What age did you or will you clear your home mortgage?

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j_the_inpaler@reddit

Paid it asap and paid off at 45, I think the average is probably about 55 to 60 they pay it off if ever as so many extend it

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39, took out my mortgage at 27, haven't overpaid at all. Have extended it once when buying again. Current end date is 67 but my mother will die before that and I will be able to pay it off and buy somewhere nicer Mortgage free.

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shalo62@reddit

I purchased my house 48 hours ago at the ripe old age of 50.

Starting over is never too late.

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imnotabotimafreeman@reddit

i paid mine off at 35 but divorce forced my hand and had to do it all again at age 44, although i got a good chunk from the previous house due to a co operative ex.Bought a flat had a lodger then a house on my own and all cleared again after 9yrs

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imnotabotimafreeman@reddit

First mortgage at 29 , 3bed semi bought for 60k, deposit 44k amd repaid 16k over 6 years.

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Princes_Slayer@reddit

I will be clearing mine next month. I’m nearly 49 and we have done it in 12 years, 9 months

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AdamT_5@reddit (OP)

12 years is very impressive! I'm assuming you made alot of overpayments over the years?

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Princes_Slayer@reddit

We have overpaid by £12k in total, but each time we renewed, we got a better rate so we instead reduced the term so it increased our monthly payment back to our original one of around £750 per month. We are just coming off a 5 year fix at 1.49% so have been saving in readiness to have a lump to final things this year

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ross-dirext-words137@reddit

I dream of 1.49%

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AdamT_5@reddit (OP)

1.49% can only be found in dreams

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Straight-Buy-7434@reddit

we are still on a 1.25% managed to get from 75%LTV to 34% in 5 years from purchase, just chose a 14year term rather than a 25 year term to force myself to pay it off quicker

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DoItForTheTea@reddit

cries in 4.9%

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MillyHughes@reddit

Wow. I'm impressed at your mortgage rate!

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acorn222@reddit

yeah this is mental, nice work u/Princes_Slayer

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nicksinc@reddit

A £122k mortgage is very cute!

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Bossman_Mike@reddit

I should be on track to pay mine off by 55.

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JohnLef@reddit

50 but but only because my FIL died and his estate just covered it. Had 8 years left.

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Ashamed-Assumption12@reddit

Bought first house house at 25 for £118k. We moved to a better area with slightly bigger mortgage. We had kids, I worked part time, racked up credit card debts trying to keep up. Took extra mortgage to add extension to the house. Now we both work full time and financial stable. Still paying off credit cards but have reduced amount by half and all on 0٪ interest. Have a sinking fund for emergencies and I save for all annual outgoings. Have recently started making overpayments on the mortgage but it fluctuates depending on how much money is left in the bank by payday.

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jeminar@reddit

I won't pay off the mortgage until I'm forced to. Why sacrifice my liquidity when I could do something much more tax efficient. Much rather put any overpayments I might be able to make into pension or ISA. A mortgage is the cheapest money normal people can get.

I think the edge cases when it makes financial sense to pay off a mortgage are rare.

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theowleryonehundred@reddit

Because for many people, owning their own home outright and the stability that comes with this is more important than getting a few extra pounds by faffing about with ISAs or investments for a decade.

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nivlark@reddit

It's not a few extra pounds, it's tens to hundreds of thousands.

Nor is there much faffing involved. I set up a direct debit into my ISA the same month I started my mortgage, and it's run on autopilot ever since.

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impamiizgraa@reddit

I am always confused why more people don’t do both — not sure why it’s always a debate about one or the other?

I’m fortunate enough to be able to overpay my mortgage for earlier pay off and max out my tax free S&S isa every year. I wouldn’t sacrifice early mortgage pay off for investment and vice versa; conversely, doing both less intensively is better than missing completely out on the other

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nivlark@reddit

I've seen that suggested as a compromise solution where two people share a mortgage and can't agree what to do. In that situation I'd agree that it makes sense.

And likewise, if you're able to fully use your ISA (and pension!) allowance and still have some money left over, then overpaying is a good use for the leftover money.

But if this thread is any indication, a lot of people are treating overpaying as a priority when they probably shouldn't be.

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LuciusJ27@reddit

"a few extra pounds" is downplaying the potential just a tad, and it's hardly "faff". Sounds like you just can't be bothered, which is fair enough and your own prerogative.

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theowleryonehundred@reddit

Nothing to do with being bothered. Many people would rather own their home outright as early as possible, rather than mess around with investments.

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Ok_Advantage_8153@reddit

Roundabout way of supporting financial illiteracy.

You'd earn more than twice the return investing it in a ftse tracker than overpaying your mortgage. Yes, I know there is a psychological aspect to 'i own my home' but people are shooting themselves in the foot by doing it.

'Most people' simply don't know better.

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Sensitive_Tomato_581@reddit

Buying into a global tracker fund is not difficult and long term all you need to do

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Feema13@reddit

Many people doing something is not an argument in favour of it.

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TheBestBigAl@reddit

Many people would rather own their home outright as early as possible

That's the point though: they would (generally) own their home outright sooner if they invested the money, because the investment growth means they'll have the amount needed to clear the balance quicker than overpaying would clear it.

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CharlemagneKidding@reddit

Perogative*

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xxxxxxxxxooxxxxxxxxx@reddit

Yeah it’s a psychological benefit more so than a financial one.

“I own this. It’s mine”.

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AdamT_5@reddit (OP)

I agree with this. I would prefer to clear my mortgage as quickly as possible in the hope of a stable roof for my family and kids. The future of good wealth and health is uncertain.

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porphyro@reddit

Paying off a mortgage is almost always going to give a better return than even a cash ISA, and definitely much better than a taxable savings account. Sure, you might hope for a better return in the stock market but some level of overpayment is financially prudent imo, since it's the best cash savings vehicle you have access to.

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Sensitive_Tomato_581@reddit

Thats not correct long-term the stock market has always done better than mortgage rates - so putting your money in a product that tracks the stock market will give you a better return - add compound interest and you're laughing. Also any money you put in your pension gets 25% tax rebate from hmrc.

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porphyro@reddit

Sure.. but you're structurally short interest rates. If rates spike up your mortgage payment will increase and at least short term stock prices decrease, so you don't really want to liquidate your portfolio to pay off the mortgage at that point. A balance of stock investment and some level of overpayment is going to be prudent for most people.

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nivlark@reddit

A mortgage is a long-term commitment though, so investments absolutely are the thing you should compare against.

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porphyro@reddit

Sure, but a balanced approach is sensible. If you were ever tempted to have meaningful cash or bond savings you should almost certainly pay off the mortgage instead.

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Normal_Red_Sky@reddit

You can't assume you'll always be able to make the payments, people are still being laid off by the thousand. Snap just cut 1000, the BBC just announced 2000 over 2 years, meta are cutting 8000. For some, the security of knowing that whatever happens you'll have a roof over your head means a lot.

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Sensitive_Tomato_581@reddit

If the worse happens you're better off having the cash not having it tied up in bricks and mortar - that roof can still be taken awy if you cant pay your bills.

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nivlark@reddit

But it's still going to take you many years to clear the mortgage. Until then, with all your wealth locked up in the house, you're more vulnerable to losing your income, not less.

