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Average age of MFW

edited 25 November 2014 at 8:23AM in Mortgage-free wannabe
15 replies 1.6K views
SuperSaver123SuperSaver123 Forumite
310 Posts
Uniform Washer
edited 25 November 2014 at 8:23AM in Mortgage-free wannabe
Hi,

Just wondered how old is an average mortgage free poster on this forum, including mortgage free wannabes.

I am 32 and cannot see myself being mortgage free until I am at least 50. My husband (being the same age) keeps complaining about not having enough time (he actually means money - you need me to translate his words/thoughts!) to enjoy life while we are young. I keep saying we are doing quite well for our age considering we had to start from scratch. We are nowhere near being MFW as we have lots of debts to deal with first. 4 properties between us, high mortgages on all, not maxed though.

Could you please state your age when you became mortgage free

ie. 70 MF

or when you are expecting/planning to be mortgage free

ie. 50 MFW

Would love to read a brief on what you think helped you become mortgage free ie. inheritance/strict saving on life style etc.

How old were you/expecting to be when you are MFW? 47 votes

20-29
2%
FloppyDisk 1 vote
30-35
8%
PenguinJimMartyn1981JimLadagentk 4 votes
36-39
4%
Mallotum_XStevie_Palimo 2 votes
40-45
14%
Torry_Quinedark^knighthelmetbettybsms1147lee111scouponchaosDarpett 7 votes
46-50
29%
clarewblacksteJonbvnbownyboyCrumpetsTyphoon2000thepennyfarthingsSouthend1lulabelle1GoldiegirlegoodeCraftieJoolzjodles16Crradado 14 votes
50-55
23%
savingqueenblack_taxi_2VoucherManSailorSamSuperSaver123Secret_Saving_SquirrelAngry_Bearlexington013BookWormdazanteney4itskat 11 votes
56-60
17%
Paully232000thriftylynnytheyorkbroodPenny_Bridgepogg000Pickle29fluffpigWhitefeather8 8 votes
60-65
0%
66-70
0%
70+
0%
«1

Replies

  • egoodeegoode Forumite
    605 Posts
    Eighth Anniversary Combo Breaker
    46-50
    Well I'm 35 and just bought my first flat a few months ago. I'd like to be mortgage free by 45 but I think before I'm 50 is more realistic.

    I'm lucky that I have a very high salary so can put a lot of money in my offset account but also when I bought my place I was relatively conservative as to how much debt to take on and as long as I keep earning the same money as now could afford interest rates of up to 10-12% and still enjoy a quite comfortable life. However in the meantime I am trying to cut back a bit on my expenses so I can afford to do some work on the flat.
    Starting Mortgage Balance: £264,800 (8th Aug 2014)
    Current Mortgage Balance: £269,750 (18th April 2016)
  • black_taxi_2black_taxi_2 Forumite
    1.8K Posts
    Debt-free and Proud! Mortgage-free Glee!
    Forumite
    50-55
    If M.S.E an Internet was around 30 years ago,I'd be MF much younger
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • JimLadJimLad Forumite
    942 Posts
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    30-35
    28 now and hope to be MF when I am 35. 7 Years. Although we are planning on having a baby in that time so that might push it closer to 40.
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • 46-50
    33 now. Hoping to be MF by 50 (or sooner!!)
  • 50-55
    JimLad wrote: »
    28 now and hope to be MF when I am 35. 7 Years. Although we are planning on having a baby in that time so that might push it closer to 40.

    WOW! How are you planning to achieve it?
  • clarewclarew Forumite
    499 Posts
    Part of the Furniture 100 Posts
    Forumite
    46-50
    hubby and I paid off student loans, paid for wedding and house deposits totally by ourselves (both local public service workers so small pay packets each).

    Started with a mortgage of 185k, 4 children later (and myself having only been a part time worker due to children for the last 13years) we are now 38 with 117k left to go and plan to have it paid by aged 50 (at least 3 if not 4 years ahead of time).

    Considering we have 4 children and part time salary in an expensive part of the world I'm very happy with our mortgage free aims. Will keep chipping away as much as possible (whilst balancing the children's needs too!)
    Original mortgage 185k. 2003
    Current mortgage. 65k Jan 2020
    OP £321/month-Aiming to finish August 2025 instead of October 2028 (whilst keeping the 4 dependents fed,watered,clothed,sheltered and paying for school/activities paraphernalia):rotfl:
  • edited 25 November 2014 at 3:13PM
    JimLadJimLad Forumite
    942 Posts
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    edited 25 November 2014 at 3:13PM
    30-35
    WOW! How are you planning to achieve it?

    We will have approx 98k left at the end of 2014. One of our Salaries goes to paying all our household bills, and the other goes mostly to overpayments. We both lift share to work so only have 1 car between us.

    For treats (cinema and takeaway mainly) we have a bit of side hustle....

    1) Rent out our spare bedroom via Airbnb. 2 or 3 nights a week average makes us about £250 a month.
    2) I run a youtube channel and get advert revenue from that, approx £50 a month.
    3) We have solar panels on our house which gives us a quarterly payment for generation (around £200) and reduces our energy bills considerably.
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • 35 - hope to be free by 45. tick-tock......
  • GoldiegirlGoldiegirl Forumite
    8.8K Posts
    Ninth Anniversary 1,000 Posts Rampant Recycler Hung up my suit!
    Forumite
    46-50
    black_taxi wrote: »
    If M.S.E an Internet was around 30 years ago,I'd be MF much younger


    I second that!


    As it was, I was 50. It would have been 46, but we took out a small further advance to get our driveway done
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • jodles16jodles16 Forumite
    1.5K Posts
    Car Insurance Carver!
    Forumite
    46-50
    Hi, Im 27 and thinking it will probably be around 50 though hopefully will be less than that! Though as well as overpaying we are saving for jollydays and doing house stuff or it would be sooner! Ah well it is meant to be until we are 65 so 50 would be perfect! Just got our new mortgage of £185,000 and only a few months in with a regular overpayment on £170.

    Jodles :D
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
This discussion has been closed.
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