What age did you pay off mortgage ?

Jaco70

Just wondering when people become mortgage free.
I’m 54 and have several BTL mortgages, but it’s the one on my main dwelling that I’m referring to. Unless I have an unexpected windfall, I think it’ll take another ten years. 

I was within 30 grand of paying it off nine years ago, but then we moved and upped the loan considerably.
64 seems quite old, in comparison to my parents, but I assume the age for becoming mortgage free has increased significantly in recent decades. 

Flugelhorn

51 - had ended up with 2 properties, sold one that was wholly owned and paid off the mortgage on the main residence. 
I think though that a lot of people remortgage later on an are still paying in their 60s 

mebu60

When made redundant age 45. Queued up in A&L (as was), got to the counter, asked the amount required, wrote a cheque, walked out mortgage-free.

Jaco70

mebu60 said:

When made redundant age 45. Queued up in A&L (as was), got to the counter, asked the amount required, wrote a cheque, walked out mortgage-free.

Sounds wonderful.
I have a few mates who’ve paid their mortgage off early, and a similar number who still haven’t.

molerat

mebu60 said:

When made redundant age 45. Queued up in A&L (as was), got to the counter, asked the amount required, wrote a cheque, walked out mortgage-free.

Paid it off over a couple of years going in to Abbey National and giving them a cheque for around £10K at a time whilst I considered options.  Went in one day and gave them a cheque for around £50 and they said I can't pay that small an amount against the mortgage to which I said you need to check, they phoned HO and came back and smiled and said well done, that was 25 years ago when I was 46.

Linus2864

Age 59 when I retired with a company pension and cashed in part of an ISA.   

I requested a settlement from Barclays, completed a transfer and that was it.   I also confirmed with the Land Registry that the charge had been removed.

The disappearance of the monthly mortgage payments really made a difference.

Jaco70

Linus2864 said:

Age 59 when I retired with a company pension and cashed in part of an ISA.   

I requested a settlement from Barclays, completed a transfer and that was it.   I also confirmed with the Land Registry that the charge had been removed.

The disappearance of the monthly mortgage payments really made a difference.

It would make a huge difference to me too.

Paying over 1300 now, against 900 odd a couple of years back. 

That would pay for a good few holidays.

BrilliantButScary

Age 34, we only had a mortgage for 13 years and have never bothered with another.

The building society made a mistake and charged us twice for something. They wouldn't refund more than £500 of the additional charges and would only take it off the capital, therefore they lost out on another 12 years interest! We are talking about when interest rates were in double digits.

We kept the endowment policy going, therefore benefitted from that when it matured.

Being mortgage free gave us financial freedom, and I went to university and changed careers in my forties.
We both retired at 60.

ACG

If I had stayed in my old house, I would have been mortgage free maybe 2-3 years ago (at 37-38). 
I could probably have my current mortgage cleared by the time I am 50 if I put my mind to it. 

I have a customer and we were having a chat on Friday. She is 35, we reckon she will clear her mortgage by the time she is 41. I know it sounds like a strange thing to say, but I am quite proud of her (even if it is not good for business haha). She did not come from money, she got a job, worked her way up and is now a manager of the flagship store. She has done it all on her own, no help from parents or partners etc. 

Jaco70

ACG said:

If I had stayed in my old house, I would have been mortgage free maybe 2-3 years ago (at 37-38). 
I could probably have my current mortgage cleared by the time I am 50 if I put my mind to it. 

I have a customer and we were having a chat on Friday. She is 35, we reckon she will clear her mortgage by the time she is 41. I know it sounds like a strange thing to say, but I am quite proud of her (even if it is not good for business haha). She did not come from money, she got a job, worked her way up and is now a manager of the flagship store. She has done it all on her own, no help from parents or partners etc. 

My best friend came from no money, but got into a really well paid industry at 16, and worked hard / played hard. Times were different then, and going in with a hangover on Sunday morning was more accepted.

He bought a brand new house at 20 (in 1990), on his own (imagine that today), for 42k. He still owns it, and I asked him a few years back how much he now owed on it. 48k was the reply 😂

His job isn’t as well paid these days, and he does own another house.

strawb_shortcake

I have around 11 years left on my mortgage, which would take me to 53. We are planning on moving this year but mortgage will not increase. 

I'd like to think I can pay my mortgage off by 50, my mortgage is only £503 a month, but paying it off would pay for a fabulous holiday every year. 

We took our mortgage out in 2016 for 32 years so have been able to reduce it down massively, it's now great to see it reducing by £1k every few months.