Home Forums Chat Forum At what age do you want/envisage to be mortgage free?

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  • At what age do you want/envisage to be mortgage free?
  • 2unfit2ride
    Free Member

    Or for the older/richer forumites what age were you mortgage free 😉

    Only interested as i got stuffed with an endowment policy that has seen my payments going through the roof to keep up. I’m not moaning as I’m not on the breadline yet & I will get through but my orignal mortgage should of been paid off 6 months after I turn 50, I just can’t see that happening now 🙁

    Ho hum.

    bruneep
    Full Member

    2 yrs ago at 45

    PeaslakeDave
    Free Member

    I was 19 8)

    johndoh
    Free Member

    2 years time, 45.

    Sure my wife will put paid to that plan though…

    Markie
    Free Member

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

    glupton1976
    Free Member

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

    clubber
    Free Member

    55 or 56 IIRC.

    Bregante
    Full Member

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

    Edukator
    Free Member

    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.

    deano8
    Free Member

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

    ourmaninthenorth
    Full Member

    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!

    PiknMix
    Free Member

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

    plumber
    Free Member

    6 years ago – best thing ive done moneywise

    djglover
    Free Member

    38 🙂 in about 18 months.

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

    ski
    Free Member

    Cleared the first one at 38

    Still paying off the second 😉

    Capt.Kronos
    Free Member

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

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

    spooky_b329
    Full Member

    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)

    djglover
    Free Member

    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

    druidh
    Free Member

    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 🙂

    druidh
    Free Member

    Aye – but they also had mahoosive wage increases due to inflation.

    allmountainventure
    Free Member

    I was 32. Thinking about getting another one though.

    elzorillo
    Free Member

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

    tonyg2003
    Full Member

    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.

    Woody
    Free Member

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

    ourmaninthenorth
    Full Member

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

    bearGrease
    Full Member

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

    mattstreet
    Full Member

    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.

    MrGrim
    Full Member

    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.

    timc
    Free Member

    Anyone prepared to add some figures?

    Wally
    Full Member

    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.

    alpin
    Free Member

    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.

    mudshark
    Free Member

    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)

    richmars
    Full Member

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

    bri-72
    Full Member

    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.

    wors
    Full Member

    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

    2unfit2ride
    Free Member

    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!

    samuri
    Free Member

    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.

    allmountainventure
    Free Member

    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.

    bruk
    Full Member

    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.

    MrGrim
    Full Member

    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.

Viewing 40 posts - 1 through 40 (of 175 total)

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