How old when you pay off your mortgage?
Late twenties for me. Was only a little mortgage on a pretty inexpensive flat though so wasn’t much to pay off. In process just now of deciding whether or not to stay here and retire in my mid forties or retire in my fifties and move somewhere more expensive. Good choice to have so not complaining.Posted 4 months agonickjbSubscriber
Didn’t start mine until I was nearly 40 so I’ll be fairly old. Could pay most of it off if I really wanted but the money is being better spent at the moment onPosted 4 months ago
coke and hookersinvesting as the returns are better than the mortgage interest plus a few lifestyle choicessiwhiteSubscriber
Could pay most of it off if I really wanted but the money is being better spent at the moment on coke and hookers investing as the returns are better than the mortgage interest plus a few lifestyle choices
This. We have about half the amount of our mortgage in a managed portfolio, which returned 8% last year compared to a couple of % mortgage rate. We are going to remortgage next week before rates rise, and will likely elect for a shorter repayment period than our current 20 year mortgage.
In answer to the OPs question, I’ll be 60.Posted 4 months agoBustaspokeSubscriber
I paid mine off at 49 or 50.In truth I could have paid it off earlier if I had sold my shares,so I think the pressure was off a couple of years prior to that.Posted 4 months ago
Unfortunately,I didn’t like where I lived & to move to where I now live meant more money.I ended up buying a ‘fixer upper’ so I didn’t need to get a mortgage again,but it’s been hard work..twinw4llMember
Paid first mortgage off at 31 then decided to move house, paid that off at 41, then borrowed more for extension, in the process of selling up and mortgage free again forever at 54.Posted 4 months ago
Now buying a property much cheaper so trousered a few quid to fund a life of debauchery.mrdobermannMember
43 and a couple of years to go. Mrs was up for moving 18 months ago, same sort of house just a nicer area very close to the tube station. Would of been a total renovation job, with most of the work done by muggings (been there and done that)Posted 4 months ago
But the idea of being mortgage free, slowed her down 😀
Roll on to being Over biked, still untalented and mortgage free 😀MoreCashThanDashSubscriber
Paid off at 45, now 48. We only had a small mortgage after moving up from Sussex to enable MrsMC to stop working when the kids came along, then we overpaid the mortgage with her salary when she started back again.
We were lucky to have been able to take jobs and chances when we did this.Posted 4 months agostumpy01Member
59 assuming we don’t start overpaying again.
If we end up in a position where we can overpay, I think I am likely to put that money onto my pension instead.
Not that knowledgeable finance-wise but with low interest rates at the moment, I think the returns on a pension should out-strip the savings made by paying the mortgage off early.
Although saying that, it would be nice to clear the mortgage off as soon as possible!Posted 4 months ago
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