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

[Greenfairydust]

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?

The Victorian terraces are lovely and, imo, in perfectly decent areas. They may not be in the twee, cutesy parts of town but, as you say, 'not the best part of Deal' is generally still pretty nice! In your position I would definitely go for one of them.

But I must admit I prefer the two cheaper properties but not the flat. I’m not sure, having divorced, I would have had the energy to renovate and they certainly need a lot of work. Buy the cheaper property, decorate it how you like perhaps put a conservatory on it and enjoy life.

''@TakeYourHatOffBoy · Today 21:01
The Victorian terraces are lovely and, imo, in perfectly decent areas. They may not be in the twee, cutesy parts of town but, as you say, 'not the best part of Deal' is generally still pretty nice! In your position I would definitely go for one of them.''

I agree. They are not the prettiest streets but I actually live close by and walk through these streets almost everyday and have never seen anything to be concerned about.

After divorce, I took a new 25 year mortgage that ends when I’m late 60s. I’m not worried as I knew that it is cheaper than renting and I can always sell up and downsize/relocate if needed. Having said that, I massively prefer the two older houses to the move expensive one. I don’t know the area though.

Not quite in my 50s but I got a 15 year mortgage - more than yours - at 49. I had to budget hard but managed it.

Not where I live….mostly friends and family got mortgages in early 20s and all done well before 50…..I don’t personally know anyone who is paying a mortgage on their 60s….even my dd who is 28 will be done before 50

''@kitcat15 · Today 21:45
Not where I live….mostly friends and family got mortgages in early 20s and all done well before 50…..I don’t personally know anyone who is paying a mortgage on their 60s….even my dd who is 28 will be done before 50''

Good for them but life does not always work out that way. My previous mortgage was paid off 5 years ago but now I have to start again.

"Not where I live….mostly friends and family got mortgages in early 20s and all done well before 50…..I don’t personally know anyone who is paying a mortgage on their 60s….even my dd who is 28 will be done before 50"

Life doesn't work that way for everyone. Where I live most people haven't got a mortgage until late 30s/early 40s. You only have to look at the average salary compared to the average price of a first-time home to see why it takes some people longer to save a deposit to get on the ladder.
Plus, as the OP says, people's circumstances change.

Back in the real world, most people aren’t buying property in their early 20s and paying off mortgages in their 50s.

If you take the mortgage, you have options, you are not necessarily tied to that house and mortgage forever. To be honest, the bank wouldn’t lend you the money if they considered your circumstances a high risk.

Not where I live….mostly friends and family got mortgages in early 20s and all done well before 50…..I don’t personally know anyone who is paying a mortgage on their 60s….even my dd who is 28 will be done before 50

Well aren't you lucky to only know people who own their own homes outright before the age of 50. No one divorced, no one renting - how fortunate you all are.

My mum took on a mortgage on her own at 48. She has until she's 69 to pay it off. She's 60 this year and utterly fed up with it. She wishes she were able to reduce her hours to part time hours now she has grandchildren and wants to spend time with them. She's becoming tired with working such long hours and as interest rates have risen, she's felt the pressure of having a mortgage on her own.

I'd go for the lower mortgage and the ability to be mortgage free sooner.

Go for it ! 52 is still young.
I got a mortgage to buy my ex out and I’m your age.
I remortgaged with existing bank.
Weigh up pros and cons of a larger as opposed to smaller mortgage. You can always get a lodger in to help.

You still have 15 years to retirement so should be able to get affordable repayments.

Go for the not so nice but still nice street and slightly cheaper house. They look lovely. You can work part time and be happy!

Could you look for an ex council house in a good area? You would get more house for your money & ex council houses are usually bigger than private ones as well.

''@Nat6999 · Today 23:29
Could you look for an ex council house in a good area? You would get more house for your money & ex council houses are usually bigger than private ones as well.''

That would be nice but this is a small town and they don't really have that many council estates. I did see one ex-council but it was just to far from the train stations/shops to make it practical, especially as I don't drive.

Hi @Greenfairydust , I took out a 28k mortgage over 11 years age 58 following divorce. Property is a brand new Shared Ownership house - purchase price was 240k and I only had 90k deposit. My mortgage is £246 pcm and rent £316 pcm. I work full time - I'll never own it outright but it was cheaper and I figured more financially secure than, my only other option, of renting around here (N MIDs). Probably foolhardy but I'm not worrying about what happens in 10/11 years!!!
Good luck with whichever route you choose.

I just spotted something else, as someone mentioned looking at ex-councils on the three, which has just been reduced to £265,000 and is at the back of one of the more expenses houses I saw. Have emailed the agent about this one :). Nice and big, obviously on a mixed estate but could be interesting.

This should read ''thread'' rather than ''three''...

Of course I don't know the roads but in terms of the actual houses, I prefer the 2 bed options and if you don't need 3 beds, why burden yourself with the extra costs? I would find a nice 2 bed (one of these or another one)

The difference between the two houses is not reflected in the price, to get the more expensive up to 'decent' standard I would think min of 30 k. Go for the cheaper and have peace of mind you have some money aside for repairs that are likely with any house.

Also I would not offer full asking price on any house right now.

@Twiglets1 Yes I really wanted a two bed but houses here tend to be either biggish or tiny cottages (which are really expensive anyway as they tend to be close to the sea front in the conservation area).

@mrsfennel completely agree. I was going to offer £270k on the more expensive ones because they do need work. They are likely to refuse that but that is my absolute limit. I would definitely prefer something that does not require work though, just basic ongoing maintenance so the 2 Victorians are a better bet for me I think and I want to see the ex-council I spotted yesterday which is on for £265k.

I’m 56 and we’re about to move to a more expensive area so looking to up our mortgage by 100 K - 52 is v young these days and it’s a small mortgage- I’d totally go for it.

That’s not a big mortgage. And you are paying rent now.

I’d go for a house you love living in and can see yourself there for many years.
If you want some extra financial headroom if you don’t fancy a lodger full time maybe you can have one occasionally for 3 months or given the area air bnb from time to time.

''@Jarstastic · Today 09:27
That’s not a big mortgage. And you are paying rent now.

I’d go for a house you love living in and can see yourself there for many years.

If you want some extra financial headroom if you don’t fancy a lodger full time maybe you can have one occasionally for 3 months or given the area air bnb from time to time.''

Yes I could let one of the rooms over the summer or spring to make some extra cash as it makes sense to do this in a seaside town.

I actually heard back from my mortgage broker today so I know how much I can borrow after the latest rate rise and how much it will cost so I can better plan for my offers.

I have two more properties to see and then I will offer on the one(s) that will give me a decent house but at the same time won't put me under too much financial strain.

Is Deal a nice place to live? We would like to be near a coast and Folkestone for the euro tunnel. Can you easily holiday let your house in the summer?