Mortgage free age

Samuel T. Cogley

Having bought during the boom, I have to ask OP; which one? :pac:

carolmon

made my last payment on my 50th birthday.......felt great.....a good start to the next half century

Yourself isit

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

Seems odd to me too. A mortgage paid off by 36 (even early 40's) would be pretty unusual. The average age of first purchase is heading towards those ages.

Yourself isit

the_syco wrote: »

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

Retirement age will be 68 for most.

In the good times, many people could've sold up in Dublin & moved down the country mortgage free.
A friend of mine did this, had a tiny 3 bed in Dublin, moved down the country & built a massive house on half an acre, no mortgage!
She was early 30s

Heisenberg1

bubblypop wrote: »

In the good times, many people could've sold up in Dublin & moved down the country mortgage free.
A friend of mine did this, had a tiny 3 bed in Dublin, moved down the country & built a massive house on half an acre, no mortgage!
She was early 30s

True I know a lot of people who done the same.

rustynutz

If I let the mortgage run its course and don't start overpaying (which I'm considering at the moment as on a tracker) I'll be 50, I'm exactly half way through a 25 year term

traveller0101

bubblypop wrote: »

In the good times, many people could've sold up in Dublin & moved down the country mortgage free.
A friend of mine did this, had a tiny 3 bed in Dublin, moved down the country & built a massive house on half an acre, no mortgage!
She was early 30s

What did she do for work in down the country in her early 30s?

TimeToShine

Yourself isit wrote: »

Retirement age will be 68 for most.

I expect that to be 70 by the time 2040 rolls around and those who are applying for mortgages now have them paid off. The days of retiring at 65 are long gone once this generation are out of the workforce.

traveller0101

traveller0101 wrote: »

What did she do for work in down the country in her early 30s?

Ah, in fairness she could transfer her job down the country!
But she did commute until she transferred

f@steddie

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

Expect to have mortgage paid off in less than 15 years, by early 40s on a >500k house with 2 average IT salaries (well below 6 figures). Live (well) off one salary and use the other for saving for deposit / paying off house.  No inheritances / trading up / lotto wins.

CruelCoin

At current pace, and the planned lump sums thrown into it, i'm hoping to be mortgage free age 45 (31 now)

traveller0101

traveller0101 wrote: »

What did she do for work in down the country in her early 30s?

What makes you think there are no jobs down the country, typical Dublin attitude of their being nothing outside the pale? Both cork and Galway cities have very large numbers of highly skilled jobs. 30 mins or so commute into either city has you living in very rural areas and I know plenty who built on their family land and commute in to these cities and work in good jobs in IT, finance, universities etc

Moonbeam

Hopefully have them cleared by 45 before the kids go to University but hopefully before .

Wesser

An excellent mortgage broker recently told me that the average life span of an Irish mortgage is 11 years.


I suppose this includes those that decide after 2 months that they hate the house and those who slog it for 35 years.

TimeToShine

f@steddie wrote: »

Expect to have mortgage paid off in less than 15 years, by early 40s on a >500k house with 2 average IT salaries (well below 6 figures). Live (well) off one salary and use the other for saving for deposit / paying off house.  No inheritances / trading up / lotto wins.

This is an utterly exceptional case and doesn't account for emergency costs or even the concept of the family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives. A mortgage can be a great thing but if it restricts you this much it absolutely is not worth it.

f@steddie

TimeToShine wrote: »

f@steddie wrote: »

Expect to have mortgage paid off in less than 15 years, by early 40s on a >500k house with 2 average IT salaries (well below 6 figures). Live (well) off one salary and use the other for saving for deposit / paying off house.  No inheritances / trading up / lotto wins.

This is an utterly exceptional case and doesn't account for emergency costs or even the concept of the family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives. A mortgage can be a great thing but if it restricts you this much it absolutely is not worth it.

You seem to be jumping to conclusions. 
1. We also have an emergency fund set aside so that is accounted for. 
2. Where did you get the idea that there is any restriction? I didn't mention any.  
What exactly are you on about "family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives"?
The lack of a mortgage will allow us to not slog away 9-5 if needs be. The pressure will be off when there's no mortgage to worry about.

IvoryTower

It sounds great tbf, 200-300k house and spend more years without a mortgage sounds even better but fair play

TimeToShine

f@steddie wrote: »

You seem to be jumping to conclusions. 
1. We also have an emergency fund set aside so that is accounted for. 
2. Where did you get the idea that there is any restriction? I didn't mention any.  
What exactly are you on about "family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives"?
The lack of a mortgage will allow us to not slog away 9-5 if needs be. The pressure will be off when there's no mortgage to worry about.

