Average age of MFW

SuperSaver123

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.

egoode

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.

black_taxi_2

50-55

If M.S.E an Internet was around 30 years ago,I'd be MF much younger

JimLad

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.

Southend1

46-50

33 now. Hoping to be MF by 50 (or sooner!!)

SuperSaver123

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?

clarew

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!)

JimLad

30-35

SuperSaver123 wrote: »

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.

d70cw6

35 - hope to be free by 45. tick-tock......

Goldiegirl

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

jodles16

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