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Original poster

Mortgage late 40s how much?

56 replies

wombleflump · 19/02/2022 16:45

If you were a single parent but a high earner would you take out a mortgage if £250k in your late 40s or would you rather be mortgage free?

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DenholmElliot · 19/02/2022 16:49

Do you mean mortgage free as in your current property is already paid off, or mortgage free as in renting?

Blossomandbee · 19/02/2022 16:50

I think you'd struggle to get someone to lend it to you at that age unless it was on a short term with high monthly repayments. I personally would rather be mortgage free if I had the choice, or a small mortgage.

Original poster
wombleflump · 19/02/2022 16:50

Mortgage free as in buying a cheaper property in cash.

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Nix32 · 19/02/2022 16:51

Completely depends on earnings and disposable income. Wouldn't want a reduced quality of life.

OMGItsEarly · 19/02/2022 16:51

Depend on how old kids were, what my general health was like, how old my parents were & how likely they would need help in a few years & if I wanted to go part time/semi retired to help them out.

Preferably mortgage free, I don’t want to still be working into old age.

MalbecandToast · 19/02/2022 16:52

Dsis bought her first house last year at 44. Borrowed £220k but could only have a 22 year term so he repayments are much higher than when she was renting.

Original poster
wombleflump · 19/02/2022 16:52

I can get it easily as due to my earnings and for 15 to 20 years. I would aim to pay off sooner though. I just had a thought that maybe it was silly at my age.

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DenholmElliot · 19/02/2022 16:52

Yeah i'd go for the mortgage free personally, but it kind of just depends what you like to spend your money on really? If you like to spend it on yoru home and surroundings then absolutely go for it!

spacehardware · 19/02/2022 16:53

I don't agree you will struggle to get a mortgage - we bought last year, husband is 51 so we were able to get max 19 years. Yes that's a lot less than many people have now, but it's completely affordable as interest rates are so low (we fixed for 5 years for certainty). I'm younger than him so would have been able to get longer on my own.

Original poster
wombleflump · 19/02/2022 16:53

As said i earn between 100 to 200k but I have kind of got this frugal lifestyle.

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Mumteedum · 19/02/2022 16:55

@Blossomandbee

I think you'd struggle to get someone to lend it to you at that age unless it was on a short term with high monthly repayments. I personally would rather be mortgage free if I had the choice, or a small mortgage.
Really? I got a mortgage at 40 on a 29 year term!

I really need to look at overpayments to bring the term down but surely it's doable, unless it has radically changed in last 6 years.

To answer your question though, I hugely envy the mortgage free friends I have. Life didn't work that way for me though, necessity not choice here sadly. It's not too clear what you have now though? If it's a lovely but small property, I'd likely stick with that mortgage free if it worked for me but there's all sorts of reasons why you might want it need to upsize or relocate. Hard to advise without knowing.

Classica · 19/02/2022 16:57

I'd go for it. You're a high earner so can well afford the repayments, and assuming you plan on working to 65 it doesn't sound too much to take on. Better that than staying in a house you don't love as much just to be mortgage free. In my opinion anyway.

eurochick · 19/02/2022 16:59

We've just taken on more than that at 45/46, albeit there are two of us. We decided to do one last just up the ladder with the aim of paying off the mortgage ASAP. We could have been mortgage free if we had stayed in our old house.

Original poster
wombleflump · 19/02/2022 17:00

I need to buy. I need to relocate. I can buy a house in cash but like this one which is 250k over my budget

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Blossomandbee · 19/02/2022 17:00

@Mumteedum yes really, we got a mortgage 5 years ago and they were very strict. We couldn't borrow beyond 25 years and that was when DH (main earner) was late 30s.
Obviously everyone's circumstances and finances are different, but age is certainly factored in to a lot of lenders.

alwayswrighty · 19/02/2022 17:04

Buy the one you want and take the mortgage if you like the property. Everyone has differing experiences of life that lead to differing decisions so you won't get a unilateral answer.

Original poster
wombleflump · 19/02/2022 17:04

Should I have money elsewhere this is all
My savings. I only otherwise have a occupational pension?

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Original poster
wombleflump · 19/02/2022 17:05

I think it depends on the LTV if it is less
They are happy to lend.

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GeorgiePorge · 19/02/2022 17:09

I had similar situation but late 30s. could have gone for small house for cash or large house with large mortgage.

There are a lot of perks of being mortgage free... but I opted for the house i really wanted. I don't regret it. I can always dien size later.

if you can comfortably afford the mortgage, and you plan to keep working either way.. what have you got to lose?

Newnormal99 · 19/02/2022 17:17

I got that amount at 47 I don't particularly like it as technically I have the mortgage until I'm 70 but I'm hoping to downsize before then. It also feels like such a big amount to have to find every month if ever I wanted to change job - I would need to maintain current salary.

I had no choice though if I wanted to buy my ex out.

Cocomarine · 19/02/2022 17:18

@wombleflump

Should I have money elsewhere this is all My savings. I only otherwise have a occupational pension?
If you earn between £100K to £200K variable per annum, I honestly think you’re crackers asking that on Mumsnet. And I mean do disrespect to the enormous expertise on this site.

You need to see an IFA if you have that kind of income but don’t know how to maximise it.

No-one here can say whether £250K over budget is a good decision or not.

It sounds like your decision is less financially and more psychologically driven. I’m a huge fan of frugal, but if it’s limiting your choices through habit or fear, then that’s counselling territory.

If you’re walking away from a dream home that you can easily afford and are in a secure job, because you’re scared to spend money or feel you don’t deserve expensive things - that’s bad.

If you make a logical decision that you’d rather use your money differently and you just like the house a bit more - that’s fine.

Original poster
wombleflump · 19/02/2022 17:18

I was just wondering what people consider a big mortgage in your 40s I was thinking this is little 250k but maybe it’s big.

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Original poster
wombleflump · 19/02/2022 17:20

Yes I think I need financial and psychological therapy. I always feel anxious about decisions and catastrophise over the what ifs.

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Original poster
wombleflump · 19/02/2022 17:22

How much do IFA charge?

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Original poster
wombleflump · 19/02/2022 17:23

I think I might need a ifa because I don’t know what to do best with my income except live frugallyConfused

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