Paying a lump sum to clear the mortgage is a valid strategy, but until you have that amount ready, it's much safer to keep it liquid so that you have a buffer that you can dip into if it's really necessary.

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TeamOfPups@reddit

Me too, I got mine on a 30 year term for this reason. Done about 20. The payment doesn't feel like much anymore.

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Wiltix@reddit

Because people want the mortgage gone, once that money is freed up in a month they can make choices on saving or pensions. Also a lot of financial freedom not having a mortgage.

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Far_Sheepherder_1958@reddit

Reading these comments is wild. These boomers really had it easy lol

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Kiteslut@reddit

55 without overpaymetns. Started at 38. Lucky enough to put a big chunk upfront.

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AnnMcd41@reddit

Took my mortgage out in 1992, moved in 1999 & added 40k to existing mortgage. Paid one off in 2017 & other one in 2024 . I was 52 when both were paid & closed.

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UnableEye325@reddit

As someone born into Generation Z, seeing these comments make me sad, however, I'm glad people understand what people in our generation have to go through. It's somewhat reassuring that my entire generation is in a similar boat to me in terms of house ownership, etc, aswell.

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n0d3N1AL@reddit

I paid off the mortgage of my buy to let property around this time last year, hoping to pay off my own home in less than 3 years from now. Bought my house in 2021 (new build), am 32 now. I also paid off my student loan as that is a lifelong tax, otherwise could have paid it off sooner. But in grand scheme of things it's fine, I'm not sure if I'll still be in the same career earning as much as I do now but who knows, once I pay off the mortgage I'll go part time and do something more aligned with my values and where positive outcomes that serve others are more directly visible.

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Spank86@reddit

40

Got it at 30, had 2 lads renting some and part of the time plus some extreme overtime like dohnle standard during covid and banged it out over 10 years.

Got damn lucky but also almost broke myself doing it and still suffer knees now.

On the other hand outgoings are slim

If I did it again id not pay the mortgage down but put cash is an isa and be better set for the future But life weren't the same back when.

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im_not_funny12@reddit

Paid mine off last month. I'm 32.

Both my parents died and I inherited just enough to pay it off.

I'd rather they were still here, but they've given me a freedom I wouldn't otherwise enjoy so I am grateful to them.

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QC420_@reddit

Never at this rate, nonexistent mortgage rn, trying to save for a deposit on one but not even a quarter of the way there for even a relatively cheap one! Saving saving saving rn but Christ i feel like i’ll never move out a this rate😭

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Admirable-Dark2934@reddit

Moved to second and hopefully forever home 3.5 years ago. Had a 16 year mortgage here. Currently owe 255k. Will complete when I’m 50(and a half!).

House poor paying 2k pm and only going up later this year on ported mortgage and the rest the following year which will be painful. But also paying 25% in pension (including company contributions). With some small additional sipp isa and lisa in the background.

Hoping I make it that far, once mortgage is clear will then chase more ISA later and hope to exit at 57 if not before. I’ll never be rich, but have just over 2 acres of my own little very natural paradise.

I always pummelled mortgage in first home and took the years down when remortgaging. Sadly can’t do that here without further progression in work, but will be happy to clear while still 50 and then see how soon after I can give up work...council tax alone makes that difficult though!

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Sensitive_Tomato_581@reddit

Bought 1st house at 33 final payment this month at 57 as have just retired so not putting money into my pension any more. Focussing on paying into pensions and savngs rather than trying to pay mortgage off early is definitely the financially savvy and tax efficient thing to do. Investing is not difficult - wrap your money in a tax efficient vehicle like an ISA or pension and then buy global tracker funds and leave it be - no fuss just let compound interest do its thing. We definitely need better financial education in schools.

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Strong-Librarian-OOK@reddit

I won’t. I’ll die before my mortgage is paid (terminal cancer diagnosis - I was given an estimate of 6 months to a year 3 years ago and am still very much kicking). But I have life insurance which will more than cover mortgage for my husband.

But we took it out 13 years ago. It was for £82k ish (for a £93k house, now probably worth around £150k). Currently have about £35k outstanding. We pay around £500 per month and did remortgage during the term to keep the payments the same but shorten the term. Should have had it paid off in about another 7-8 years.

I would also add that we are childfree, so our “starter home” (a 2 bed terrace, but has a drive) is big enough for us.

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Terrible_Tap_4385@reddit

I’m so sorry to hear about the cancer. Wishing you find the strength for the struggle ahead 🙏

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majestic_spiral@reddit

Bought the house at 24. Paid the mortgage off (£190k borrowed) at 33. Was able to do so because I joined the dead parents club.

Just to clarify, I didn’t murder them or anything, the big ol’ C got them both.

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JimmyBallocks@reddit

I moved into my house nearly 20 years ago and I’ve paid about £150,000 in interest and approximately £3.75 off the balance.

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ListInternational309@reddit

72!! And I'm only 42. Hoping to overpay £1k a month until I can get the term down to my early 60s, then focus on my stock ISA

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DylboyPlopper@reddit

Fuck all of you… on track for 63

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lj523@reddit

Just taking my first mortgage at 37. With a bit of luck I'll have paid it off just before I retire!

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-FantasticAdventure-@reddit

Lucky you, I might just have paid mine off before I die.

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emmacappa@reddit

69, dudes!

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HotButteredBagel@reddit

Try 75…

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QAnonomnomnom@reddit

Sucks to be you. We’re on track for 74. Winner winner

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koombot@reddit

65 my brother lol

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BagIll2355@reddit

65-67 paying off a bit extra to knock time off.

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TheHootOwlofDeath@reddit

67

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Thalamic_Cub@reddit

Twinsies 😭

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Superb-Honey-3076@reddit

Is 63 a victory now? Ffs

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originalwombat@reddit

Me too :( probably older

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OK_LK@reddit

I had a couple of mortgages for a flat and house I bought before this one

This house:

I bought it in 2006 at age 30

Mortgage was for £148,000 over 30 years

I had to remortgage in 2013 to buy out the ex

I remortgaged again in 2018 when my fixed rate ended and got an amazing deal - a 10 year mortgage fixed at 2.5% for 10 years, and early exit fees only applying to the first 5 years

I overpaid a lot and made some lump sum payments along the way, preferring to invest in the mortgage than having more / more expensive holidays or newer cars or shiny new things

I paid it off in 2024 and it was so worth it

I really can't see me buying another house unless I can buy it outright. Not having a mortgage is such a relief and an achievement

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Antique_Committee268@reddit

I'm going to be 37. But that's because my dad has chosen to gift me 60k to pay it off! Which I appreciate is unusual and I am very lucky. My mortgage was for £112k in 2016 when I was 28. I've paid down to £60k myself and if my dad hadn't have gifted me the money I would have been 48 max when I would have paid it off, probably 45/46 as any big bonuses I would have put some on the mortgage.

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DECKTHEBALLZ@reddit

If your parents ever need care you will have to repay that gift.. there is no age limit for this.

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Neat-Cartoonist-9797@reddit

I thought if it’s not seen as intentionally reducing your estate it’s ok? I.e an elderly parent knows they will need to go into a care home within months and they start to give their money away? If the parent is in good health and the money is used for a specific purpose I think it’s ok.

