What age did you pay off mortgage ?

Yorkie1

I was 39 when I got the mortgage, due to pay it off at 64.

I'm now 55 and will pay it off in the next few months.

efes_shareholder

i started late , 52 and dont expect to have cleared my 110k debt until just before retiring

Thats with overpaying and taking 5 years off the term.

strawb_shortcake

In theory I'll pay my mortgage off in 10 years at 53, but we have a house move and may increase our mortgage from £50 to £100k in which case I'll add a few more years on at the same point.

When we bought in 2016, our mortgage term was 32 years, due to a reduction in interest rates we were able to increase the mortgage by £50pm and reduce the term by 7 years, then a critical illness payout has helped us pay off a few more years with lump sums.

We've knocked off 12 years so far, I had 50 in my head as paying off the mortgage, but guess it depends on our next move

aussie_in_wales

Paid mine off last year at 48. Got it in 2017. Bought as a single person and no help from bank of Mum and Dad etc.

Not a huge house but plenty for me and have given me more opportunity to explore different roles than what I currently do as I'm not worried about paying the mortgage every month.

Chocolatefund

Mine will be paid off when I hit 60.

Not overpaying. Using excess money to put extra into my pension and S&S ISA.

Should life hit the fan in my 50s, can always use the ISA to pay off the mortgage.

MillQueen

I took mine out last year for 29 years and it will be paid when I am 70. Hoping to take 2 years off the term when I remortgage next year, to pay it off at 68, but that depends on what interest rates hold in store for us.

Obviously I hope to land on better times in future so I can reduce that further, maybe to age 60 or less. I've done it as a single person with no help from anyone and haven't been able to overpay yet.

knightstyle

Well I'm 81 and still 8 years to go to pay off my mortgage but I have had a great adult life!

haven't been employed since turning 50!

Consumer3

47 for us, however we bought our first property in our early twenties, then kept overpaying and reducing the term when possible.

That last year I virtually lived like a monk, but it was a fantastic feeling to pay it off and have no debt :-)

Jemma01

Paid at 40 this year 2 months ago, bought it at 39. All my money. Grew up in a poor household and 15 years of renting, only managed this because I decided to start my independent consulting business in 2021, which took me from 75k savings (over 15yrs of work) to 320k total savings in 3.5yrs. The rest of the 175k mortgage was paid in 1yr and 4months.

poseidon1

OP assuming you still retain your own BTL property, would acquisition of your parents property together with your only personal earned income, push your taxable gross into higher rate tax territory?

If so, I assume you have factored in loss of 40% tax relief on your BTL mortgage interest and subsequent impact on the business net profit, unless of course you plan to acquire parent's property via a limited company.