[Closed] At what age do you want/envisage to be mortgage free?

2 yrs ago at 45

I was 19 8)

2 years time, 45.

Sure my wife will put paid to that plan though...

Aiming for 45. If I don't make that, then it'll be never 🙁

I was mortgage free at 33. Settled the mortgage 3 years ago.

55 or 56 IIRC.

If I had stayed married to my first wife I'd have been mortgage free by now. As it is I have [b]17[/b] more years (which I shall gladly pay) 🙂

I've never had a mortgage. By the time I wanted to buy property there was enough money in the bank to pay for it.

41 here, but once again the wife is trying to change that currently 🙁

Current timeline is 54. I'm 36 now. Moved house last year.

TBH if the Baby Boomers hadn't all whacked house prices through the roof, we'd all be mortgage free sooner!

45 max, most probably 37. I was mortgage free up until a bought in 07 sold in 11 catastrophe!

6 years ago - best thing ive done moneywise

38 🙂 in about 18 months.

Made possible by some sensible, well timed but ultimaley lucky investments.

Cleared the first one at 38

Still paying off the second 😉

If I stick to the new mortgage plan... mortgage free at 62.

This, however, is not the plan. Ideally 50 or before.

I expect I will be around 60 🙁

The lengths a bloke will go to for a garage and drive for spannering. (and a cracking view, if everything goes smoothly over the next few weeks)

Current timeline is 54. I'm 36 now. Moved house last year.
TBH if the Baby Boomers hadn't all whacked house prices through the roof, we'd all be mortgage free sooner!

I don't buy this at all. For example, my parents had 17% rates, which meant housing was less afordable than now

Maybe never. I still owe the bank a few hundred that I'm paying off verrrry slowlly. That's cheaper than paying a solicitor to keep the title deeds for me 🙂

[quote=djglover ]Current timeline is 54. I'm 36 now. Moved house last year.
TBH if the Baby Boomers hadn't all whacked house prices through the roof, we'd all be mortgage free sooner!
I don't buy this at all. For example, my parents had 17% rates, which meant housing was less afordable than now
Aye - but they also had mahoosive wage increases due to inflation.

I was 32. Thinking about getting another one though.

I've offset the full amount since I was 43.

43yr or last month. It was an amazing month with a completely unexpected turn of events in business. Still feels somewhat surreal. BTW that was 19yrs remaining on the standard mortgage.

75 and no I'm not kidding unless I make the additional 10% payments I'm allowed to each year without penalty.

Under whose broad ownership did prices rocket for 15 years? Who has benefitted most from high prices?

Six years ago for the first home, a years time for home #2

Should make it by 45, but debt neutral, which I like the sound of, 5 years before that 🙂

No doubt something'll come along and b*gger it all up though.

It depends what happpens with interest rates for me. I'm in the process of selling and buying something which will be slightly more expensive, but will reduce the term of the mortgage. If i reduce from 25 years to 8 years I go from paying £50,000 just in interest to £14,000 so well worth the extra effort to get rid. I'm hoping to be about 35-36 when it's paid.

I'm in the unfortunate position that I first started look at houses before the huge increases but didn't go for it, then bought near the peak of the market in 2004 then again in 2010. I won't make anything on the house i'm selling.

Anyone prepared to add some figures?

With a 25 year mortgage you would hope, most would be free before 50.
But it is my view that 30+ is becoming the norm to buy a house.

at 30 i'm mortgage free. this is entirely down to the fact that i've never had one...

currently toying with the idea of buying as the mortgage repayments would be less than what we will pay in rent for a similar property. i could put down a 30% deposit, too, which helps keep repayments low, plus interest rates here in Germany are around the 2.5% mark.

if we take the plunge we would be looking at 50ish. if we are able to chuck any spare cash on the mortgage then around 45, i guess.

my folks signed their house over to my sister and i a few years ago to avoid the inheritence tax thing. their place is already paid off and i'm sure (if not somewhat cold-hearted and cynical) will go towards securing my sister and my GF and i a home.

I bought at around the bottom of the market in '96 when I was 25, moved a couple of years later and was mortgage free when I was 33. Moved in '07 and then mortgage free again a few years ago.

I did this by having lodgers for the 1st 10 years but also was an IT contractor for 3 years which was very lucrative.

Edit - figures:

'96 - £57k - (3.5 x)
'98 - £124k - (4.1 x)
'07 - £130k - (2 x)

5 years ago, about 45. Lucky with redundancy pay outs and cheap mortgage/house prices.

Tbh I don't view paying off as that big a deal, more a mental triumph than a financial one. Add up your ctax, utilities, food, etc and mortgage isn't for me the biggest household outgoing. All those costs continue anyway even when mortgage gone. I'd still like to see ours paid off before I'm too past it, but ain't gonna live on the breadline to do it, rather have spare cash for bike bling now.

Tbh I don't view paying off as that big a deal, more a mental triumph than a financial one. Add up your ctax, utilities, food, etc and mortgage isn't for me the biggest household outgoing. All those costs continue anyway even when mortgage gone. I'd still like to see ours paid off before I'm too past it, but ain't gonna live on the breadline to do it, rather have spare cash for bike bling now.

He speaks sense

timc - Member
Anyone prepared to add some figures?

Well as the OP I'll go first, I pay £1100 PM & if I stay at that I will be in my mid 50's before it's payed off, currently looking in to what I can do to reduce the amount owed & bringing down the time left without increasing payments to much!

We paid our mortgage off by the time I was 38. The last 7 years have been great but I wished we'd have moved then. We're moving again now and delaying things means I'll be paying till I retire. Ho hum.

He does, which is why I'm think of getting another one.

The way I see it; stop paying property tax and find out who really owns your house.

Currently 69, have several changes ahead including overpayments which I aim to be free by 50. Would love to be earlier but got on the ladder too late really.

Tbh I don't view paying off as that big a deal, more a mental triumph than a financial one. Add up your ctax, utilities, food, etc and mortgage isn't for me the biggest household outgoing. All those costs continue anyway even when mortgage gone. I'd still like to see ours paid off before I'm too past it, but ain't gonna live on the breadline to do it, rather have spare cash for bike bling now.

For me it is THE biggest single outgoing, and is more than my other bills including fuel, Council Tax, and Utilities combined. Definitely worth it for me to get shot off bearing in mind that I'm still looking to have a life in the meantime which shouldn't be a problem.

I pay £516 a month at the moment over 25 years. I'm going to have a bit more (maybe £700) a month to pay on my next house and then i'm looking to double the repayments. I'm fortunate in that both my wife and I work and don't have kids (yet) and haven't racked up any other debts.

Now/55

Currently overpaying by £250/month which should take 9yrs off it. We'd be paying off more but have a wedding to pay for next yr, then it'll be new kitchen, plus front & back gardens need some proper attention. Oh and the bloke who looked at our leaky garage roof the other day reckons it's a right old bodge (i tend to agree with him) and will need replacing.....never stops, does it?!

Current repayments are £223 a month, but that would take me 15 years to pay so I just pay what I can (around £1k)

Then take it out again to pay the visa bill my wife racks up.

I'll be 50 but I don't owe a great deal as it is. I could be mortgage free a lot sooner, but I'm having an early mid life crisis with trips to Aus, and lots of other experiences before we have kids and become social lepers. When we knock one out and loose our free time, social life and freedom, we will have a little more money for early mortgage payments. Fingers crossed I'm shooting blanks. We will get a trail dog instead 🙂

Kids? Social lepers?

We fly to LA for Christmas and New Year with two young kids (3 yrs old).

I do cringe at the cost though.