Mortgage free age

I will be 53 when mortgage free. I was 26 when I originally took out the mortgage. We never overpaid and as on a tracker, the mortgage is not really any burden on us. Years ago when times were tough we took a 3 year payment break which helped us out at the time. Lucky for us we have a great mortgage provider.

nostro

23 and a half

al_E_kat

I am 8 months into my mortgage, 27 taking it out over a 35 year period sooooooo 62!


Christ



Fingers crossed for a lotto win lol

traveller0101

I'm nearly 28 and haven't gotten a mortgage yet. If i get a small/cheap/far out of dublin house I'll be able to get a 25k house. Otherwise it will be 30/35 years which means I'll be over 60 before I own the house. That's pretty depressing not to mention risky.

scooby77

Could pay off now but have rate of 0.95% so not bothered. My interest on mortgage last year was €400. My savings earned more. To end of mortgage term I'll be 46.

thierry14

29 for me to be mortgage free

Took nearly a decade of savings to get that cash together

Hopefully in a few years I will have savings again and can enjoy it

the_syco

Ursus Horribilis wrote: »

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

If you show that the income doesn't cease when you retire.

April 73

If I had stayed in the first house I bought I would have been mortgage free by 43.
But...I've moved house three times since then, each time increasing the mortgage & pushing out that mortgage free age. Currently looking at 62 if we stay the course of that mortgage.

The intention would be to not still be paying it when I'm 62.

If I had stayed in my hometown & built a house on parents' land which a lot of my friends did - I'd be mortgage free by now, but living in the sticks!

It's all about choice.

Mind you it's currently a hell of a lot cheaper for me to pay the mortgage on my house than to rent an equivalent house.

Lumen

I paid off my first mortgage after 12 years at age 42 and got a new 23-year mortgage to buy a nicer house.

Cons: I still have a chunky mortgage.
Pros: new house is awesome.

I won't stay in it forever because it's too costly to maintain on a pension and a bit big for our needs after the kids leave, so I'll just trade down like the previous owners did.

Whatever floats your boat, but I think it's a mistake to think about our housing needs being constant over time. Lots of people rattling around houses too big and others squeezed into places too small.

Debt is just a useful way to reconcile our varying needs, incomes and assets over time.

Baby01032012

KD11 wrote: »

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

If a pointless question why did you answer it?!

It's not pointless. We spend on average a third of our salary paying it off so it is a goal and interesting to see the answers. Of course there will be no correlation or basis as everyone and every mortgage is different.

beertons

I'll be 53. That's ages away.

76544567

Ursus Horribilis wrote: »

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

If those people were sensible and got trackers they are on the pigs back now.

76544567

scooby77 wrote: »

Could pay off now but have rate of 0.95% so not bothered. My interest on mortgage last year was €400. My savings earned more. To end of mortgage term I'll be 46.

You might be interested in my other posts today.
I'm in the same situation. Currently negotiating to get the lender to let me off 40% in return for paying off the mortgage with cash, or bringing it to another lender.
I'll know tomorrow but it looks like I'm going to make 40% or so. You should look into it.

cml387

One imponderable is the ability to pay off early, which is dependent on interest rates.

We got our mortgage in 1994, when interest rates were high-ish, on a variable rate.
We continued paying the same amount back despite rates going down so we finished at least five years early.

mrcheez

James 007 wrote: »

How can this question be answered.

x = The number of people that have paid off their mortgage
y = Sum of the age these people were when they paid off their mortgage

answer = y / x

I was mortgage free at 27 thank god don't think I could do a 20 year mortgage

readytosnap

I bought when I was 30 in 1996, 25yr mortgage, paid off in 2008, due to be paid off in 2021 so I reckon I may of saved a few quid in interest by paying it off early, though mortgage was not massive in 1996 just under 40k. Sometimes I do think to myself how great I am by paying it off early and more so, how my health has deteriorated over the last few years, I know I made the right decision at the time, it was buy a new BMW (savings and loan from CU) or pay off the mortgage, I doubt I would still have the Beemer if I had of bought it.
Somebody told me (back in the day) that you cannot use a credit union loan to pay off a mortgage or buy property? Don't know if there is any truth in that.
Either ways I had the cash in hand and at the last minute decided to pay off the mortgage instead, I hated handing over all the money because it felt like I was getting nothing for it (if that makes sense), but looking back I know I did the right thing.

So er 42

Bandana boy

Was going to be 50 but bought a second property and now going to be 65

youcancallmeal

65 for me on a 30 year mortgage. I think I heard it mentioned that 65 is the cut off but could be wrong about that

Bandana boy

youcancallmeal wrote: »

65 for me on a 30 year mortgage. I think I heard it mentioned that 65 is the cut off but could be wrong about that

65 is cut off for primary earner in most banks

L1011

45 if I don't cut the term; or move which is probably more likely. House needs a lot of investment to bring it up to standard even after 4 years working at it so unlikely to increase payments until my fixed rate ends in 2019.

updateme51

I'll be 50, other half will be 47.

CIARAN_BOYLE

Ursus Horribilis wrote: »

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

I think it's more a don't give exemptions to mortgage rules beyond 60 at the moment.

updateme51

CIARAN_BOYLE wrote: »

I think it's more a don't give exemptions to mortgage rules beyond 60 at the moment.

They will push it out to 70 if needs be, but you need to go through a full review etc as far as I know

CIARAN_BOYLE

updateme51 wrote: »

They will push it out to 70 if needs be, but you need to go through a full review etc as far as I know

They will push a mortgage out to 70 but not a chance of an exemption from central bank or deposit or earning rules if it goes til when the principal earner is over 60.

SarahMollie

Based on when I took out my mortgage, I should be 64 - however I've been overpaying by 10% since almost the beginning so that should knock a bit off it. I went on a 3 year fixed period to get the best rate at the time, so when thats up, I'll through a bit of money at it then too, and come up with a new regular repayment.

That said, whats more likely is that myself and himself will pool our resources and buy a forever home sometime in the next 3-5 years. My place works for us for now, but longer term we went something a bit bigger and that we both own, so god knows what that mortgage will look like.

Sleeper12

The average age used to be 50 or under but times were different then. 20 year mortgages were the norm 30 years ago & people took out mortgages before they were 30 for the most part. I was around 23 myself. Some people now take out 30 years mortgages and can be well into their 30s when they do.

traveller0101

Reading the responses made me wonder how anybody could be paying off their mortgage so quick. What are they earning?!

But then I thought about it more and this thread is useless without more details. Where people have bought, when people took the mortgage out, did they inherit a house and use that as a payment against their mortgage, what was the house value etc etc

Heisenberg1

traveller0101 wrote: »

Reading the responses made me wonder how anybody could be paying off their mortgage so quick. What are they earning?!

But then I thought about it more and this thread is useless without more details. Where people have bought, when people took the mortgage out, did they inherit a house and use that as a payment against their mortgage, what was the house value etc etc

I was thinking the same myself when reading the responses. I'll be 50 when I pay it off maybe earlier.

miezekatze

I will be 53 or 54 I think. Hopefully we can pay it off earlier than that though.