Mortgage free age

Heisenberg1

f@steddie wrote: »

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.

So your saving circa €770 per week. As another poster said you would be the exception to the rule with kids and if you had CC costs that wouldn't be possible on your incomes. Fair play all the same.

elperello

Deleted User wrote: »

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

You are right about the property market being madness but it's hard to avoid it if you want somewhere to hang your hat.

If one could get through life without having to tie into a mortgage for many years it would be a much more relaxed existence.

Heisenberg1

JillyQ wrote: »

I wish I had it paid off at 34 lol

When you say your 41 and you paid off your mortgage 7 years ago it's safe to assume you were 34 or am I missing something.

athtrasna

Mod note

Please stick to the topic at hand. Derailing the thread will lead to closure. Thanks

My sister and her husband built a house without a mortgage by working hard, saving carefully, being sensible with their build and selling several sites during the boom.

Heisenberg1

[Deleted User] wrote: »

My sister and her husband built a house without a mortgage by working hard, saving carefully, being sensible with their build and selling several sites during the boom.

Good for them that they had sites to sell most people don't.

jimmycrackcorm

Bought house aged 32. Now in a position to overpay and start off with a reduction to finish in 4 years time. Once we get used to that I'll look at increasing to bring it down further.

When it's paid off the difference will be night and day as we will both have no other debts such as car loans or credit cards.

Yourself isit

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.

If you're paying off a 500k mortgage in 15 years 3k sounds reasonable. Of course you may have a tracker but don't count on that staying low.

Baby01032012

Heisenberg1 wrote: »

When you say your 41 and you paid off your mortgage 7 years ago it's safe to assume you were 34 or am I missing something.

He said he paid it off when he was 41 which was 7 years ago

Baby01032012

Yourself isit wrote: »

If you're paying off a 500k mortgage in 15 years 3k sounds reasonable. Of course you may have a tracker but don't count on that staying low.

400k savings over 10 years using 1 salary. Allowed them to buy house worth 500k with only 100k mortgage which they are paying off over 5 years using 1 salary...in case you didn't understand

eurokev

57, 3 years in to a 30 year mortgage now. Hoping to move away working for a year or two in a few years and come back with a big wad to clear most of it.

alibab

Will on paper be 65 . Only 2 years into 25 year mortgage at 42 . Plan is to overpay and finish it by 55 as it's a manageable amount .

This wasn't always the case original mortgage would have been paid off by 50 of so but a divorce resulting in house being sold meant I had to start again . I am sure there are many like me starting from scratch after a divorce. I am no real worrying as have my own place and peace of mind

Mint Sauce

Ursus Horribilis wrote: »

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

Was offered a 100%, 30 years, no payments for first 3 months, and up to another 10K for improvements or towards a car.

Thankfully resisted.

Current mortgage should be paid off by mid 50s based on current deal (20 years), although would like to take at least a few years off that by making one or two bulk payments at some point.

Beasty

Took out a 25 year mortgage in 1988 on a 2 bed semi. 3 moves, a wife, 4 kids and a 7 bed detached with a big garden later I should have my final mortgage (which was only taken out less than 10 years ago) paid off this year. Could have paid off sooner but I'm on a tracker which is incredibly cheap money (can make more out of investing than save by paying off the mortgage at present)

However for someone just starting out there are so many variables including how the market moves and changing personal commitments it's going to be very difficult to plan for such long periods. Many will find themselves stuck with debt into retirement while others like me will be fortunate with money saved at that stage.

lisasimpson

If you bought and had no family renting out a room even on a short term basis/ no weekends basis(i know a few who did this) and used that extra money to throw into the mortgage. Also some mortgages might only allow small extra repayments each month. Even this small amount every now and then helps.
My aim when i talk out one is to have it paid before end of term. The sooner the better for me. Will be late 50s though.have a decent amount saved but im single applicant

Yourself isit

Baby01032012 wrote: »

