Am I too old to buy a house?

[beastlyslumber]

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.

As awful as it sounds I will inherit enough to clear the whole lot - which is bloody awful I know, but reassuring to not be paying until 74.

@Meadowlands1 I'd still over pay if you could. Just incase someone has a brain wabble and decides to leave their cash to RSPCA or ends up in a home with chunks of their money going to pay for it.

It's rotten when you read on here about people working in their 70s because of mortgages.

@Lockdownbear yes fair point - I am going to pay a chunk extra on the mortgage each year up to the max I can without penalty as I do not want to have a mortgage for the full term.

We were first time buyers 3.5 years ago, in our late 40s/mid50s. We managed to scrape together a 5% deposit despite having 2 kids, and will be paying until our retirement, but at least we'll have somewhere to keep without paying rent past retirement. We got a mortgage for 4 x combined salary (necessary, being London) over 21 years, but managed to remortage after the first two years to get a better rate, so mortgage payment is now about what we'd have been paying for rent.

Ive just got a mortgage and I'm 53.
It's very expensive as due to my age the period is 16 years.

Was renting but now at least on day I'll own my house

@Meadowlands1 depending on the deal you took out when you got your mortgage usually a 2 or 3 year fixed rate or discounted tracker, once you get to the end of that 2/3 year period, go back to your lender and see if you can reduce the term and take out another 2/3 year deal 😉.

Best of luck to both you and the Op. Private renting just sounds so stressful for tennents especially in their later years.

Go for it Op! I really hope this all works out for you.

Thanks everyone! It's so great to hear of people who have done this in their fifties! Congrats to you all on finding a lovely home. I am feeling very encouraged and so glad I asked!

Yes. It is what we are doing and we are older. Mortgage agreed. See an IFA.

My dad was a single man and first time buyer in his fifties.
He took out a 10 year mortgage and finished paying last year. Now he's mortgage free and reaping the rewards.
Definitely go for it!

£65k is a tiny mortgage and your salary is decent so why not?? I'm 40 and just bought my first place with a mortgage of £215k!
My parents bought their first house in their 50s. Go for it!

I'm the same age as you. I had a recent chat with a mortgage advisor. My salary is 700 quid more than yours. He reckons I could borrow up to 150. My deposit is 15k. So my house could be up to 165. I do have a pcp car so that payment has been excluded from my affordability. No other debts. I hope this helps.
I can have a 20 year mortgage.