Mortgage free: Homeowner reveals how they paid off first mortgage early in just four years | Personal Finance

Getting on the property ladder in itself can seem like a near-impossible task, with raising a deposit while covering the cost of rent and everyday life to consider. Once a person has the money to make the purchase, paying off a mortgage sooner rather than later may become the aim.

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Mortgages can be a long-term commitment, with the Money Advice Service saying that these types of loans can normally take 25, 30, or 35 years to pay back.

In the past, the most popular length buyers have tended to opt for is 25 years, the organisation said.

While many homeowners may be set for the regular outgoings which make up their mortgage repayments, others will perhaps have the intention to become mortgage free in a shorter period of time.

This financial move is something which has been of great interest to one homeowner, who took to Mumsnet last year in order to find out whether other homeowners have been able to achieve this – and how.

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Mortgage free: Homeowner looking at finances

Mortgage free: Homeowners have shared their experiences of paying off their mortgage (Image: GETTY)

The homeowner, who goes by the name of “brick15” on the website, explained: “Our mortgage still has another 20 years to go and it’s daunting thinking about it so I’m thinking about ways to repay it early and wondered if anyone could share their experiences.

“I work full time already and don’t have anything left over to make extra payments. I could try get a better paying job.”

Having launched the thread, fellow homeowners soon shared their own experience online.

“PetuliaBlavatsky” wrote: “Every time we remortgaged (every few years) we’d take some years off the repayment.

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“It bumps the monthly payments up of course. And we’d overpay wherever and however much was possible.

“We paid our first one off by age 38. We bought a much more expensive house a few years later though so are now overpaying this mortgage as much as possible.”

Meanwhile, “WH1SPERS” told the homeowner that they had taken up a second job, and lived a thrifty lifestyle.

This compromise meant that the homeowner went on to pay off their mortgage by the age of 40.

They wrote: “I got a second job and worked in the evenings as well.

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“Cut my living costs by having free or very cheap hobbies. Didn’t go to the pub or eat out but invited friends to my house for drinks or did pot luck meals.

“Didn’t buy take away food or buy coffee and sandwiches at lunchtime at work.

“This enabled me to pay off my mortgage by the time i was 40. If I’d had a partner I could have done it sooner.”

Mortgage free in four years

Meanwhile, another homeowner revealed their thoughts on the matter, having paid off their first mortgage in four years.


Mortgage free: Person signing mortgage form

Mortgage free: Paying off a mortgage sooner rather than later may be an aim for some homeowners (Image: GETTY)

According to these borrowers, it was overpayments which had helped them to achieve this financial move.

“SnailorSwift” wrote: “Definitely agree overpayments are the answer.

“We paid our first mortgage off in four years by making the maximum overpayment each year which in turn lowered our monthly payments as previous posters have mentioned. Although this was only manageable in such a short timescale as we had put down a 40 percent deposit.

“Tbh [To be honest] we made the mortgage a priority over that time and that obviously impacted on other spending but it was very much worth it.”