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Original poster

Am I too old to buy a house?

37 replies

beastlyslumber · 10/07/2021 08:46

I'm 50 and single. For various reasons, I've never been in a position to buy a house and have rented all my life. Have been in current flat for ten years, paying 800 pcm rent. It's lovely, but I want my own place. I am earning 34k but if I want to buy I would have to move areas to somewhere with much cheaper house prices. I have 5k saved but could probably raise around 15k for a deposit. I would be looking at properties around 80k, in an area where I have family/friends. Obviously I would have to get a job with similar salary in the new area, which might not be the easiest thing.

Does this sound possible or should I just resign myself to renting for the rest of my life? I so want to have my own place.

OP posts:
readytosell · 10/07/2021 08:56

May be worth talking to a mortgage broker to see what your options are with how much you could borrow. A normalish guide would be somewhere 4-5 times salary depending on lender, but of course your individual circumstances would come into play.

Would you have enough money to cover other things like legal fees and surveys as well? ALthough as you'd be a FTB you can sometimes get good offers on these from lenders.

25yearsnhsworker · 10/07/2021 08:59

Go for it!! It sounds achievable to me.
I have rented for 20 years so hear you and I earn 24,000 but house prices here are £200,000 for a two bed which would be min I need with two children so unrealistic for me.

Justlikethewhitewingeddove · 10/07/2021 09:30

If it’s achievable go for it!

My sister-in-law who’s 50 (single no kids )
bought a house last year ,it’s one of the best things she’s ever done. She can now have more people over and let them stay overnight etc which makes her feel less lonely and she loves having a garden where she can have little garden parties or just sit and chill. Good luck 🍀

MadeForThis · 10/07/2021 10:01

You will need to take a shorter mortgage as most companies will only lend u til retirement age. But you'll still be paying less than your current rent.

Go for it!!

namechange90832 · 10/07/2021 10:02

Absolutely speak to a broker, the biggest challenge with your age is you won't be able to get more than about 18 year ish mortgage, but if you only need a £80,000ish house I've had a little play around and your mortgage would only be around £400 for 18 years, that seems affordable to me on your salary. Obviously will need to speak to a broker I only played on Rightmove lol, my mum bought a house in her 50s.

Lockdownbear · 10/07/2021 10:03

I'd definitely be speaking with a financial advisor. But it sounds do-able to me.

Makes sense to buy so you are rent free in retirement.

Original poster
beastlyslumber · 10/07/2021 11:25

This is really encouraging, thank you! I think the key will be if I can get a job in the area I want to move to, as there's no way I'd be able to afford to buy in my current area.

I think talking to a mortgage broker is a great idea. Is it best to talk to someone in the area I want to move to? It would be good to get a better sense of things like solicitors fees and surveys too - I hadn't accounted for those!

OP posts:
namechange90832 · 10/07/2021 11:35

@beastlyslumber mortgage brokers don't need to be local to you, many work remote 😊 L and C are often recommended on here, they're free, but I've not used them before.

alloverthecarpetagain · 10/07/2021 11:35

Yes, do it if you possibly can!

Thornrose · 10/07/2021 11:38

I'm 54 and got a mortgage 2 years ago. I used a mortgage broker.

My mortgage is about £200 a month less than my rent was.

I love the freedom I have to decorate. No longer dreading a letter from the landlord telling me I have to move.

Thornrose · 10/07/2021 11:40

Oh and I'm single too Smile

Sally2791 · 10/07/2021 11:42

Go for it! I was older than you, different figures and it’s tight but so worth it.

MikeWozniaksMohawk · 10/07/2021 11:44

Sounds like you’d be well below the stamp duty threshold of £250k so you won’t have to account for that which would be an additional expense on top of your deposit and fees. That’s good. Survey fees will depend on whether you would want just the bog standard mortgage valuation survey which won’t tell you anything about the condition of the property or a homebuyers report (i doubt you’d need a full structural survey). The former would be around £100, the homebuyers a few hundred. Conveyancing fees will vary greatly depending on who you use but for a straightforward purchase I would expect maybe a cautious £500 plus disbursements for searches, land registry fees etc.

GreyhoundG1rl · 10/07/2021 11:45

Go for it 👍

TheVolturi · 10/07/2021 11:53

When we took our mortgage we had to take it over 21 years rather than 25 because dh was older. He wasn't 50 though, he was mid 40s I think? There will be options for you op.

Lockdownbear · 10/07/2021 12:01

Mortgage broker can be anywhere. I'd start by looking at Moneysupermarket or something of the other Mortgage websites.

Your issue is going to be finding work in the area, it might be worthwhile getting a mortgage agreed in principle, ie they'll agree to lend you upto x amount.

Then start looking for work in the area you want to live. Is there someone you could stay with short-term until you are able to buy your own place?

The other option is find a job, take a 6mths rental in the area, and get looking for a house.

Original poster
beastlyslumber · 10/07/2021 12:10

Thanks everyone!

Thornrose that's great, congrats! I desperately want to be able to decorate my own place. It must be a lovely feeling :)

Lockdownbear you're right, finding work will be the issue. I do have family in the area so it might be possible to stay with them for a while but I wouldn't want to impose. Rents in the area are much cheaper than where I am now, so a short term rental might be the way to go.

OP posts:
Lockdownbear · 10/07/2021 12:13

If you can stay with family it will be more flexible than taking even a 6 month rent.

I've known people to do all sort of odd living arrangements for a couple of months between moving houses.

Original poster
beastlyslumber · 10/07/2021 12:18

Yes, it could work if they were okay with it. They have a spare room but obviously it would depend how long I was there for. I can imagine it could be a bit of an imposition if it goes on for a while. But there will be cheap options if it's only for a couple of months or so.

OP posts:
Lockdownbear · 10/07/2021 12:21

I really wish you all the luck in the world finding a new job and then finding your first house.
It's absolutely do able and even if you take a drop in income that will be reflected in lower outgoings too.

Original poster
beastlyslumber · 10/07/2021 12:36

Thank you so much! I feel very encouraged and excited to think that I can really do this!!

OP posts:
Meadowlands1 · 10/07/2021 12:37

I am 50 and just bought - 24 year mortgage. Also my purchase is nearly £300 a month cheaper than renting.

Original poster
beastlyslumber · 10/07/2021 12:44

That's so great to hear! Congrats Meadowland!

OP posts:
Lockdownbear · 10/07/2021 13:08

@Meadowlands1 I would try to over pay your mortgage to try to reduce the term so you don't end up having to work to 74 to pay it.

namechange90832 · 10/07/2021 13:20

@Lockdownbear I assume the poster's pension has been taken into account to get a mortgage term that long.

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