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prankishink@reddit

Broadly speaking, there’s a 7 year rule. If the parent lives another 7 years or more, it doesn’t count towards inheritance tax. Done to deter parents from doing this when they are very elderly.

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AdamT_5@reddit (OP)

Amazing father

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greytidalwave@reddit

I got a 30 year mortgage when I was 18 for a 2 bedroom mid-terrace. Best decision I ever made.

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kai_enby@reddit

On track to clear it by around 54, took it out in December at 29. We only had a 5% deposit (£133k loan amount) so we're overpaying now to make sure we're in the 90% LTV band by the end of our 2 year fix but after that I plan to pretty much leave it alone and focus on savings and investments

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theevildjinn@reddit

I took out a 25 year mortgage in 2010, aged 31. First time buyer, £126k on a property worth £140k (10% deposit). Remortgaged twice on the same property because we've had an extension and loads of other work done, but kept the remaining term the same so I'm still on course to clear it when I'm 56.

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Fancy_a_cuppa13@reddit

Took our our mortgage when I was 30 and partner was 33, the mortgage was for £111,575 on a 2 bedroom terraced house 72m2, so far paid off 4 years.

Very early on we started to over pay and when we renew in April next year will be down to £90k mlrtgage.

Ideally would like to be mortgage free in the next 10 years, so a 15 year mortgage.

Only feasible if the interest rates stay stable though as our LTV improves and we get better rates, would like to have a lower monthly mortgage payment but continue the same overpayment.

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liviothan@reddit

You guys are getting mortgages?

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ghos83@reddit

I’m 42 and I’ve paid mine down to £500 so my credit rating stays good! Mortgage is £3 per month

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mikolv2@reddit

I'll clear it when I retire, whenever that might be. I've pulled equity out of it to buy investment properties and will continue to do so to invest when I can.

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mad_saffer@reddit

We will be 70. Trying to overpay while we can because if we don't we will not be able to afford the mortgage at retirement

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Few_House_5201@reddit

Had my first 25 year mortgage aged 26. I’m 45 now and have 16 years left on my current mortgage.

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ross-dirext-words137@reddit

Basically retirement age. First time buyer's are normally maxed out. With a 30 year mortgage and and a high rate. Then they will refinance over time and get a better shorter deal. But allot of the time they will want to move, get a bigger place etc and they will be maxed out again.

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AdamT_5@reddit (OP)

Sadly, this is the reality for the vast majority of us here in Britain. Till death do us part.

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GromitVision@reddit

There’s a reason ‘mortgage’ translates to ‘death pledge’

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AdamT_5@reddit (OP)

I've literally just Googled this. I'm shocked!

"Mortgage" originates from the Old French term mort gage, translating directly to "dead pledge". Dating back to the late 14th century, it combines mort ("dead") and gage ("pledge"). It is called a "dead pledge" because the pledge ends ("dies")—either when the debt is repaid or when the property is taken through foreclosure.

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Common-Hotel-9875@reddit

59

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Blind_Warthog@reddit

36 currently. Mortgage since I was 26. Hoping to have it paid off by 46. I was aiming for 40 but things slipped (and the world went crazy).

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stuaird1977@reddit

49 years old, 3 bed semi. Due to be paid off around 58. Owe 54k. Remortgaged at 45 for an extension

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DoItForTheTea@reddit

retirement age because they wouldn't let us go past it i believe

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-mister_oddball-@reddit

24, was a 25 year endowment, so after that fucking over, i had to remortgage for another 10 years. will be done in two years and i was fortunate that the building society offered to freeze our rate for the entireity of the loan! my mrs was dubious but i almost tore their hand off, time has validated my enthusiasm!

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notanadultyadult@reddit

Took my first mortgage at 24. Upsized at 31 on a 30 year term. Now 35 and the plan is to be mortgage free by 43. However, we’re considering a further advance on our upcoming mortgage renewal to buy an investment property so probably won’t be mortgage free until we’re in our 50s.

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HotBicycle1@reddit

Zero help from parents and property purchased without help from my partner. Had enough money in my ISA to cover the mortgage on my second and hopefully final home at 38.

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fester@reddit

When I was married we'd always rented. Got divorced in 2009 at 38 years old and decided to see if I could get a mortgage as a first time buyer, I was worried I was too old.
Happily, it was accepted so in 2010 I took out a 100k mortgage on a 3 bed semi. It was a 30 year term at around £550 per month. Every two years I shopped around for a better deal. As equity built up, instead of keeping the same term with lower payments, I kept the payments roughly around £550 - £600 and reduced the term by roughly 2 years every time I renewed.
Last year I owed £12k and I had managed to save enough to pay it off, so all in it took me 15 years to clear it, effectively halving the term.
I'm still in the same house which is now valued around £200k. I feel for the younger generation, god knows how they'll get a foot on the property ladder.

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Robertinho678@reddit

Will be 70 by the end term, but hopefully will be paying off more

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Ok-Personality-6630@reddit

Got mortgage at 26, paid it off at 33.

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InterestingSubject75@reddit

32, paid off at 40 100k

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Secure-Presence-8341@reddit

First mortgage in 2007 at 25. Moved to a bigger house in a nicer area in 2013 where we intend to stay for the foreseeable future. Paid off the mortgage in early 2026 age 44.

I overpaid it quite a bit, helped by bonuses from work.

If I had my time over again, I'd bias more towards my pension earlier on and less on the mortgage. Although psychologically it is nice to have it paid off.

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monkeyshoulder22@reddit

Took mine out at 28 and done at 43. Low cost of house area though. Suits me so happy enough.

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mds1256@reddit

Mortgage at 27, paid off at 37.

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bumbleb33-@reddit

I'll be 50 when it's paid off. 25 year term and no room to overpay or invest but at least once it's paid I'll always have a roof over my head. Which is a privilege I know.

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Impossible_Delay1023@reddit

Had a mortgage at say 27 sold at 32 made good money, now 35 and renting… split with my missus so will save until 38 and estimated pay off will by be about 50/53

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finance_mole@reddit

Took out at 25, £160,000. Moved house 5 years later and increased mortgage to £280,000. It’ll be paid off when I’m 52 and husband is 54. Just in time to pay for university!

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endianess@reddit

I never understand it when people think they have done something incredible by paying it off really early. Lots of people do it but they then move to a nicer house. I've done it twice aged 28 and 38. Both times I borrowed as much as I could and moved using the paid off house as a deposit. Each to their own or course but the thought of living in my first house for 60 years makes me wince. It was perfectly nice as a starter home, but I was out of there as soon as I could.

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talkative_parrot25@reddit

Bought when I was 21 with my now husband got about 3 years left so I’ll be about 45 original mortgage was for 115,000 with some add ons and pay offs in between

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MathematicianSea563@reddit

Got a 30 year mortgage when I was 25, so will be 55 when paid off in full.

