Mortgage until 70 yrs old

[RosieLeaLovesTea]

Hi all
im 44 yrs. in the process of buying a new property and moving up the ladder. But it will mean at the moment I will have a mortgage until I’m 70 years old.

anyone else in the same boat? It’s the thought of starting again for 25 years - a bit depressing. But I am going to overpay so that we can reduce the term and pay off more quickly.

I ended up with one of those after I got divorced but thanks to overpayments, I'm trying to pay off by 60

We've done similar. It doesn't worry me as this house works for us now. In 10-15 years our kids will have left home and we will downsize. I'm hoping in the meantime we'll enjoy living here and with the improvements we've made we're hoping it will appreciate in value.

I am 59 and I have another 13 years to run on my mortgage. I may try to pay it off early, but right now I feel more comfortable with savings available for me to use, rather than cutting down the monthly payments.

When I became a single parent the only way I could afford the mortgage was to take it back to 25 years. Taking me to 69. If the ex had paid child support I would be able to over pay but as it is I'm supporting both kids on my own and with the cost of living right now my priority is the roof. Warmth and food. When they are over 18 out of education they either contribute or leave home and I down size.

Following a split I've had to take out a mortgage that runs till I'm 75! Once I hit 60 the kids will have hopefully moved out and I'll rent it out and then rent myself a much cheaper 1 bedroom flat somewhere.

£1000 a month now is a lot of money, £1000 in 20 years time is a lot less. As long as continually keep up with making sure your mortgage is x% of your income and increase how much you pay as inflation in wages increases. You won't have a 35 year mortgage.

My mother in law has paid £170 a month for years because that's how much it was originally, even though she can afford a lot more than that now and could have have been mortgage free years ago.

Keep on top of your finances and overpay and you'll be fine.

Thank you for this. I’m relatively switched on but life admin boggles my mind so much that I take the lazy route and don’t try to understand it. I hadn’t considered this but it looks like great advice so I’m going to get my brain out of Netflix and have a read! Do most mortgages allow for a 10% overpayment? We’re up at the end of this year so I’ll make sure I shop around for someone that does. Thanks again!

It sounds fucking depressing OP ....hope you come into money and get it paid off sooner.... I'm 57 and I paid mine off 10 years ago.... I consider myself very fortunate when I see thread like this

Don't know if they all allow overpayments but ours allowed any overpayment amount (HSBC) and also calculated interest daily - which means it makes sense to make the overpayments as soon as you can afford to (we did at least twice a month).

You can use this handy calculator

www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/