Has anyone in their 50’s got another mortgage post divorce?

[TeaCakeandKisses]

Hi,

It’s looking like I will need a mortgage once the family home is sold. Somewhere between £50k and £100k. I’m 51. Earn about £46k.

Has anyone got similar and how much is it costing you?

I don’t get child support. Stbx has done he dirty and reduced his hours 50% at work.

Whilst MN might be full of people claiming to be / on track to be mortgage-free at 44, in reality many / most people nowadays are still paying a mortgage in their fifties (and beyond.) You could take out a 15-year mortgage, to finish by retirement age, for £100k at current average rates and be looking at a repayment of around £850 a month, manageable on your income. Obviously lower repayments and / or a lower term would apply if you only borrowed £50k.

And when your DC gets older and either moves out or is an employed adult and able to contribute towards household finances, you start making overpayments to bring your interest and term down.

I know someone who has. Got a 15 year term to take them up to 67 retirement age. They will sell up and downsize before that though. Do hopefully you'll be ok.

You shouldn't have a problem. A good mortgage broker would find one for you.

I have managed it, earning lots less than you. Taking me into pension age but I am not concerned by this at the moment.

I got mine in my 60s! I will be paying until I am 70. Ten years comes round much quicker than I expected and I am not really feeling ready to downsize but it may be a necessity when the fixed rate is up for renewal next year as the cost may be too high. Now wishing I had fixed for the whole ten year life of the mortgage rather than 5.

I think I’ll see if I can find a mortgage broker to help. I am also paying for a car (that I need) and a loan so disposal income is about £1200 a month. I have to pay for my daughter’s expenses out of that as well as house/car maintenance. I get no child support. I don’t want to end up paying over £500 till retirement and end up with no life and no sleep (worry).