I'm not referring to you specifically. You responded to someone who was asking a general question using your own personal circumstances to justify your position. All I was saying is that in general the scenario you're in is very unlikely. 3k a month mortgage is huge money even at a combined salary of 100k+ and if something goes wrong in the marriage or you decide to move abroad and rent you won't be able to passively cover it.

Just my 2c anyway, I didn't mean to take anything away from what you've achieved. Just saying that most aren't able to do so which is surely a compliment in some capacity.

f@steddie

TimeToShine wrote: »

f@steddie wrote: »

You seem to be jumping to conclusions. 
1. We also have an emergency fund set aside so that is accounted for. 
2. Where did you get the idea that there is any restriction? I didn't mention any.  
What exactly are you on about "family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives"?
The lack of a mortgage will allow us to not slog away 9-5 if needs be. The pressure will be off when there's no mortgage to worry about.

I'm not referring to you specifically. You responde to someone who was asking a general question using your own personal circumstances to justify your position. All I was saying is that in general the scenario you're in is very unlikely. 3k a month mortgage is huge money and if something goes wrong in the marriage or you decide to move abroad and rent you won't be able to passively cover it.

I responded to a post asking how people were paying off mortgages at relatively young ages. There was no justification of any position. I was offering information. 
Where did you pull the 3k a month mortgage from? 
Most couples who borrow the maximum possible from a bank wouldn't be able to sustain the mortgage if "something goes wrong in the marriage". 
Anyway this has gone off topic.

f@steddie

TimeToShine wrote: »

f@steddie wrote: »

You seem to be jumping to conclusions. 
1. We also have an emergency fund set aside so that is accounted for. 
2. Where did you get the idea that there is any restriction? I didn't mention any.  
What exactly are you on about "family perhaps wanting something more than slogging the 9-5 in the same place for the rest of their lives"?
The lack of a mortgage will allow us to not slog away 9-5 if needs be. The pressure will be off when there's no mortgage to worry about.

 Just saying that most aren't able to do so which is surely a compliment in some capacity.

I'd say most aren't willing to do it. We're certainly on decent salaries but nothing special.

TimeToShine

f@steddie wrote: »

I responded to a post asking how people were paying off mortgages at relatively young ages. There was no justification of any position. I was offering information. 
Where did you pull the 3k a month mortgage from? 
Most couples who borrow the maximum possible from a bank wouldn't be able to sustain the mortgage if "something goes wrong in the marriage". 
Anyway this has gone off topic.

>500k house implies at least a 400k mortgage, and assuming you took it out in your late 20s and as you say didn't have any inheritance or lotto win to use as your deposit it's being very generous to assume you've saved a 6 figure deposit in 5 years. Having this paid off in "less than 15 years" by your early 40s is circa 3k a month without doubt.

f@steddie

TimeToShine wrote: »

>500k house implies at least a 400k mortgage, and assuming you took it out in your late 20s and as you say didn't have any inheritance or lotto win to use as your deposit it's being very generous to assume you've saved a 6 figure deposit in 5 years. Having this paid off in "less than 15 years" by your early 40s is circa 3k a month without doubt.

I actually meant 15 years from starting saving to mortgage being paid off. 10 years saving one good but less than six figure salary comes to around 400k. 100k mortgage for 5 years has payments of less than 2k.

Heisenberg1

f@steddie wrote: »

I actually meant 15 years from starting saving to mortgage being paid off. 10 years saving one good but less than six figure salary comes to around 400k. 100k mortgage for 5 years has payments of less than 2k.

You have me confused are you using one salary for saving and overpaying your mortgage? I would agree your talking about a 3k on mortgage alone or am I missing something?

Heisenberg1

Wesser wrote: »

An excellent mortgage broker recently told me that the average life span of an Irish mortgage is 11 years.


I suppose this includes those that decide after 2 months that they hate the house and those who slog it for 35 years.

The first part of your post I find very hard to believe. What data is this broker going on? Is it just the clients he has had if so it means sweet FA.

JillyQ

41 mortgage paid off 7 years ago

Heisenberg1

JillyQ wrote: »

41 mortgage paid off 7 years ago

So you paid your mortgage off at 34? Fair play

f@steddie

Heisenberg1 wrote: »

You have me confused are you using one salary for saving and overpaying your mortgage? I would agree your talking about a 3k on mortgage alone or am I missing something?

1 salary dedicated to saving for a mortgage for 10 years. Live off second salary. Then get 5 year 100k mortgage of less than 2k a month and continue using full 2nd salary to pay mortgage.

I belive the average industrial wage is about 30k. The salary we're living off is twice that. It's well possible.

Was born mortgage free and hopefully will die that way without ever partaking in the madness this country considers a property market

JillyQ

Heisenberg1 wrote:

So you paid your mortgage off at 34? Fair play

I wish I had it paid off at 34 lol