To Top

Mortgage Free By 41 Years Old? This Is How These Homeowners Are Paying Off Their Loans Early

Having a mortgage is a financial responsibility that a lot of people would be happy not to have. Thus, everyone dreams of someday being able to pay off their loan in full earlier than they initially planned. After all, what person doesn’t want the freedom to pursue other financial goals while they’re still relatively young?

Fortunately, there are many ways homeowners can cut their repayment period shorter and pay off their mortgage as soon as possible. These are some of the tips that Mumsnet users who are on track to do so have for those are planning to do the same. Mumsnet is a website dedicated to hosting parenting discussions where people can share and give advice on a variety of topics.

Joint Efforts

Working together as a couple is one way to make a dent on a huge housing loan faster

Replying to a forum post, which began in early 2019, Mumsnet users talked about the benefits of being mortgage-free and the tips they have for making this dream possible. One user particularly attributes their success to their lack of spending as well as their spouse’s ability to manage their money well.

However, they also admitted that finally being mortgage-free only gave them a new concern to think about: a pension. In the end, they shared how paying off their house loan didn’t make much of a difference in their particular case although they felt like they should be happy with their accomplishment.

Overpaying Now

Lenders usually allow clients to overpay up to 10% of your mortgage balance per year.

Another user shared their story with members of the forum. According to a homeowner with the username ‘CakeNinja’, they’re currently hoping to be mortgage-free by age 41 and are overpaying their mortgage at the moment to do so.

Not disclosing their age, the user said that they overpay their premium by $657 (£500). They also talked about how not having to earmark a certain amount for their debt could leave them with $2,365 (£1,800) more each month.

Meanwhile, a person who goes by the username HappyDinosaur said that not having a mortgage to worry about would make a huge difference in their life. They would finally have the time to spend with their daughter and other family members, they wrote on the thread. However, they admit that they still have a long way to go even though they’re also overpaying now.

Post-Mortgage Plans

People said that they would divert their money to investing when they pay off their house loan

Others talked about what they did after finally being mortgage-free. One mentioned how they added money towards investments and their savings once they’re no longer paying a monthly premium. What more, they also decided to take a well-deserved one month off of work to travel to another country.

More in Loans & Credit

You must be logged in to post a comment Login