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Property/DIY

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Original poster

Mortgage in your 50s...am I mad?

95 replies

Greenfairydust · 08/02/2023 18:15

So, I am looking at buying on my own in a new town after leaving an abusive relationship.

I have a large deposit after the sale of the family home but would still need a small mortgage.

I have been looking at various flats and houses and to get anything decent I would need a mortgage of about £70,000 - £80,000.

Am I mad to take this on at 52?

My income isn't huge (about £30,000 a year an unlikely to go up) and I am concerned that as I get older health issues might get in the way of work.

Or should I be more realistic and go for the ''not so nice'' places I have seen and cut the mortgage down to £30 -40K?. By not so nice I mean street that are still fine but a little bit run down or on B roads (so with some traffic). I am looking in a very safe, small town overall so even the less desirable parts are still pretty decent to live in and close to all amenities, especially for someone like me who lived in some rather dodgy parts of London.

Has anyone got a mortgage on their own in their 50s since the recent rates increase? was it an issue to get a bank to lend to you? did you have to go through a broker?

I am really torn as to whether I should go for an ''affordable'' home in a less than brilliant location and be quickly mortgage-free or still try to get a nice home that would be at the top of my budget so would make it tricky to do renovations/repairs if needed and might become an issue as I get older.

Any advice from older house buyers?

OP posts:

Greensleevevssnotnose · 08/02/2023 19:57

We are mud 50s and now have enough for a deposit and will need about the same I reckon. My parents got a lifetime mortgage at 72 so we are spring chicken 🐔

Original poster

Greenfairydust · 08/02/2023 19:58

I know the ''cheaper'' houses are actually much prettier houses, they just happen to be on roads that the locals think are not ''nice'' roads by Deal standards.

Having lived in places like Hackney, Stratford and Brixton It tends to make me smile a bit but hey...

OP posts:

MarieRoseMarie · 08/02/2023 20:04

It’s not just the cost of the mortgage, it’s the cost of doing them up. The smaller houses will take very little work and look beautiful.

peanutbutterkid · 08/02/2023 20:04

I am expecting I'll get a mortgage of about £100k when I'm 58 or 59. If I end up having to downsize that's fine, I just want my net-wealth to hold value in meantime. I've never lived in "a house I love" so not unhappy at idea of selling, and would like to live somewhere nicer in meantime.

MarieRoseMarie · 08/02/2023 20:06

You’d need new kitchens and bathrooms in the expensive ones. They are horrid. Every room redecorated.

GOODCAT · 08/02/2023 20:10

Personally I would either go for the smaller house or would think even further ahead to retirement with a single storey (and would pay more to secure that to save the cost of a second move later). You want freedom to travel, a decent pension and the option to finish before state retirement age if your health requires it.

If your pension is very much sorted, I would then consider the bigger house.

EdiePotts · 08/02/2023 20:14

It would sap my soul if I were to live in one of the more expensive houses.

Go for the pretty Victorian.

You're only 52.

Buymyselfflowers · 08/02/2023 20:15

I would go for the smaller mortgage. You don’t want any financial pressure when you are on your own. If you were part of a couple you could make retirement and financial plans together. I expect lots of posters willing to take on a new mortgage in their 50s are married.

I downsized after my divorce into a teeny tiny house in a nice area. Looking back it was the right thing to do as I was made redundant at 52. Also I can cope with the rising energy bills and extra costs without worrying too much. Nothing worse than not being able to sleep at night because you are worried about money.

kitcat15 · 08/02/2023 20:17

titchy · 08/02/2023 19:51

Are you saying this as someone in their 60s? Or are you younger? ...when I was 50 I thought I could work full time till state pension age.....I ended up taking my pension at 56....and retuning on 3 days...I'm now 58 and will go completely at 59 ...I'm done.

I'm mid 50s with a mortgage that has ten years left. Work full time and see no reason why I shouldn't be able to continue.

