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.

[sarahquilt]

My reaction is you seem very smug. A lot of people aren't able to get a house in their 20s. My brother got a 100 percent mortgage but I can't get one because no one does them. Not everyone has rich or generous family to help them out. Circumstances change. The one good thing is the interest rate hike will benefit savers like me.

[SirChenjin]

Paid off the mortgage by mid forties???

Hahahahahahahhahahahahahhahahahahahahhahaaa.

You silly woman.

[BMW6]

OP - I took out my first mortgage when I retired at 50......

Quite large lump sum pension funded the deposit (45%) and monthly pension services the mortgage.

Oh and not all mortgages are for 25 years - mine is over 15 years.

so YABU and are rather uninformed about the options available.

[babybat]

My parents were first time buyers at the age of 55, they'd been living in tied housing until that point and took out a 10 year mortgage to buy somewhere for retirement. What does it matter what age you are?

[MissBeans]

Yabu. Totally nasty op.

[aurynne]

OP, not only you sound smug, but also sound like you have no idea how mortgages work.

You can take as short or long a mortgage as you want, as long as you have the means to pay it (and within the limits of the lender).

You can pay your mortgage off much faster by reducing the capital. So what starts as a 30 year mortgage may be paid off in 20... or 10. My DH and I took a 15 year mortgage and paid it off in 5 years.

So before you criticise a "friend" for making a financial decision which may very well be in her best interests, please make sure you have at least an idea of what you're talking about.

[mrssnodge]

silly post- peoples circumstances are so different- I had first mortgage with EXh at 28, divorced 6 yrs later &, ended up in council house- only when I was 45 and kids grown up was I in postition to get another mortgage, and this is for 18 yrs, so just before I retire I hoping this wil be paid off.
First mortgage would have been nearly paid off, this mortgage is only 1 yr old - !!!

[angelos02]

OP do you have any idea what house prices and deposits are like now? DH & I recently bought our first home. Both in our 40's. Good joint income but we struggled to pull together a deposit of around £50k.

Also, the expected retirement age is around 70 now. God knows what it will be when we retire.

[HKat]

Op I don't understand what it is you think she should do differently? Apart from getting in a time machine as a pp said.

[HKat]

Completely agree Kim! I'm similar to you - had a mortgage at 20 but sold flat to go to uni three years later - then had second at 29 but lost house when split from partner. I'm now 37 and rent as childcare is swallowing all potential depository for now, but once dd goes to school then I hope to get back on the market at -shock -about 43! Given retirement ages are increasing anyway, I'll prob still have 25 years but if not will just take one matching potential retirement age. I do note op seemed to accept she was bu, but the opening post did bug me I must admit!

[Vintagejazz]

I didn't get a mortgage until I was about 40. Yes, I would love to have been in a position to buy earlier and to now be approaching the end of my mortgage. But my life didn't work out that way and I don't really appreciate your way of thinking.

Why should your friend not do her best to try and get a place of her own instead of finding herself still in the insecure position of renting in old age. The bank will not give her a mortgage unless they're happy that she can realistically pay it back.

[Vintagejazz]

Oh and you do seem to be living in the past where everyone was married and buying a house in their early twenties and had their families reared and mortgages paid off by the age of 50.

Life isn't like that anymore.

[Kewcumber]

My sister in law has just moved (post divorce) and taken out a mortgage on her new place. She's 61. She can afford to pay the mortgage out of her pension s lenders agreed.

Whats the difference paying a mortgage or rent?

If you are able to pay your mortgage off in your 40's good for you, I did. But you do what you can don;t you?

You don't need to encourage her - you don't know her financial position well enough to know if its the right thing for her to do. IF she can find what she wants and she can affrod a mortgage, what does it matter to you? And if she can;t then she'll find out soon enough.

But good for her strvining to save money if she's on minimum wage it isn;t easy.

[PiperRose]

I suggest you change your username, you seem very smug.

[HKat]

Kim,

[Ioethe]

YABU. It's really not any of your bsuiness.

[Icelollycraving]

Yabu. I don't know anyone who has paid their mortgage off in their 40s. We took out a new mortgage last year over 19 years as dh is knocking on at 50.

[settingsitting]

Times change.

It is strange what we get used to, only to find things have drastically altered 20 years later.

Life is always changing.

[settingsitting]

As a human race, we tend to think we have things sewn up, all neat and tidy.

We do not.

[Johnogroats]

I first had a mortgage at 27, DH already had one from when he was 22.

Fast forward some years...at 39 ( me) and 43 (him) we took out an eye watering mortgage on our forever home. While the term is 25 years...ie when we are in our 60s, we expect to pay it off early ( hopefully about 10 years early).

A friend is getting a mortgage aged 55. She has had them before, but her H has dumped her, and she needs somewhere to live, and the security of home ownership. She has a good job, didn't want to be in this situation, but is.

My DB, 40s should be mid 25 year mortgage now, but as a result of a horrific divorce, he has a horrendous mortgage on a flat in London and hopes to pay off by 70.

I think OP has message!