a new 300k mortgage at 40 is it too much

[moomin18]

DH and I have been meaning to move for a little while and have finally got ourselves together. Found a nice place and got a mortgage in principle for 300k. All great so far but now am all panicky. We are both 40 with 2DC 1 and 3. We need a bigger house and house prices in London are high, but it's a lot of cash to take on at our age. Anyone got any advice or happy stories of it all being ok?

I agree with @FridayWineTime many people in their 30s haven't been able to get on the property ladder yet. I think most people late 30s/early 40s have similar size mortgages or much larger.

It's about how much you earn, what your outgoings are, how long the term is for and your individual plans to pay it off. We can't advise just based on a mortgage amount whether you're over stretching yourself or not. But if it makes you feel better I'm about to take out a mortgage in excess of 900k at 37, so I seriously hope I'm not over the hill just yet.

I'm 40, and in the new year will be looking for a £500k mortgage on a forever home for me and 2 DC that I'll be taking on alone, as I've just split with DP.

I can easily service this amount, as my job is secure and I'm a high earner. I'd focus on the multiples of salary you are taking on, and whether you can afford the repayments on one salary. I'd also aim to overpay to the maximum every year. I'll be taking my mortgage over 25 years, but aiming to pay off in 15 years, which I appreciate not everyone will be able to do.