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Original poster

Any over 50’s with a mortgage?

72 replies

NorthAngel · 29/10/2022 14:17

Hello,

Going through a divorce but currently living in the mortgage free family home which I’ll have to sell as I can’t afford to buy him
out.

I am 50 so worried about getting another mortgage at my age. I will have at least half of the family home so about £130k at least as a deposit.

Has anyone else taken on a mortgage at my age? I don’t want to end up with no disposable income left and money worries creeping in. Disposable income is currently £1k a month.

OP posts:
Original poster
NorthAngel · 29/10/2022 14:19

I spend a lot of the disposable income on things that crop up - car bills, replacing kitchen floor, lunch out etc.

OP posts:
Original poster
NorthAngel · 29/10/2022 14:19

I’m in the north east.

OP posts:
Pinpot · 29/10/2022 14:21

I am 45 with a mortgage and will still have a mortgage when I'm 50. It's fine! Better to be paying down an asset than having savings in my view. Import to have stability and not be in a situation where you could be evicted at any time.

How much will you need to borrow?

Whycanineverever · 29/10/2022 14:23

I took one out on my own at 47 for 22 years. No choice if I wanted to stay in the house after divorce.

Plan to pay it off from pension lump sum or downsize when kids left home (not that it's a big house to start with)

AliceW25 · 29/10/2022 14:24

Surely you would only need a small mortgage if you have a deposit of 130k and I presume downsizing?
Also, lots of people will soon have mortgages into their 50s and even 60s. Most people now only get a mortgage in their 30s on a 25-30 year term. It will be the norm.

PiffleWiffleWoozle · 29/10/2022 14:24

I would expect most people to still have a mortgage at 50 tbh.

JenniferAllisonPhillipaSue · 29/10/2022 14:25

I took out a mortgage at age 45 for 22 years (so to retirement age). We are overpaying it so hopefully it'll be settled a couple of years before I finish working.

ManefesationofConciousness · 29/10/2022 14:25

I have one with NatWest but they only lend up to 67

Nadal · 29/10/2022 14:27

I'm 50. We want to move soon and will need a bigger mortgage to afford next step. But if stay within your limit and not beyond retirement age, I don't see a problem.

Meandyouandyouandme · 29/10/2022 14:28

I took out a mortgage at 51 earlier this year, also divorced and used my settlement to buy my house and then took out a small mortgage to renovate it. It’s for 18 years so paid off before I’m 70, I’m a low earner so not much disposable income anyway, mortgage payment is £330 and I take home around £1500 a month. It’s fine, and it’s all mine, but I’ve never been a big spender anyway. My house has gone up over £60k since I bought it 18 months ago, could always sell and downsize if needs be.

PauliesWalnuts · 29/10/2022 14:29

I got a twenty year mortgage at 45. I’d rather not be taking all that time to pay it off, and will be seeing a financial advisor in the next year to talk about maybe using pension lump sums to do that at some point, but it’s a relief to know that even if I’ll be working until I’m 67 I won’t be renting as a pensioner.

RudsyFarmer · 29/10/2022 14:29

I have to agree that still having a mortgage in your fifties must be pretty standard.

converseandjeans · 29/10/2022 14:29

Still got a few years left before it's all paid off. I think you could get one over 15 years. It would still be cheaper than rent if you have £130k to put down.

It's probably more relevant how much space you need - for example do you need a room for children? Or can you get 2 bed flat? In North East that is a good deposit.

Meandyouandyouandme · 29/10/2022 14:30

Mine is with NatWest, I’ll be 69 when it’s paid off, though I do intend to over pay to reduce that hopefully.

JaninaDuszejko · 29/10/2022 14:32

Where in the NE are you? With a deposit of £130K you'll not be needing a big mortgage.

DH and I took out a 20 year mortgage at 47, we're in our 50s now. We have a high income and substantial savings and didn't overstretch ourselves (we're in the NE) so not too worried about it.

PantyMcPantFace · 29/10/2022 14:40

Agree with PP - how big a mortgage are you looking at? If you are going to need another £130K to buy something that is one thing. If you will only need a mortgage of £25K that is another.

Original poster
NorthAngel · 29/10/2022 14:44

I will be downsizing but for a 3 bed house here (not in a rough area) is going to be £180-£230k so I’d need a mortgage of £50-£100k. I don’t want to pay more than £300 a month if I can help it as I want to live and not worry about money.
I do have an NHS pension that will pay out at 67 and I’m not sure if I can cash out more than the offered lump sum but I’m worried about not having any money left each month.
Saying that, I’m currently paying the solicitor £250 an hour and that is twice a month (been paying last two years) plus pay for a car £232 a month. Without those I probably could afford more.

OP posts:
Original poster
NorthAngel · 29/10/2022 14:45

I could, however, get a two bedroomed house as my eldest is going to university or joining the RAF next year and he only sleeps here once a fortnight. There are two empty bedrooms in my house atm.

OP posts:
Original poster
NorthAngel · 29/10/2022 14:46

Plus, I suppose, bills would be cheaper with a 2 bedroomed house. I pay all bills for the 4 bed detached myself.

Of course, I could meet someone else!

OP posts:
Original poster
NorthAngel · 29/10/2022 14:47

Definitely don’t want to rent as a pensioner!!

OP posts:
Original poster
NorthAngel · 29/10/2022 14:49

I was mortgage free at 42 so having to get a mortgage is making me sad!

OP posts:
Original poster
NorthAngel · 29/10/2022 14:50

I’m in County Durham but thinking of moving across the river to North Yorkshire.

OP posts:
bellac11 · 29/10/2022 14:57

What about a flat?

You can easily do those figures on a 50-70k mortgage, it wont break you.

Fairylightsongs · 29/10/2022 14:58

Just get a two bed, you can afford to get a small mortgage.

Coffeetree · 29/10/2022 14:58

I'm 51 and will have a mortgage until I'm 70. I got my mortgage when I was 48. It's better than renting

My age wasn't at all a barrier to getting a mortgage.