400k savings over 10 years using 1 salary. Allowed them to buy house worth 500k with only 100k mortgage which they are paying off over 5 years using 1 salary...in case you didn't understand

I replied too early. 400k savings over ten years is some going.

blackbird 49

June 2019 mortgage will be paid i will just have turned 52

shugy

24

TheAnalyst_

Deleted User wrote: »

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

Have you been homeless your whole life or do you pay for accommodation? It sounds like you've made a bad financial choice.

macnug

Mortgage free since 32, hate to burst your bubble but I personal don't see a massive difference not having rent/mortgage to pay, money just gets swallowed up in other places, I suppose if you had a massive mortgage you'd notice it but I really don't.

infogiver

theteal wrote: »

Why is it assumed that anybody must have a mortgage?

I think it's "if" you have a mortgage? Nobody is suggesting that everyone has or should have one.
It's quite clear now after the last 15 or so years that mortgages are not for everyone, never were, never will be.
Mine won't be paid till I'm 63
My brothers was paid at 49
Other brother will be paid at 50
Other brother using his public service pension lump some to pay the 70000 balance on his at 55

infogiver

macnug wrote: »

Mortgage free since 32, hate to burst your bubble but I personal don't see a massive difference not having rent/mortgage to pay, money just gets swallowed up in other places, I suppose if you had a massive mortgage you'd notice it but I really don't.

That's what everyone says. Mine is only 286 per month and I know it would disappear in a puff of smoke if I didn't have to pay it

TheAnalyst_

It's not a big deal to be mortgage free. Some people are obsessed about it. After 20 years of a mortgage your interest payments will likely be a few percent of your household income due to inflation. Why put yourself through ten years of misery in the prime of your life?

infogiver

eurokev wrote: »

57, 3 years in to a 30 year mortgage now. Hoping to move away working for a year or two in a few years and come back with a big wad to clear most of it.

God bless you and good luck!

elperello

macnug wrote: »

Mortgage free since 32, hate to burst your bubble but I personal don't see a massive difference not having rent/mortgage to pay, money just gets swallowed up in other places, I suppose if you had a massive mortgage you'd notice it but I really don't.

But don't forget that when your mortgage is paid you are effectively living rent free.
How you manage the money is another issue.

TheAnalyst_

elperello wrote: »

macnug wrote: »

Mortgage free since 32, hate to burst your bubble but I personal don't see a massive difference not having rent/mortgage to pay, money just gets swallowed up in other places, I suppose if you had a massive mortgage you'd notice it but I really don't.

But don't forget that when your mortgage is paid you are effectively living rent free.
How you manage the money is another issue.

You will always have maintenance costs which are about 1% of the value which you don't pay when you're renting. Plus property taxes. Both of these will dwarf any mortgage payments near the end of the annuity period.

SCOOP 64

eurokev wrote: »

57, 3 years in to a 30 year mortgage now. Hoping to move away working for a year or two in a few years and come back with a big wad to clear most of it.

So you will be 84 when its paid off ?
you could well be gone before then, what happens then ?

infogiver

SCOOP 64 wrote: »

So you will be 84 when its paid off ?
you could well be gone before then, what happens then ?

He said he's hoping to head out foreign soon and earn a big pile of money with which to settle the mortgage.
Plenty of people do this.

elperello

TheAnalyst_ wrote: »

You will always have maintenance costs which are about 1% of the value which you don't pay when you're renting. Plus property taxes. Both of these will dwarf any mortgage payments near the end of the annuity period.

Even taking your figure of 1% for maintenance which in my experience is over generous the total cost of living in a 300k house comes to c. 3.4k per year. Unlikely to find a 300k house to rent for that.

The point of paying off early is that you don't get to the end of the annuity period.

Cuddlesworth

eurokev wrote: »

57, 3 years in to a 30 year mortgage now. Hoping to move away working for a year or two in a few years and come back with a big wad to clear most of it.

Going to assume, you mean 3 years left. No bank gives out mortgages terms past retirement age.