Really?...you can't see any reason why you couldn't continue until your 60s ? What if you got seriously ill with cancer? Like 1 in 2 people now get cancer? Or early onset dementia? Or had a stroke? ..... do you think none of these things could happen to you?

IneedanewTV · 08/02/2023 20:17

I took on £70k mortgage at 55. I took the mortgage to the maximum age with Nationwide. I will downsize by then and clear the mortgage.

FrownedUpon · 08/02/2023 20:22

Smaller house. You never know when ill health might strike and you’ll want to reduce working hours. You don’t want to be tied down to a big mortgage into your 60’s. I’d want to be mortgage free asap.

TheVeryThing · 08/02/2023 20:23

I would only push the mortgage limit for a house that didn't need any major work.
It's all very well talking about adding value but you need money available to do the work. I bought a doer-upper and 16 years later it's still not finished!
The cheaper house looks lovely and unless the area is going to significantly affect your quality of life, I would go for something like that.
Renovation work takes a lot of planning and project managing, some people thrive on it but if you're not one of them you could come to resent the time and money it eats up.

FrownedUpon · 08/02/2023 20:25

titchy · 08/02/2023 19:51

I'm mid 50s with a mortgage that has ten years left. Work full time and see no reason why I shouldn't be able to continue.

You’re very naive. I know several people in their 50’s who’ve been suddenly struck will serious ill health-MS, cancer, arthritis, meaning they couldn’t work full time or work at all in one case..

FirstnameSuesecondnamePerb · 08/02/2023 20:25

What percentage of your income is the mortgage? I'd be comfortable with say a 10 year mortgage at a third of my income ( assuming you don't have high commuting costs for example). I might fix to be sure that this doesn't increase.
Maybe working forwards from what your monthly budget might be would be helpful?

titchy · 08/02/2023 20:26

Those things aren't a massive risk for most people in their 60's. Working and paying a mortgage or rent is normal at that age surely?

Perhaps no one should get a mortgage or have kids in their 20s just in case they get cancer

titchy · 08/02/2023 20:27

Besides I don't think anyone is suggesting OP doesn't bother with life or critical care cover.

Towntroubadour · 08/02/2023 20:27

I actually prefer the cheaper houses plus they’re already done but I don’t know deal and whether the location of the houses isn’t brilliant. With some towns you get very lovely areas and less lovely but alright areas. We live on an estate in a nice town but we have no trouble and it’s a nice road. Though there are many more desirable ones. I think I’d chose to have no mortgage. If you became ill doing up a house you loved it would probably make you sad leaving it.

gogohmm · 08/02/2023 20:27

Plenty of people have mortgages until they retire and beyond. The huge advantage of buying is that eventually you are mortgage free

Iceicebabytoocold · 08/02/2023 20:28

I like the houses on the 3rd and 4th links on your post. Defo not the flat but I was not keen on the first 2.

50change · 08/02/2023 20:33

Go for the house, get a lodger and overpay as much as is allowed.

Good luck 🤞

Original poster

Greenfairydust · 08/02/2023 20:34

To put it in context I am paying at the moment £750 in private rent for a one bed flat!

So I would actually pay less with a mortgage a month if I borrow 50k - £60k over 10 years. I would want to keep it in that figure as I know it is affordable.

OP posts:

Barleysugar86 · 08/02/2023 20:38

I'd get the mortgage. You can always overpay where able. I think having a house in the nicest location and that you love for retirement years is worth it.

pompomdaisy · 08/02/2023 20:41

Be mortgage free sooner.

BHRK · 08/02/2023 20:45

Get the house you truly want. If you’re in good health now the odds are in your favour (the 1/2 cancer risk is across all ages, most cancers are in much older age groups than you, that’s just a fact). And if the worst comes to the worst you can always downsize? We are your age with a bigger mortgage and we’re not worried

IneedanewTV · 08/02/2023 20:49

FrownedUpon · 08/02/2023 20:25

Show quote history

And I know many in their 30s and 40s that have serious Immune illnesses and struggle to work. None of us know what is around the corner. Do what makes you feel happy.

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