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United-Hat6381@reddit

Paid off ours aged 40 two years ago. We were lucky when we sold up as house prices were insane so we did get more than we expected and we moved out of the city (around an hour commute) to live a better lifestyle and start our own businesses and the house prices were more affordable. We didn’t plan to pay off the whole mortgage initially but the bank tried to shaft us last min close to the sale and we decided to pay it off in full. So we didn’t have the huge lump sum we thought we would have to have as savings, but we paid off all our debts so it was a clean slate. So glad we did, times are uncertain but we have that security and less outgoings. If we ever decide to move again we will try to keep a very low mortgage or buy somewhere within our means (fixer upper or something). I know we are very lucky though and not something that is doable for everyone, even though everyone should be able to purchase and own a home and not have to pay it off forever.

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Good_and_proper@reddit

I’m on track to be 70. Lived here 20 years since I turned 30; held on through stock market crash, negative equity, 6% interest rates when others were paying 1-2%. Clobbered. Then divorce where I bought him out. Insanely proud of myself for making it work (somehow!) House cost 200k in 2006 and worth max 320 now. I’ll probably downsize in a couple of years

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lookhereisay@reddit

Bought at age 23 (now husband was 29). A little two up two down. Back in 2015

Moved in 2020 before lockdowns and the housing market went crazy. Now in a 3 bed semi, nothing fancy but we grew up in Essex, family all here and work in London so we’re tied to the area.

Hopefully by age 63/57. £350k to go. Slightly shoddy deal runs out in December. God I miss our 1.4% deal.

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DIY_at_the_Griffs@reddit

On track for 54

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bradclark2001@reddit

57 but I'd like to pay it off as soon as possible

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losingfocus2015@reddit

59 if i don't overpay or move

it is a new mortgage, and i keep seeing people recommending not to overpay but invest the money instead so I'm a bit on the fence - now that i'm getting on a bit i do need to consider the money now vs retirement situation

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Adorable_Orange_195@reddit

My mortgage would be clear within the next 8 years max, I’m currently early 40’s. However I only live in a 1 bed flat atm and will be upsizing to a house in the next 3-4 years, so my mortgaged status will likely continue until I’m 65-66 unless my pay increases significantly, which is unlikely as ai work for the NHS.

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ComputerMysterious29@reddit

Mortgage at 26 (2009) of £112k. Paid it off in full in 2020, when I was 37. It was difficult but I didn't like being in debt so prioritised overpayments. Honestly, it's not a great house but I love not having the mortgage now. I was working a job with a pretty horrible work-life balance during that period but now I've cleared it I've been able to move to a role with less stress, so I'm not tempted to go back into debt to buy somewhere bigger and better.

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GeekyBeek@reddit

- Bought our first house at 23, but the mortgage on our current place was taken out 10 years ago when we were both 36, so we had the equity from our previous place plus we put some savings towards the purchase.

- The mortgage then was for £205k if I remember correctly.

- The mortgage was taken out over 25 years

- Cleared it last year at 45. We were on track to pay it off by about 50 (mainly because we've been overpaying our mortgage for as long as we've been able to - but that would have depended on income and other things like whether our kids would be going to university etc.

We actually had almost enough in the bank to pay it off in full - which would have left us with no savings of course, but it was an idea that quite appealed to me. In the end the combination of a life insurance policy with critical illness cover and my wife getting cancer last year meant that we cleared it in full.

While I'm on the subject, I would highly recommend the following strategy for life and critical illness cover if you're in a joint mortgage:

You have one joint level term life insurance policy without critical illness cover
You each have a separate decreasing term insurance policy that covers life and critical illness.

If we had a shared policy that covered critical illness, my wife's illness would have meant that I would have needed to take out a new policy in order to get myself covered for critical illness. And because the level term life policy is separate, my wife is still covered by that. Trying to get life cover for my wife under a new policy would probably be prohibitively expensive now.

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bigbadjimb@reddit

This month @64 but I have been paying the minimum possible for the last 8 years (£2.33 pcm) after paying down the mortgage to the minimum amount I could have as a mortgage and still have a mortgage.

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Key_Produce2617@reddit

Mortgage at 25, paid off at 39.

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Unable_Efficiency_98@reddit

I’ll be 64, but I only got my mortgage at 51 after a divorce.

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The_Geralt_Of_Trivia@reddit

We have an interest-only offset mortgage, with enough money in the savings account to cover the mortgage amount... So it's effectively paid off.

Age 50

We decided to leave it there as there are no fees or charges and it's effectively cancelling itself out.

If we need to move or get access to money in a hurry then we have instant access to it (about 100k).

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_franciis@reddit

Early 70s

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nivlark@reddit

Bought at age 25, now I'm 30. I borrowed £130000 for 30 years, so in theory I'll pay it off by 55 although I expect to borrow more to up-size at some point.

[-]

EmptyStock9676@reddit

Yes you’re right, anyone reading this just get chat gpt to compare over payments on a mortgage and investing in a global tracker. You’ll save thousands. Also if you’re a company owner you’re better off paying into a pension if you’re say 10 years from retirement as you don’t get taxed on the payments

[-]

porphyro@reddit

You'll *probably* save thousands

[-]

172116@reddit

Took out a mortgage at 31 - £65k on a £95k property. At the time I expected to clear it at 61 (30 year mortgage). I made a substantial overpayment this year (unfortunately slightly smaller than anticipated as issues with my job security meant I couldn't overpay on renewal), and theim now expecting to pay it off at 54.

I do hope to move at some point, which may increase the pay off date again.

[-]

noinch@reddit

I'm still trying to buy at 41. Hoping this one will be the one. I will be 68 my bf will be 63.

[-]

porphyro@reddit

I took out the mortgage at 26 and paid it off at 31.

[-]

ilona_herself@reddit

Took mine out in 2015 aged 30 for £250k, fully paid off by 2023, aged 38 🎉

[-]

Mina_U290@reddit

32, paid off 49.

I left my job for caring reasons, 2 years later went self employed and from the minute I left the 9-5 I wasn't able to refix my mortgage when it ran out because I "couldn't afford it". I paid off my unaffordable mortgage 8 years early.

Hardest part was making the tvv@ts understand it was come off the capital, not lower my payments. Told them before I made a lump sum payment, then had to tell them again after, as they always lowered the payments.

[-]

WatchIll4478@reddit

Bought at 31, if we don’t extend the mortgage duration it will pay off at 57.

We have significantly more than the mortgage in savings but at present the returns beat the mortgage interest.

[-]

Severus_1987@reddit

Won’t until we downsize when we retire around 60

[-]

YOF626@reddit

I cleared mine in January 2026, I was 55 at the time.

[-]

Optimal_Collection77@reddit

Whoo! Well done. How has it changed your life?

[-]

lj523@reddit

I'm 37 and just about to take on my first mortgage. If I manage to over pay like I intend to I'll have it paid just before retirement.

[-]

Dangerous_Tone_8963@reddit

I’m (39M) nearly 40 and have 16 years left on my mortgage. My husband (51M) will be done by age 67 if we continue on this tract. HOWEVER - once we’ve cleared our debt we plan to overpay on the mortgage until it’s away early.

Neither of us really care that it might take some time - we are just happy that whatever we pay it comes off of our own debt, rather than our landlord’s.

[-]

sandio90@reddit

Took out my mortgage at 38 in 2022.

