first house with a 25 year mortgage, at x2 our joint income, now 23 year left. No plans or cares to move house. If we stay here forever, then so bit it. We love our 3 bed end-terraced house.

Peter999_2

12 years to pay off £120,000.

Just about to move to a new house, quite a bit more expensive but without a mortgage.

tootallulah

That is a really good question. I got my first mortgage at 29 and am still paying 27 years later but in between I became mortgage free on my first property and kept it as a btl, and then bought another btl............ I hope to be mortgage free on all three in the next ten years.

I will have been paying mortgages for 37 years. Your plan looks a really good one to me looking from the other end of the age tunnel.

tanith

I too wanted to be mortgage free by 40 but 'life' got in the way as things don't often go how you would like. After a divorce I had to start again with another mortgage at 48 yrs which after another 17yrs on top of my early mortgage of 20yrs makes 37yrs in total I will be free next year.

rockabelle

Ooh that's a depressing question! I was thinking how well I was doing with my overpayments, but I'm still going to have been paying the bank back for the best part of 20 years!

Had my first mortgage for 5 years (didn't overpay much as was paying substantially below the base rate, and got better rates on my savings).

Have had my current mortgage for 3 years, and, if we don't make any more o/p (unlikely), have 14 years to go. If we keep with the current rate of o/p (also unlikely, as baby no 2 due soon), we've only 5 years to go. We are however, in our permanent family home, with no plans to move again

So, in answer to your question, should be somewhere between 13 and 22 years!