Any over 50’s with a mortgage?

[NorthAngel]

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.

Yup! My DH was 55 when we bought our house. The money spent on a mortgage broker is absolutely well spent. It is possible, and good deals are possible, but I would recommend a professional to get the best deal for you, personally

If house prices actually ever come down and properties are easier to buy in the near future then I'd suspect loads of people will have mortgages into their 60s and 70s as huge swathes of millenials and younger don't own properties at the moment. Sad thought. I'm in my 30s and don't have a mortgage. The way I'm able to save means I won't be able to afford one until at least into my mid 40s. All very depressing.

I am with natwest and its till I'm 70.

I probably could afford to pay after retirement if we still get state pension plus my private pension but it’s something I don’t feel comfortable with. It’d put me under pressure and there are no guarantees I’ll be healthy enough (hope so though)!

She doesn’t go anywhere so no worries on that score! Not sure she’ll stay like that though.

We took out a 15 yr mortgage 6 yrs ago aged 53. We’re overpaying and will be out of it in four years time. BiL said “you should be ashamed of yourselves” when he heard but meh, we didn’t have any choice and we can afford it. We were both self-employed at the time and used a broker. Our mortgage is with Virgin Money.

Pretty much everyone over 50 has a mortgage. I know very few people that age who don’t.

Halifax will allow a mortgage term until age 80, so I suspect the future will be lots of people paying mortgages in their 60s and 70s.

Are you sure your nhs pension age is 67? that might be your state pension age, but nhs pensions can come much earlier, extra early is actuarially reduced but still great.

Half of my NHS pension is accessible at 60, as half is in the 1995 scheme. The rest not until I’m 67 (2015 scheme).
Ideally, I don’t want to factor my pension into it at all.

Yeah this is the same as mine!
NHS pensions have changed a couple of times in the last ten or so years!
I know staff now that have taken flexi retirement earlier but not sure that’s even an option on the newer versions of the pension tbh.

Yes, we took the mortgage date to age 66 (retirement age)

I took out at 26 year mortgage, aged 42. I overpay, so it'll be cleared when I'm 60.

It's perfectly possible, and increasing common, for people to need a mortgage over 50, so please don't panic about the financial situation.

As you have a secure NHS pension, lenders who offer mortgages to older borrowers are likely to include this in future income calculations.

There are many options open to you going forward, (including a lifetime mortgage at a later stage, if this is something that would suit your financial situation). Take your time and research all the options.

You might want to take a look to see if the McCloud remedy impacts you, www.nhsemployers.org/articles/mccloud-remedy as this could impact your decision.

Thanks, I’ll check it out

I’ll be paying a mortgage until my 60’s no doubt as I’m 46 and planning to buy again after a period of renting. I have a good pension though - not too worried

Similar situation but different figures: I took out a mortgage aged 50 for 18 years to enable me to buy a property after EXH and I split.

It was fine to get a mortgage, and most people of my age I know have them.

You shouldn't have any problems on the figures you've given. It's maybe more of an emotional barrier, as you'd paid off a mortgage previously.

Yes, I was happy to have paid off the other mortgage. Overpaid all the time so it was paid off early. Hoping I only need a small mortgage!

Yes, worth understanding NHS pension. You could have everything in the earlier section up to March 2022 as they added 7 years. This means you would get a lot more of your pension at 60, as well as a lump some. Then carry on working up to 67 (depending on retire & return rules then) so your income really goes up, then at 67 add state pension plus rest of NHS pension and stop working.

Why wouldn't you factor it in? It might help you feel much more confident about borrowing enough to get the property you want, which could make life much happier. You get one life only. Plus divorce is shit. Make yourself happy!

Sorry I don't think you are going to get what you want if you want a cottage in a village and paying no more than £300 a month. I guess it does depend on area though.

I guess this depends on whether you want this to be your forever home. My mum lives on a 1960’s housing estate and has nice garden, off street parking and lovely neighbours, with a decent bus route. The houses aren’t that popular due to most people wanting with new builds or Victorian cottages, but she has lots of open plan space downstairs and 3 smallish bedrooms, which means she can bolster her pension with lodgers or foreign language students.
its definitely worth thinking about ways to make extra income if you need it later on.