Mortgage free age

Grueller

A discussion around the lunch table at work today brought this up. It arose when I said owning my own home was on my bucket list. Google does not tell me an answer, so good people of accommodation and property, what is the average age in Ireland at which people clear their mortgages and own their own homes outright?

James 007

Grueller wrote: »

A discussion around the lunch table at work today brought this up. It arose when I said owning my own home was on my bucket list. Google does not tell me an answer, so good people of accommodation and property, what is the average age in Ireland at which people clear their mortgages and own their own homes outright?

How can this question be answered. It would depend on how much you borrowed and paid up front, the duration of the loan in years, whether you would be on interest only for a period, when you are likely to commence paying the loan etc.

flashinthepan

51 for me after a 20 year mortgage which I was glad to see the back of

athtrasna

Would be 57 but divorce looming means who knows?

Lockedout2

42.

Grueller

James 007 wrote: »

How can this question be answered. It would depend on how much you borrowed and paid up front, the duration of the loan in years, whether you would be on interest only for a period, when you are likely to commence paying the loan etc.

I understand the variables. I just wondered was there data on this held somewhere.

Duvetdays

7 years into a 30year mortgage so 58 when paid back but in about 10years time hope to start over paying to get it over with early.

KD11

36. As already said, its a pointless question tbh.

Addle

I know more contemporaries (late 30s) who are mortgage free than have mortgages.

mariaalice

https://www.youtube.com/user/aibbanktv

Delacent

The banks like to see it paid off by the time you are 60.

theteal

Why is it assumed that anybody must have a mortgage?

Ursus Horribilis

Just over a decade ago there were 40 year, 100% mortgages being offered to people.

Ursus Horribilis

Delacent wrote: »

The banks like to see it paid off by the time you are 60.

Maybe they do but you can definitely get mortgages that run to older ages than that .

F1ngers

43 for me, OH was 41.
Average for us was 42. :pac:

beauf

Grueller wrote: »

A discussion around the lunch table at work today brought this up. It arose when I said owning my own home was on my bucket list. Google does not tell me an answer, so good people of accommodation and property, what is the average age in Ireland at which people clear their mortgages and own their own homes outright?

Did you try google?


http://www.thisismoney.co.uk/money/mortgageshome/article-3126122/Paying-mortgage-65-no-longer-reality-BSA-say-half-time-buyers-needing-terms-retirement.html

http://www.independent.ie/business/personal-finance/majority-of-over-50s-have-house-paid-off-and-cash-in-the-bank-30348393.html

https://www.quora.com/At-what-age-does-the-average-person-pay-off-their-mortgage

The Princess Bride

Had it cleared at 40, then we separated and I bought again.
Will have this one cleared by 51 tops.

I've a good friend whose mortgage won't be cleared until she's 73.
In fairness to her, she is living her life and not worrying about it.
I hate having debt.

Curleytoe

52

SCOOP 64

39 for me.

Delacent

Ursus Horribilis wrote: »

Maybe they do but you can definitely get mortgages that run to older ages than that .

Of course you can, just their preference is for 60 and probably something everyone should aim for.

secman

42 ... but remortgage to extend ... 50 cleared again..... remortgaged to do a self build... 67 next mortgage free .... but hopefully sooner.

Ghekko

If we don't pay it off beforehand ours is due to be paid off when we are 52 - 25 year mortgage. However I'd like to pay it off earlier if possible.

Ms2011

37 for me, 46 for him

Grueller

KD11 wrote: »

36. As already said, its a pointless question tbh.

Why is it pointless. It is a question that arose around a lunch table. Mean salary is also pointless, national level of indebtedness and many others that there are stats on.

The average first time buyer is 34 according to Google.

I couldn't find anything handy on the terms of mortgages being drawn down.

Grueller

beauf wrote: »

Did you try google?


http://www.thisismoney.co.uk/money/mortgageshome/article-3126122/Paying-mortgage-65-no-longer-reality-BSA-say-half-time-buyers-needing-terms-retirement.html

http://www.independent.ie/business/personal-finance/majority-of-over-50s-have-house-paid-off-and-cash-in-the-bank-30348393.html

https://www.quora.com/At-what-age-does-the-average-person-pay-off-their-mortgage

Link 1 English data and has no average age
Link2 has good figures by age sector.
Link 3 is US data

I had read 1 & 3. Thanks for link 2. Very informative.

Grueller

Addle wrote: »

I know more contemporaries (late 30s) who are mortgage free than have mortgages.

Wow. I am in your age bracket and from idle chatter would believe that most of my acquaintances would be still heavily mortgaged.

Grueller

theteal wrote: »

Why is it assumed that anybody must have a mortgage?

Because of the size of the purchase? Not too many have circa €200k at their disposal so early in life I would have thought?

johnnyskeleton

Grueller wrote: »

Wow. I am in your age bracket and from idle chatter would believe that most of my acquaintances would be still heavily mortgaged.

I would also know a lot of people who are mortgage free in their 30s, but they either inherited a house or were given enough cash to put a serious dent in their mortgage.

elperello

28
It was a bank term loan not a traditional mortgage.
Being mortgage free gives you great freedom.
But it's not something you would go around telling people about face to face so probably hard to get information.

mickmac76

Will have it paid off at age of 54. Could pay it off sooner but I'm in no rush.