25 Year term, and hoping to pay it off before 60.

[-]

ReallyIntriguing@reddit

Why so late? For reference im 31 and its likely I won't be able to buy until then aswell

[-]

sandio90@reddit

Mostly life circumstances, I didn't have interest in home ownership in my 20's and wasn't in a position for anything that permanent, i used to live in Dublin and only moved to England at 32 to do a and Masters got job after and decided to stay.

Pandemic helped me reassess life, and most of my deposit was saved up during lockdown, I was living in shared accommodation so rent was cheap.

[-]

moreboredthanyouare@reddit

65, i spent my younger years deliciously haha

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Express-Training5428@reddit

55.

[-]

ReflexArch@reddit

Glad you added the four break downs to the question.

Someone telling you 50 is meaningless.

[-]

r33c31991@reddit

We were on track to be mortgage free by 40/41 but sold and bought our dream home a couple of years ago (more than double the cost), we'll be mortgage free now in our 60s but are a lot happier (and we're aiming to shorten this by a decade by overpaying where we can)

[-]

the95th@reddit

33, 65ish paid off

[-]

Longjumping-Toe-8643@reddit

Bought our first house aged 27 in 2002. Paid £30k for a mid-terrace which needed a full renovation. Mortgage amount was £28500 which we cleared in 6 years.

I appreciate people say don't clear your mortgage sooner than you have to but that's not for is. Not having a mortgage allowed us to save a deposit for our current and forever home. Purchased this house in 2014 for £150k with £135k mortgage. Again a full renovation but we could live in our other house for the year it took to finish this house.

Mortgage cleared after 7 years as we sold our first house and paid off almost all of it.

The piece of mind you get from being mortgage-free is wonderful. It means that even if I couldn't work for whatever reason, the roof over heads is safe. I could also decide to go part time and earn much lower wages as I don't have to pay for housing.

[-]

richbun@reddit

Aged 26 paid off by 51.

[-]

nibor@reddit

1st mortgage of £40k. Taken out in 1998, paid off in 2003 when I was 28.

2nd mortgage was my mum's and not mine, paid off £50k in 2011 when I was 36.

3rd mortgage of £285k. Taken out in 2014 and paid off in 2017 when I was 42.

4th mortgage of £550k. Taken out in 2023 and paid off in 2025 when I was 50.

I focused on being mortgage free all the way back when I got my first property, I could have avoided some of the later mortgages but I built up a property portfolio from my old homes, it was only in 2017 I decided to release some equity from my previous homes by starting to move properties into a LTD and taking out BTL mortgages.

[-]

Myorangecrush77@reddit

I would have been clear in 8 years but due to my soon to be ex not being faithful.,, about to have to essentially start again with £150k mortgage at 50

[-]

mollymustard@reddit

67 and I really want to upsize before retirement 🫠 (currently mid 30s)

[-]

Sea-Climate6841@reddit

Took mortgage at 38. £340 mortgage value. One month… With overpayments, 12 (rather than 32).

[-]

socandostuff@reddit

Paid off a few week ago. Through salary increase, bonuses and overpayments. 22 years done in 13.

Few things to note:

I'd love a bigger house
I could easily spend £20k+ on improvements and repairs
I've sod all money now
my pension is sad for my age
I feel relief, security... But also cash poor... For now (just need to not lose my job)

[-]

pRiM8@reddit

We will have ours paid off in 9 years, I will be in my early 50's.

Bought my first house for 34k with partner when I was 21, best decision we ever made. It was very cheap and needed work but it got us on the ladder.

Currently in our 3rd house having moved areas and dont plan moving again, although bad timing (no thanks to a certain orange pleb) with our current 5 year deal about to end in August 😫

[-]

baddymcbadface@reddit

Aim to clear it at about 60.

I'm in no rush and prefer to focus on building investments and pension.

[-]

Impressive_Chart_153@reddit

Will clear by 49 with a good job, lots of saving and investing.

[-]

Repulsive-Note-112@reddit

67 due to a very late start. Only 6 years to go :)

[-]

Supergoose5000@reddit

Mortgage at 32, now 38. Between my wife and we have no idea. All we know is its cheaper than rent.

We owe about 145k sure it'll work out.

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louse_yer_pints@reddit

If my first marriage had worked out it'd be paid now (I'm 51). Starting again means I'm paying right up to retirement. 21 year mortgage with a 33% deposit.

[-]

Capital-Ad8143@reddit

PSA: Just like threads about salaries, this thread is naturally going to attract people who are paying their mortgages off at a fast pace and will not be representative of most people in the country.

[-]

ManQu69@reddit

My partner at 32yo paid off a 25year £32k mortgage after getting a work injury payout and saved £15k on interest due to paying it of early.

[-]

GlumAd9856@reddit

Just to balance out all the people that paid off in their 30s . . .

I took out a 30 year mortgage a couple of years back when I was 41. So, i'm currently due to pay it off when i'm 71 - but I plan to remortgage at some point and bring it down to my retirement age (68).

[-]

yabyum@reddit

Yeah, also at the other end as well.

Took out 15 year £200k mortgage at 52, we’re over paying to get it done before 67

[-]

Organic_Reporter@reddit

First mortgage this year, we'll be 40s, hope to clear it by retirement!

[-]

PengyLi@reddit

Overpay overpay overpay. Even £5 now makes a difference!!!!!

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nivlark@reddit

No, don't overpay. Retirement is the perfect age to clear your mortgage. Until then, the money can do a lot more good in your pocket than in the bank's.

[-]

yuk_foo@reddit

I don’t over pay either, all my spare money goes into my pension.

[-]

Didymograptus2@reddit

I’ve had 3 mortgages in my life. First was for £20k in 1984 when mortgage rates went up to about 17% so I never decreased my payment when they dropped so paid it off in about 93.

Second mortgage I got in 1999 for £150k, increased to £250k for cottage / wreck in Highlands in 2009, then paid off in 2010 because company relocation from London to Aberdeen meant housing costs were cheaper.

Final one was 100k in 2011 to rebuild Highland cottage which was paid off in 2016 when I sold Aberdeen flat and.

[-]

Dry_Curve9126@reddit

55 My husband died. Mortgage or six heartbroken children and a widow I’ll take the mortgage thankyou

[-]

dragon8733@reddit

Took mortgage out at 26, paid off at 39 (this month!) . House was only £70k, ex- council and bought from my family after Grandad passed away. I've overpaid regularly but was obviously very lucky to begin with as family knocked money off the price.

[-]

Competitive_Rub_9590@reddit

40 year mortgage for me so I’ll be 63

[-]

anabsentfriend@reddit

Got mortgage at 27. Paid off at 54. Three properties bought and sold and two remortgages with extra borrowed during that time.

[-]

Pikmanpikman@reddit

70 🙈

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double-happiness@reddit

I cleared mine in under 5 years (taken out in my late 40s); it was only £18K, but then I moved from a flat to a house.

[-]

Training-Zombie-3591@reddit

At age 55. The small overpayments made over the years made a dramatic difference.

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Training-Zombie-3591@reddit

I’m sorry but I truly can’t recall. Also property prices were lower then. My main reason for commenting is to make the point that even small consistent overpayments can bring the term down a surprising amount. My apologies if my comment was inappropriate.

