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Mortgage!!! Age - Mortgage Amount and Mortgage Term

(10 Posts)
dondon007 Wed 07-Feb-18 14:54:44

I am 37 years old mother of one and i have 13 years left on my mortgage. I have been given the opportunity of the most amazing house which on a monthly cash flow level i can afford but it would mean taking out another long mortgage.

Just wondering - how old are you, how much is your mortgage (total cost e.g. you bought for £120k) and how long have you got left to run on your mortgage.


dontcallmethatyoucunt Sat 10-Feb-18 20:28:33

45. No mortgage. 950k house

Fairylea Sat 10-Feb-18 20:32:41

37, dh is 31, mortgage is 100k and 29 years left to run. For us it’s worth it as it isn’t a huge mortgage so we could afford it if income dropped. I think every situation is different. My mum has a tiny mortgage with 5 years left and she is 70 in April!

dontcallmethatyoucunt Sat 10-Feb-18 20:38:59

Your question is pointless. It has so many variables, it matters not a jot what others do

DuchessMinnie Sun 11-Feb-18 17:09:24

I started again with a 25 year mortgage at age 44. 3 years in we have reduced the term to 16 years by increasing our payment. We still owe £450k from an original £500k loan.

LadyLapsang Thu 15-Feb-18 07:30:17

Something to consider is the benefit system is just about to change, no longer will income support be a safety net for mortgage interest; they will signpost you to an additional loan, so be sure you will be able to pay the mortgage over the full term or have robust contingency arrangements.

JoJoSM2 Sun 18-Feb-18 21:34:36

In your position I’d think about whether the current house is good enough, what your pension provision is, at what age you hope to retire etc.

DH and I are the same age as you and when our current fixed term runs out in 4 years, we’ll pay off the balance. Personally, we have no desire to change as the house and the location are great.

However, if you’re current house doesn’t suit your needs or the location isn’t right, then I would consider taking out a longer mortgage to move somewhere more suitable. Probably aim to pay it off before 60 in case you don’t fancy working forever.

lilyclover Mon 19-Feb-18 21:11:23

There was another thread with a similar theme on Chat: At what age did you buy your forever home (

The responses make for interesting reading, but at the end of the day everyone is in a completely unique situation.

I'm 45, mortgage is fully paid, 635k.

Mycarsmellsoflavender Mon 19-Feb-18 21:34:02

I think most lenders are happy for you to go to 65. We borrowed back on our mortgage a few years ago to fund an extension and ours runs to DH's 65th birthday month. We'll massively over paid it and will pay the rest off well before then though.

MoreHairyThanScary Mon 19-Feb-18 21:51:09

Dh's is 10 years older than me and has had to state that he will work until 70 to cover out mortgage ( our situation will probably be different by then I will prob be full time...

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