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.

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.

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