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adreddit298@reddit

Not inappropriate at all, anyone who has a problem with it, it's their own problem

[-]

Consult-SR88@reddit

Yep. I set my payment as £100 above the contractual amount from the beginning & I’m now hoping to clear it 5 years early, or even earlier. That extra has saved thousands in interest over the last 13 years!

[-]

AdamT_5@reddit (OP)

If you're okay with sharing, how much was your average monthly repayment and how much overpayments did you make to see a difference?

[-]

getoffthebandwagon@reddit

MoneySavingExpert has a great calculator for this. The graphs are inspiring.

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GrabbedByTheGhost@reddit

They really do!

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charlottedoo@reddit

Brought house: 23, £210000, 5 years with 15 left. Hopefully before 43.

[-]

cdoc365@reddit

56, this month, been paying a mortgage since I was 21

[-]

ddmf@reddit

Haha I'm 51 and been paying a mortgage since 26.

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Velo_Rapide@reddit

55 I think, but I didn't start until 37. That was a small flat, now I'm in a decent house with a decent spouce!

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ddmf@reddit

Would have been paid off by 55 but after divorce it'll be 57 and I'll have to use 25% of my pension.

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AvadaBalaclava@reddit

1st house was £135k with £90k mortgage, paid that off when I was 30, had a few sweet years of mortgage free-ness before we bought our forever home and now would love to pay it off ASAP. I know that people say you shouldn’t, and focus should be on investing, but the feeling of being mortgage free was great

[-]

CaptainRAVE2@reddit

Have stretched it out as long as possible and bought a holiday home instead. Have a trust fund unlocking down the line that will easily clear the rest.

[-]

Chefchenko687@reddit

75% mortgage on £590k property at age 36, paid off by age 43.

[-]

Cuppa_Miki@reddit

32 the first time and I'll be 54 the second time if all goes well.

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runningman299@reddit

Got mine at 28. Now 39.

Have done some overpayments. Due to renew in 4 years and will have circa 35k left but have the money sat in a S&S ISA.

Will pay it off. Probs makes more financial not to use the ISA but want the psychological benefit.

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PlasticFannyTastic@reddit

I’ll be going til I’m 68. FML.

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Iammildlyoffended@reddit

I’ll be 59 when we clear off ours. Took it out at 29.

After seeing some family do the same growing up we decided to copy them: get the lowest monthly payment we can over the longest term. We pay £500/ month.

We’ve had a bad run of luck healthwise over the past ten years so glad we did that, we’ve got just under 100k left - probably will start doing some overpayments over the next decade but we’re not terribly concerned about paying it off.

[-]

MagMadPad@reddit

No plans to pay off early so I'll be 60odd, got my first at 26, I live in the SE so it's much more than I'd like!

We're concentrating on adding to pensions instead for tax reasons.

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roddz@reddit

I'll be in my 60s... im 33 right now

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Capable_Tip7815@reddit

When I am 54 ish so 7 years. I am over paying by £100 pm. And I have £43k left to pay. I am contributing 10% to my pension and my employer 10%. I pay £150 pm into a share save plan at work and another one that's just matured and reinvesting in more shares.

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adreddit298@reddit

63 by the paperwork, but we overpay every month, which will bring it down to 61. When we remortgage, the rates should be lower (well, hopefully), but we'll keep the payment the same, which will bring it down more.

55 would be ideal, but I think 60 is more realistic.

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JoesRealAccount@reddit

I COULD pay off my mortgage before 40 but I would have to stay in a small ugly flat. I'll probably move and then end up paying until I'm 60 at least

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TheNotSpecialOne@reddit

I think i will clear mine in 4 years by my projection. So I'll be 47.

[-]

PrincessPK475@reddit

Bought for 240K Age 32.

Will be paid off hopefully before we turn 60 Approx 198K left to go.

I don't even know how this makes me feel 😅

[-]

abek42@reddit

Unlike most respondents here who have already cleared their mortgage or are 30min from clearing it, this is a sobering one...

66 years. We got our first home very late, no bank of mom and dad, took us time to build our deposit.

We are overpaying on a 2.79 fix which goes up to 4.89 next month (thanks orange cheeto). We will continue marginally overpaying and hopefully clear it sooner than 66, but that's the default projection.

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Ok_Young1709@reddit

I think it was a 30 year term so 63.

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FilmFanatic1066@reddit

Mortgage start at 35 will be cleared at 70

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Tim_UK1@reddit

Mortgage at 30, back in late 1990’s, about 120 large, manager was worried couldn’t afford it.

Paid off about 8 years later, mostly thanks to betting, back then you couldn’t really lose if you knew anything about maths !

[-]

Mysterious-Sock39@reddit

Match betting

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Tim_UK1@reddit

No the early days of betting exchanges…

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Sharloid@reddit

Currently on track to pay it off the month I turn 40 (2030). I bought the house jointly with my now ex partner in 2015. Got the mortgage solely in my name in 2019\~. My wage has fluctuated during this time, highest £41k, i'm currently on £18k whilst studying.

However, my current partner and I want to upsize so I'm sure I'll be paying off for many more years to come.

[-]

mrbios@reddit

Bought at 31. I'm at about 50%LTV now at 38, without overpayments I'd be nearly 70, if I keep up overpayments consistently I'll be about 60. My hope is to be able to significantly cut working hours in my 60s and enjoy something of an early retirement..... But who knows.

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ajsadler@reddit

35, three years ago. First owned a house at 20, and made enough moving up the ladder every few years to be able to move from the Black Country to the South Wales valleys, for a house for £101k. We took out a loan to do it up nicely but this is going to be our forever home now.

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Wipedout89@reddit

I'm 36. Took mine out at 29. will not pay mine off until I'm 53

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ThatGuyWired@reddit

43, can clear it whenever I want. Only have £50 to go.

Am only in this position because my wife died and I got a life insurance payout.

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cgknight1@reddit

Got my first house in 1990s as a student, it was a repo. Rented other rooms to students - after some swaps and dealing I was in my final home and paid off by 35.

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Rough-Chemist-4743@reddit

Late 40s. Mainly due to inheritance though. Also, ploughed some into pension. Would have taken forever I think if that hadn’t happened.

[-]

Beneficial-Pitch-430@reddit

243k left to go…..

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Ganache_Dizzy@reddit

Bought at 24, moved once to where I am now. Just had to re mortgage from 1.19% welp. Would just about have it paid off by now but borrowed money on last re mortgage to buy a house in France, zero regrets.

[-]

jssstttoppss@reddit

I owe more than a mil at 44, on interest only. Hoping our ISAs do well, or it will be downsizing time in 20y.

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Civil_Classroom6399@reddit

We bought at 23, we was due to be mortgage free in 5 years (we are 32 now) but we have since moved and taken on a bigger house due to kids and business space. We stretched the mortgage out as far as we could (i think 40 years). Im aiming to have it paid off in around 15 years.

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627UK@reddit

Cancer's a bastard. Insurance policies were based on me going first.

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Hammahnator@reddit

We could have paid ours off in our early 30s, 8 years after we took it out but interest rates are more than our mortgage interest so we haven't paid it off yet (the fix ends in a few years). No inheritance or help from parents and we started on low paying jobs.

