taking on a 400k mortgage age 42

154 replies

gf4567hfdd · 06/07/2022 14:32

We are considering moving into a larger family home from a flat which would increase our mortgage from 250k to 400k, sadly house prices in London are so high. A we're both 42, this would extend out mortgage until our mid 60s. I read on here how people hope to be mortgage free by 50 or 60, so would this be foolish of us?

OP posts:

kirinm · 08/07/2022 07:41

gf4567hfdd · 07/07/2022 16:22

so our current take home after pensions is around 6.5k per month - so am assuming that we can overpay while our low interest rate deal is still valid. I guess paying out 2k out of 6.5k is ok. but that assumes we stay together, can work etc. In my job, I can certainly work until retirement. DH is perhaps less certain. But by the time we hit 58/60 the kids should be gone which should free up some money

Maybe it's worth fixing for 5-10 years to give you some security?

Indigoo03 · 14/07/2022 06:38

@gf4567hfdd wondering how your children are and roughly what area in London ?

sleezeandwineparty · 14/07/2022 19:52

gf4567hfdd · 07/07/2022 21:28

@sleezeandwineparty interesting, how much family income do you have? Sounds amazing

Our take home is about the same as yours 6700 a month now but was 5500 when we moved in and it was tight back then.

hattie43 · 14/07/2022 19:58

If it meant getting out a flat into a house I'd do it . You are 42 you have years to throw money at over payments and if the absolute worst happens you could sell and downsize .
I'd do it now so I didn't miss the boat and for my retirement years I'd much rather a house with a nice garden and ground floor . Even if you are currently in a ground floor garden flat I'd say a house is preferable, no upstairs neighbours etc

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