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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:
OldTinHat · 29/10/2022 15:01

My 67yr old friend has a mortgage that ends when she's 75. My 88yr old neighbour still has a mortgage too!

Minskie24 · 29/10/2022 15:03

Mine ends when I am 74, hope to pay off before then. But was 50 when I applied and got it.

Alphabet1spaghetti2 · 29/10/2022 15:04

57 and we got a mortgage.

ArcticSkewer · 29/10/2022 15:04

It just seems scary. On the figures you have mentioned it will be absolutely fine and very affordable. Most people these days take out 25-30 year terms that finish in their late 60s

YukoandHiro · 29/10/2022 15:07

We moved yesterday. Just took out an 18 year mortgage. My DH is 52 (I'm a lot younger). Not ideal but we weren't able to afford a house until now, we had a flat that our family had massively outgrown.

cushionfiend · 29/10/2022 15:11

Hi - I've been looking at this recently too, w similar figures. At 5-6% interest rates it was looking like around £400 pm on a £50k mortgage and £800 pm on £100000. These are rough fugues with a similar size deposit. I'm 52 so was looking at a 15 year term, I think.

Original poster
NorthAngel · 29/10/2022 15:16

I don’t want a flat.

OP posts:
bellac11 · 29/10/2022 15:19

Where abouts are you, rightmove is my favourite hobby on a Saturday afternoon

Pinkspottedbanana · 29/10/2022 15:19

Our friends aged 68 and 70 have recently had a mortgage agreed for 10 years. Think you will be fine in a cheapish area. Also, your deposit should be big enough to get a good LTV deal. So, you could get a 30 year mortgage! I managed to secure a 5 year mortgage, though it was back in 2011 for my parents when they were 74 and 75.

maddiemookins16mum · 29/10/2022 15:31

I got a mortgage at 52. A 18 year one!!!!

Dougieowner · 29/10/2022 15:34

Was mortgage-free but moved to a bigger house so had to take out a new mortgage earlier this year - aged 56.
Term runs to 70 but I'm actual fact I will be paying it off after 12-months when an investment comes available (mortgage adviser was aware of this so arranged a mortgage with a low early redemption fee) but even if I wasn't paying it off (very) early the fixed rate is good so no issues long-term.

PauliesWalnuts · 29/10/2022 15:41

How about looking for a two bed terrace/cottage/ex-millworkers house with a garden? Might not break the bank, and you could either do a basic loft conversion for extra occasional sleeping space or invest in a really high quality sofa bed downstairs for when your son comes to stay?

Evasmissingletter · 29/10/2022 15:46

Mortgage at 54 for 18 years, but I had a big deposit, not aiming for early retirement and work full time. Planning to overpay so I can retire at 67.

dementedma · 29/10/2022 15:48

58 and still have a mortgage.

MintJulia · 29/10/2022 16:05

After me & ex split, I took out £122k mortgage at 48y3m over a 17 year term.

I got a fairly low interest rate because I had a large deposit. I also had an endowment, that they wouldn't include in the original mortgage calculation, but paid out £30k after 18 months.

So I paid off £30k when I was 50, leaving me with £92k mortgage. It's been no problem. I've changed job twice and was furloughed/made redundant during covid, which was a bit fraught but I stuck at it, found another job and all is ok.

Now I have £27K to go.

Iwannerbeyourslave · 29/10/2022 16:05

Started a mortgage at 54. I've got a 13 year term.

Catlitterqueen · 29/10/2022 16:11

I bought a flat with a 10yr mortgage and will be paid up by the time I’m 63. Definitely didn’t want to be renting as a pensioner!

WaddleAway · 29/10/2022 16:15

My mum mortgaged at 55, she’ll be paying it (and therefore working) until she’s 70.

Original poster
NorthAngel · 29/10/2022 16:17

MintJulia · 29/10/2022 16:05

After me & ex split, I took out £122k mortgage at 48y3m over a 17 year term.

I got a fairly low interest rate because I had a large deposit. I also had an endowment, that they wouldn't include in the original mortgage calculation, but paid out £30k after 18 months.

So I paid off £30k when I was 50, leaving me with £92k mortgage. It's been no problem. I've changed job twice and was furloughed/made redundant during covid, which was a bit fraught but I stuck at it, found another job and all is ok.

Now I have £27K to go.

Wow! You’ve done well!

OP posts:
Original poster
NorthAngel · 29/10/2022 16:18

I’d like a cottage but not sure my 14 year old daughter will be happy with that. I want a low maintenance garden too. I’m currently paying a gardener £100 a month (although the season is over atm) to keep the garden tidy as don’t have the time.

Id also love to be in a village. Not sure I’ll get what I want!

OP posts:
Artygirlghost · 29/10/2022 16:57

This is something I have been thinking about too.

I am 52, just sold my London flat and looking to buy a small 2bed terraced house in a much cheaper area.

I am conscious that I don't want to take on another mortgage if possible or if I do it will be small amount (not more than £40,000) because realistically I don't know how long I will continue to be fit enough to work.

My goal is to take something on I can definitely repay within 10 years.

I am not really sure that it is wise to plan to be still paying a mortgage in your 70s or 80s unless you have a great pension.

Original poster
NorthAngel · 29/10/2022 17:40

Artygirlghost · 29/10/2022 16:57

This is something I have been thinking about too.

I am 52, just sold my London flat and looking to buy a small 2bed terraced house in a much cheaper area.

I am conscious that I don't want to take on another mortgage if possible or if I do it will be small amount (not more than £40,000) because realistically I don't know how long I will continue to be fit enough to work.

My goal is to take something on I can definitely repay within 10 years.

I am not really sure that it is wise to plan to be still paying a mortgage in your 70s or 80s unless you have a great pension.

I think the same and would certainly want a mortgage paid off within the ten years. Like you said, health/fitness to work isn’t guaranteed. If you’ve sold a flat in London you’d get a lot up here in the north for the same value. Depends where you want to go!

OP posts:
Luredbyapomegranate · 29/10/2022 17:41

Yes I do, and lots of people do.

It doesn’t sound like it needs to be huge?

Original poster
NorthAngel · 29/10/2022 17:43

I think I will make an appointment with the finance people!

OP posts:
Luredbyapomegranate · 29/10/2022 17:45

NorthAngel · 29/10/2022 16:18

I’d like a cottage but not sure my 14 year old daughter will be happy with that. I want a low maintenance garden too. I’m currently paying a gardener £100 a month (although the season is over atm) to keep the garden tidy as don’t have the time.

Id also love to be in a village. Not sure I’ll get what I want!

Cottage sounds nice (you get to choose, you are paying the mortgage!), however I would be wary of a village with a teen -unless it has the world’s greatest bus service you will end up taxi-ing her everywhere and she will be fed up. Villages also aren’t great when you are old old as nothing to do on your doorstep. Edge of a market town is better for most people.