[-]

Conor2704@reddit

260k mortgage I took out 5 years ago (when I was 32). Originally 25 year term, so would've paid off at 57, or maybe a couple of years earlier with overpayment. However, just had to remortgage last week, had to increase term back to 25 years due to the orange faced nob and his obsession with war increasing the interest rates , so will now be looking at early 60s.

[-]

Objective_Echo6492@reddit

Got my mortgage at 29. Currently 37 and on track to pay it off by 57.

I've made a few overpayments, but reduce the monthly amount instead of the term.

I plan to pay it off early, but prefer holding the cash for now in case of emergency.

[-]

Mr-Incy@reddit

I got my first mortgage at age 25 and should have been paid off when I was 50, which was last year.

However, due to some poor decisions many years ago, although some necessary at the time, the mortgage will be pad off when I am 63, unless I start overpaying.

Houses were a lot cheaper back then, and even though I was only earning £15k a year, I was able to get the £60k needed to buy my house. The same house is now worth around £300k and because the guidelines used when calculating how much someone can borrow haven't changed much, a lot of people at age 25 can't afford to get a mortgage, which I find ridiculous when you look at how much rent those same people are having to pay, which doesn't seem to be taken into consideration by lenders.

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DameKumquat@reddit

Hopefully 55 (partner will be 60), in 2 years time - if we don't need to borrow overpayments back.

Got our first mortgage in 2000, when everyone told us not to buy because there would be a price crash soon.

There has not been a crash yet.

Once we finish the mortgage, we might be able to finally decorate.

[-]

Broccoli--Enthusiast@reddit

35

But I expect il have moved and got another by then

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Conscious_Tap6076@reddit

33….not even on the property ladder. My wife and I are saving as much as possible so our monthly payment is as low as we can afford to make it. - Hopefully that’ll work out….

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Electronic-Stay-2369@reddit

Mortgage free since age 30 or 31 can't quite remember the exact date... its a long time ago!

[-]

mikec62x@reddit

Paid off at 56

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3a5ty@reddit

Took out a 34 year mortgage at 29, so should be done by 63. Was a £180k mortgage. Will probably move in the next few years but not looking to massively upside so will still aim to pay off by about 63 - 65.

[-]

Notagelding@reddit

I've got 5.5yrs left on my deal which will complete the mortgage, so I'll be 50. Unfortunately it's a shared ownership property and I'll still need to pay rent on the remaining 70%, unless I decide to buy more.

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FireWhiskey5000@reddit

I need to be able to buy a house first before I can even think about paying it off!

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Dutchzorr@reddit

I’m 40, we’ve got 370k and 25 years left on the mortgage. Expect to pay it off I’m 55 by making monthly overpayments

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griffaliff@reddit

Bought at 30, it'll be paid off when I'm 55.

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blackcloudcat@reddit

15 year mortgage, 20% deposit up front, purchase price £390k. Cleared it on schedule when I was 49.

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Appropriate-Bag5290@reddit

We had a 2 bedroom in London . Started when I was 35y old, no inheritance , nothing to start from . Shared ownership , so owned 40% share/105k . We cleared that out in 9 years, when I was 44. Now we are moving out , to Scotland, the price for it for 425k, 23y mortgage, £2500 per month. But when the London home will be sold, only 240k will be left on this mortgage , planning to clear out in 13years, so I will be close to 59-60, when it will be cleared out.

[-]

Physical-Egg6682@reddit

Bought my house at 26 for £100,000. I put down a 25k deposit. I have 15 years left and around £50k left on it. But I'm about to start over paying to try and clear it sooner

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Consult-SR88@reddit

We have very similar starting points but different outcomes.

Bought my house at 31 for £100k with a £25k deposit & have 12 years & £36.5k left to pay (25 year term).

I’ve been overpaying it steadily since the beginning & my last statement said I’m £8.5k ahead of the contractual payments.

I’m aiming to get it paid off within the next 7 years, so 5 years early.

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Physical-Egg6682@reddit

Fuck... I should have started over paying earlier!! Can I ask how old you were when you took out your mortgage? Ans by how much have you over paid on a monthly basis? My repayments have been between £350 and £500 depending on interest rates. I was fixed rate for the 1st two years only

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Consult-SR88@reddit

I was 31 when I bought in 2013, I’m 44 now. My first 5 year fixed rate was 2.39% which was I think a payment of £360pm. I set my direct debit at £450pm & it’s been set at that ever since the beginning. I’ve never moved provider.

My second 5 year fix was 2.99% & my current one is 4.18%. My contractual payment now is meant to be £324 but I still pay £450. I’ve also paid in some lump sums (biggish & small) occasionally.

I’m mortgage neutral in that I’ve enough in my ISA to pay it off but I’m leaving the ISA to grow.

[-]

Smeeble09@reddit

Got 20 years left on the mortgage but going to start overpaying soon once we finish the main parts of the house refurb and buy a newer car.

Will be paid off by 58yo if we let it run the 20 years left.

[-]

reggie_doodle@reddit

Joint mortgage at 30/31 which was over 20 years. Paid off at 39/40. Both worked full time when we took out the mortgage. Partner is an excellent saver and became a very good influence on me! We put away our target monthly savings as soon as we got paid (we still do this) and did our best to stick to what we had left each month. If we needed to take out extra, we did but we tried really hard not to. We enjoyed life, we had holidays, went out, bought treats etc. Had a baby and I reduced to part time hours. Grandparents supported with childcare so we saved a fortune. When Covid came and we couldn’t go abroad or be out to spend as much, we realised that we could pay the mortgage off early. We decided that we would so it gave us a degree of financial security and allowed us more flexibility with our money. Now mid 40s and we both still work. We enjoy our money while still saving. And writing this out, I do realise that we have been exceptionally lucky in life. Very few of our friends are in a similar position to us despite being on similar incomes and I do worry how the housing market will fare as our child grows. This also allows us the scope to support them (hopefully) when that time comes

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Appropriate-Falcon75@reddit

Mortgage at 24, mortgage free at 32.

Moved house and got a new mortgage at 33, scheduled to be mortgage free by 68 (although I probably could beat that if I wanted to use savings to pay it off).

[-]

Unhappy-Philosophy-9@reddit

Haha, I haven’t bought a house in England. It’s a shit-hole. It’s expensive, the weather’s terrible, the food is average and unless you’ve got a cool half a million lying around, you’ll probably end up in some shitty terraced house with damp and racist neighbours.

[-]

sihasihasi@reddit

I'm 55, my mortgage will be cleared at the end of 2027. I have the cash in savings (What's left of a redundancy payment), but I'm earning more interest than I'm paying on the mortgage.

I realise that I've benefitted from stupidly low interest rates for most of the term, and bought my first flat before prices went nuts.

[-]

hotchy1@reddit

Got one at 32. Cleared by 37. Joys of having over 50% deposit and living in Scotland where houses are cheap.

[-]

merlybirds@reddit

Just got our first house at 24 with my husband, will be ~60 when it's payed off

[-]

SnooCakes1636@reddit

Congratulations! 24 is very young for home ownership these days

[-]

Redgrapefruitrage@reddit

Got our mortgage aged 28 (5 years ago), due to have it paid off by 58 if we don’t do overpayments, 198k value.

[-]

speed87power@reddit

19 yo

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Snoo93102@reddit

only a lotto win would get me one now.

