AIBU to think that if your in your mid 40's you should be thinking about paying your mortgage off, not taking one out for the first time?

[NotSuchASmugMarriedNow]

My friend announced the other day that she is going to save like mad to get on the housing ladder. She is 45 years old. Surely in your mid-forties your thinking about paying off your mortgage, not taking one out for the first time?

AIBU? does anyone else think that boat has sailed?

She's only got a minimum wage job by the way, hasn't suddenly had a windfall or anything.

Am I nasty for thinking this? I haven't actually said anything to her, just thought it was strange and wanted to hear your views.

[Cardriver]

My friend just got a mortgage age 50. He could only take one over a 15 year period so his repayments are higher than if was a 25 year mortgage.

I expect your friend is thinking about retirement and how she would pay her rent. I think she's very wise!

[RabbitSaysWoof]

Good for her.
I would love to save a deposit too, I hope my friends don't start saying I have ideas above myself when I do.

[plantsitter]

Um. Are you 19? That's the only reason I can think of for conclusively saying any ship has sailed at 45. Maybe gold lame hot pants or something. Even then though life isn't always that simple.

[ExamStresses14]

Inabranston - sorry for your losses. You haven't been lucky at all and I don't think anyone in here would think otherwise.

It's completely normal to have large mortgages now and often, with the need for security and large deposits, the average age for a first time buyer will be higher than it was 10 years ago. I don't think it's uncommon at all tbh and I only know one person whose in their forties and paid off their mortgage. All the other people I know in their forties and fifties still have a large proportion of their mortgage to pay off!

[HicDraconis]

NotSuch some people take out mortgages over 30+ years, with the expectation that their children will either sell for equity when they die or will take on the mortgage. Mine's over 25 years (but I have plans in place to pay it off over the next 10) - you're being unreasonable.

[CalamitouslyWrong]

Mortgages can be any length OP. 25 years is the standard starting length but people take them for longer or shorter. There are all sorts of reasons why someone might want a 20 or 15 year mortgage term.

And 45 is hardly gearing down to die territory.

[pippitysqueakity]

and this affects you how Op?

[Mintyy]

Of course yabu!

[stargirl1701]

YABU. She still has at least 20 years + before retirement. Bags of time to pay off a mortgage.

[kitesfoorever]

My mortgage is 35 years, only way I could afford one.

Yabu.

[NotSuchASmugMarriedNow]

Seems like I'm in the minority then!

OK, i'll try and be more supportive and encouraging when my friend brings the subject up again.

[MrsCosmopilite]

My late parents took out a mortgage when they were over 50 because
a) their house was being offered to them at a discounted rate as they were long-standing tenants
b) this was the earliest they were able to afford to buy.

Unfortunately they didn't live long enough to pay it off. The house has been sold again now, and I think the new buyers were early 30's.

FWIW, I'm mid 40's and we've just bought a house and paid off our outstanding mortgage (partially with the funds from sale of family home).

I wouldn't want to be taking out a mortgage now, but I realise that for some people, there is little choice in the 'when'.

[NoArmaniNoPunani]

If the average age of a first time buyer is mid thirties and the average mortgage is 25 years then most homeowners are no where near paying off their mortgage by their mid forties

[BreeVDKamp]

YABVU! Don't really get why you care.

Our mortgage is 35 years as we're early twenties - think it's to do with how old you are = how long you've got to pay it off basically.

[BreeVDKamp]

And in 35 years I'll be 59 - not exactly mid-40s...

[101066]

CatKisser "Plus, round here there are still houses available for £20k, so perhaps not such am unrealistic dream?"

CatKisser - would you mind letting me know whereabouts you are? As that price I may be able to buy my own home before my pension kicks in.

[StrawberryCheese]

My parents were in their 40s when they first bought a house. We were renting in armed forces housing up until then. My mum is now in her second house, is 60 years old and has 12 years left on a mortgage. No it's not an ideal situation to be in at her age but that's life. I'm 28 and quite happy to be renting for now. Not everyone has a decent paid job and parents to cough up a deposit.

[EarthWindFire]

YABU people are taking out mortgages later than in the past for various reasons.... Divorce, housing market etc being some of them.

[slithytove]

My dad bought a flat in his late 40s with an interest only mortgage. Think he got a ten year term.

Sold it last year for triple the purchase price.

My aunt took out a mortgage recently at 53/4. She has a 12 year term I think. Her mortgage is half the cost rent would be, and she is finally building some security after losing it all in a nasty divorce.

Yabvu.

[slithytove]

I have a 33 year mortgage, I'm 28. Works for us.

[FidelineAndBombazine]

"Should"??

[slithytove]

inabranston

[McFox]

I do think you sound nasty.

I'm 38 and don't own my home. It's not through choice but due to circumstance. I don't want to be in this position but that's how it is. That said, I'm happy renting a place that we could never afford to buy, so I'm not too upset about it.

You sound like you're living in a different world to the majority of people I know.

[80sMum]

The days of young people being able to buy a home are over, sadly. I got my first mortgage with DH when I was 19. That seems impossible now.
On the other hand, we were about to get married and set up home at that age, whereas nowadays people tend to wait till much later before settling down and starting a family. So maybe there aren't very many 19 year olds that want mortgages today.

[ssd]

you sound smug op, lucky you.