THE average age people expect to have paid off their current/future mortgage is 51¹.

But some fear they’ll still be mortgagees decades longer – into their 80s and 90s.

The findings of a survey² by Elan Homes, may seem a stark contrast but perhaps more surprising was the amount of people who don’t have a mortgage and don’t expect to in future.

Almost half of those surveyed (49%) said they don’t have a mortgage and don’t expect to in the future.  

This was the most common answer to being asked at which age they expect to have paid of their current/future mortgage in full from those aged over 55 (80%), but at least one in five people in other age groups (27% of 16-24-year-olds; 22% of 25-34-year-olds; 32% of 35-44-year-olds; 40% of 45-54-year-olds) also answered this way.

Sales director for Elan Homes in the Midlands Tracey Ball said: “We were quite surprised by the volume of people who don’t have a mortgage and don’t expect to in future. Some of those will be homeowners who’ve already paid their mortgage in full, but it also suggests that for whatever reason some people think they won’t be able to buy a home of their own. There’s a whole host of schemes and mortgage products that could put homeownership within their reach. As an independent homebuilder we’re able to tailor incentives to buyers’ needs. For example, we’re currently offering a 5% deposit contribution on selected new homes.”

For those that do have a mortgage or expect to in future and know the age which they expect to have paid this off by, the survey found that the overall mean age they expect to have paid it off is 51¹.

The age they anticipate being mortgage free rises with each age group.

For example, those aged 16-24 expect to be mortgage free by 38¹. This increased to 46 for 25-34-year-olds¹ and then 52 for 35-44-year-olds1 and 59 for those in the 45-54 age bracket¹.

Those aged 55+ said they anticipate paying off their mortgage when they’re 65¹. Of those who said they’d be over 75, one person suggested 81 and another 93.

Sales director for Elan in the North Marie Morris added: “It’s unsurprising that as people get older the age at which they think they’ll be mortgage free increases too. Almost 13% of those surveyed said they expect to have paid their mortgage when they’re between 55 and 64, but 4% said they didn’t know and 2% suggested they’d be just 16-24. Whatever your current age, our deposit contribution offer could save you thousands of pounds and make a real difference to your standard of living and potentially shorten the overall length of your mortgage.”

Elan is building new homes in various locations including Balmoral Gardens in Southport, Merseyside; Birchfield Court, Swinton, and Greenside View, Dukinfield, Greater Manchester; at three Lancashire locations – Redwood Gardens, between Blackpool and Lytham, Wrea Green Meadows in Wrea Green and Whittingham Fold in Goosnargh; in Staffordshire at Dosthill Gate in Tamworth, Seven Acres, Elford, and Vardons Keep in Tettenhall; Three Js in Abberley, Worcestershire; Avalon in Glastonbury, Somerset; and Seascape in Ilfracrombe, Devon.

All Elan homes achieve a minimum EPC (energy performance certificate) rating of B, making them eligible for green mortgages, which can offer lower interest rates than a standard mortgage.

For more information about Elan Homes see

¹ Mean age calculated, excluding those who answered ‘I don’t know’ or ‘N/A – I do not have a mortgage and do not expect to have one in the future’

² The research was conducted by Censuswide with 1001 UK General Respondents (Nat rep)    between 03.03.23 to 07.03.23 Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.


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