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TinksLudo@reddit

I'll be 47/8 by current prediction, just a little over 10 years. Seemed like a lifetime when I took it out but really not that long now, especially if I can overpay any more.

[-]

cupidstunt01@reddit

On paper, we have 13 years left, current balance £145k. I inherited enough last year to pay it off, but have two years left on our current fix of 2.49%. Will pay it off when current deal ends. If it went full term, I would be 64.

[-]

MisterMeshuggah@reddit

I’ll be paid off at, about, aged 47.

[-]

Beartato4772@reddit

But I could clear it a lot earlier.

But why would I pay down a debt costing me 2.6% when that money could be making more than that elsewhere.

[-]

Amanensia@reddit

Three years ago, both aged 52. Mortgage was taken out 13 years previously for £380k.

[-]

Dry_Action1734@reddit

I’m 31 now and as much as I don’t want it to happen, whenever my parents or MIL die, more than likely in the next 10 years given MIL’s dementia.

[-]

seahorsebabies3@reddit

It’s never a good idea to bank on inheritance

[-]

Horror-Meat958@reddit

This is true, my father has paid over £100k in care home fees after his wife developed dementia

[-]

Harvsnova3@reddit

Bought at 30, paid off at 38, but only because I got a voluntary redundancy. I could have invested the money, but I preferred not having a mortgage.

[-]

RichSpecial5559@reddit

Took out a 25 year mortgage at 23 for 160k. Overpaid whenever I could and fortunate to inherit some money to pay it all off last year

[-]

kylehyde84@reddit

Would have been last year but moved to a bigger gaff, it's now 18 years time. Will have it done in 10

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Fish_Minger@reddit

Everyone is different. We could have cleared ours within 7-10 years of being a FTB, possibly sooner, but for nearly all of the life of the mortgage, I was paying about 1.5% interest. There's no incentive to pay that off when you can put loads into a pension and get >10% return per year, not to mention the tax break.

Now the interest rate is 4.5%, it still makes sense to not pay it off, and invest elsewhere instead.

To answer the question - it will be mid 50s when it's complete, but could have been 15 years sooner.

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SensibleChapess@reddit

Me: Mortgage at 21... Paid off at 38... Retired 42(ish).

Partner: Mortgage about 23 (from memory)... First purchase was a Victoria terraced house in 1993 for £42k, with three huge double bedrooms, though in need of work as the old lady had lived there for 60yrs... Never worked more than a basic job... Paid off at 45... Now works zero hours, when she wants.

The fact younger people can't do this, (despite all the new efficiency and 'bigger and better ways' of doing things!), is solely due to Capitalism and wealth being ever-more concentrated into the hands of a ever-richer few.

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AdamT_5@reddit (OP)

The younger gen have certainly got it bad.

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CoconutBandita@reddit

Thank you for recognising this. And congrats on living the dream!

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fussyfella@reddit

I was 47. We had strategically avoided "trading up" and focussed on paying down the mortgage - so things like all my bonusses were spit 50/50 between paying the mortgage down and living. We never reduced the payments when we paid off lump sums either so that meant it got paid off even quicker.

Once it was paid off, the money that was formally used on the mortgage was similarly split 50/50 between living for now and investments (the UK government gives insanely good tax incentives to invest in pensions and you are mad not to use them, but also keep money in other ways for "just in case" purposes.

No inheritance at before the mortgage was paid off, and no parental help at all (they were as poor as church mice anyway).

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PengyLi@reddit

We were both 43. 57 now. Had a bit of good timing with both our separate houses and therefore had a good deposit for this house (50%) and then overpaid like mad for about 10 years.

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Gratuitous_sax_@reddit

Early 40s with a renewal due in June, current plan will see it paid off just before my 60th birthday but I’ll be trying to pay it off sooner depending on mortgage rates. I’ll be knocking a couple of years off with this renewal because my wife and I have both had pay rises since we started and can afford to chuck a little bit more at it. The thing with debts like this is that the more money you throw at them the quicker they go away.

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Holiday_Landscape_59@reddit

Took mortgage in 2015 over 25 years, approx 145k, should be done in 5 years as have been overpaying

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NoCold3997@reddit

I was 27 when I had my 1st mortgage paid it off at age 29 haven't had a mortgage since ..my current home i paid cash for in 2024.....im now 56.

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Alber07@reddit

Currently 33 and have 34 years left on a mortgage which is now at about £312k. All going well, my plan is for my S&S ISA to equal my mortgage balance in about 12-15 years time. I probably won’t pay it off at that point but the mental effect of being able to would be incredible!

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Goblin_Nuts69@reddit

60, bought a starter house and moved three times. We decided 60 is our target age as pensions will be good by then as well.

We currently pay 25% of takehome salary into our mortgage for a 5 bed detached on the south downs and use the rest to enjoy life, travel and look after children (fuck childcare costs). We also have a car and motorbike hobby.

We could have paid off at 55 but my father died then due to a heart attack so I don't want to use up cash now only to be rich in old age.

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elevatedupward@reddit

Moved and took on a bigger mortgage aged 40, so it'll be cleared when we're 60.

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jungleddd@reddit

Got my first mortgage at 48. Finishes at 73. Hopefully I’ll pay it off before then.

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Grem-123@reddit

I'm nearly 40 and working on getting a first mortgage with my husband...so it will be at the end of however many years we can borrow for...

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zZIceCreamZz@reddit

I don't have a mortgage but my grandparents have a small home in a village I can live in if I can get a job close enough. Then they say I can inherit it, which would be ideal. Life would be so much easier without a mortgage even if I earn a lower income because of where I live.

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No_Sugar8791@reddit

Took out mortgage at 38 for £200k 14 years ago. 12 years left. Except this year adding another 100k for building work. Need to take basement back to brick / start again plus a new roof. Never underestimate how much upkeeping a house will cost!

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Existing_Doughnut985@reddit

I’m 31 now and bought when I was 27. £120k mortgage and I’ve overpaid every month since I got it plus some large chunks from inheritance

Have 70k left to pay and did originally plan to have it paid off in my late 30s but I recently left my job and being jobless hasn’t been anywhere as expensive as I thought. My whole life perspective has changed the last few months and I think I would prefer low hours low pay work rather than the grind I was previously in. Although that would completely ruin my original mortgage plan, I’m ok with that

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Spiritual_Tie3348@reddit

38 sold our house for a big profit and bought one in a cheaper area that needed a little work but mortgage free.

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vipros42@reddit

Mine will be clear at around age 50 hopefully. So in about 6 years

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TurbulentLifeguard11@reddit

Just moved into a more expensive home, early 40s. Mortgage currently around £325k (£295k + additional mortgage of £30k to allow us to build an extension) and due to be paid off just before we hit 60 because I’d like a few years mortgage free before we retire.

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GrabbedByTheGhost@reddit

We took ours out over 40 years in 2018 when we bought the house, but we've been over paying like a bastard so we already own more than 50%.

If we don't move. It'll be paid off in ten years, when I'll be 50.

We probably will move though

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PolgaraEsme@reddit

Had an offset mortgage and really worked it hard. Paid every spare penny into it and paid it off years early.

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alanm1986@reddit

37

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