What age did you pay off mortgage ?

todayisagreatday

ian1246 said:

74 years old is when my mortgage is until.

Currently 35 years old,  just come out of a divorce & had to take a 40 year mortgage to be able to comfortably afford the mortgage on my new house.

Fortunately the first £3700 from a 12month regular saver has just matured, so hopefully that'll be my first overpayment!  My son also starts School in September,  freeing up another £200 a month in saved childcare fee's.

I could have had a smaller term, but then I'd be locked in paying a set amount. Currently I can overpay if I have the capability.

On top of that, in the long run the mortgage amount will shrink with inflation, whilst my income will grow...

If you get more in interest from savings or ISA etc than making an overpayment it's worth putting into savings rather than making an overpayment, e.g our mortgage is 3% but we put into savings at over 5% as well as ISA.

Archerychick

Will be 45 when mine is paid (9 payments to go!) 

onomatopoeia99

Just after my 54th birthday.  Could have paid it off around when I turned 50, but that would have consumed everything and left me with no emergency fund. As it was base + 0.24% I was usually able to get better returns or use the offset facility when I couldn't.  When I got to the point of having a couple of years of emergency fund left post mortgage repayment I took the decision to clear it.

I live alone so one wage paying all the bills, not two, and have a disability so have to consider that I may not always be able to work. Having the security of knowing the house is entirely mine is huge.

For comparison my dad was just short of 65 and mandatory retirement (as it was then) when my parents finished their 25 year term.

silvercar

MWT said:

Could have paid it off when I was 43, but as it was an offset mortgage we kept it going until maturity when I was 61. Paid little or no interest for the vast majority of that time but having a line of credit available to use at will over those years was very handy.

Same here. I think it was first fully offset around the age of 50, so about 10 years ago. "Borrowed" from the offset for a second home and for helping the kids with house deposits along the way. It ends in 18 months time, by which time a couple of lump sums from pensions that came into paying at age 60 will go a long way to clearing the last of it.

We actually borrowed against it before it was drawn, as we'd applied for more than we needed, intending to immediately have a lump sum in the offset, but 'needed' to buy out the property at the start of the chain to hold the house purchase together, so used some of it for a deposit on that property.

subjecttocontract

I took my first mortgage at age 21 and had mortgages (sometimes more than one) continuously until I was 65. I just continuously remortgaged and bought more property whenever I could. Best thing I ever did.....using other people's money to grow & build capital. I don't understand those that want to pay a mortgage off asap.

stu2500

Hopefully when I'm 52 (give or take). I'm 41 now and have around 90k left and we try to reduce the term by overpaying on each new deal, although this year we've had an increase after locking in a new 2 year deal. Hopefully the deals come down again by the time we remortgage. We were looking at moving to a bigger home, but I'm really quite against it as we wouldn;t be mortgage free until in our 60's.

jobbywobbler

49, so 10 months to run and we are clearing it (monies sitting gathering max interest).   One other property to then focus on, wee holiday apt (retirement location).  Sell the main home for good amount.......

baz8755

I become mortgage free by my mid 30's.

I have always been good at living frugally and have a make do and mend mentality.

I also love a good spreadsheet so when credit card companies started offering silly amounts of interest and fee free balance transfers I managed to get my whole mortgage onto 0% credit cards (later known as Stoozing).

With no interest to pay and putting in as much overtime as possible I soon cleared my debts and it was the best financial decision I ever made.

Silvertabby

I don't know how much my parents paid for their first house (a two-up-two down terrace with an outside loo) in 1955, but I know they sold it for £5K and bought a 3 bed semi (also with an outside loo until dad fitted a new bathroom) for £6K in 1975. But they weren't mortgage free until dad's 65th birthday. To them, the amount they had to pay each month (the 'cheaper' the better) would have been more important than the final cost.

We cleared our mortgage when we were 47 and 45, using some of our RAF pension lump sums. We knew that our new jobs, whatever they were, wouldn't match our RAF salaries, but not having a mortgage to pay made up for the difference.

HobgoblinBT

I was 42 when my brother had some financial difficulties, 22 years ago. My father stepped in and helped out my brother and paid off my mortgage to the same amount to treat us equally. I then used what was the equivalent mortgage related payment to invest in savings and pension that assisted me to retire early (58).