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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:

Original poster

Greenfairydust · 09/02/2023 15:20

@50change

I have found it really nice: friendly people, lovely seafront, good connections to London (1.30 minutes to Kings Cross or 1.15m to Stratford, direct trains).

You can be in Folkestone in about 30 minutes. Deal is much quieter than Folkestone or Margate though but there are still plenty of activities and a decent high st and a market on Saturdays.

Better to be an animal lover though if you move to Deal as I have never seem so many dogs and cats in one place! the seafront is always full of people walking their dogs :)

Not sure about holiday lets. There are quite a few holiday lets in the town already (cottages especially).

OP posts:

SaltnPeppaPig · 09/02/2023 15:32

I don't think the £300k house looks like it needs work! Maybe a bit of decorating when you get round to it but looks very liveable. I think a semi detached is a massive plus over a terrace or flat and £15/20k isn't much really over the amount of time you'll have the mortgage.

You're buying on your own, so take advantage of not having to compromise with anyone and live exactly where you want to live.

SaltnPeppaPig · 09/02/2023 15:34

kitcat15 · 08/02/2023 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

Show quote history

Average age for first time buyer is 32 so to balance out everyone you know buying in their early 20s there must be lots buying in their forties.

MissLucyEyelesbarrow · 09/02/2023 15:46

Michellexxx · 08/02/2023 19:52

The cheaper houses look more appealing but thats because, as you said, they are decorated etc.

I would always go for the better location and more potential to add value. You could do things like cat sitting/air bnb out one room if you needed to.

I agree with that advice, but I don't think it applies to the first house, in particular. You are going to struggle to add much value to it. You can certainly modernise the decor and kitchen, but I suspect you'll spend more than you add to the value. The second has more potential, but you need to bear in mind how much the cost of renovations has soared - both labour and materials. If there was potential to flip the house easily, it would have been snapped up by a developer. The fact that it is still on the market tells you that developers don't think they can turn a profit on it.

Nocutenamesleft · 09/02/2023 16:40

Have you made sure you can get a mortgage? Friend of mine could t get a mortgage at 50 because of the length she needed it for which was 20 years and they wouldn't lend it to her.

If you don't need it longer than about 13 years they should do it. Just to make sure n

50change · 09/02/2023 18:30

Greenfairydust · 09/02/2023 15:20

@50change

I have found it really nice: friendly people, lovely seafront, good connections to London (1.30 minutes to Kings Cross or 1.15m to Stratford, direct trains).

You can be in Folkestone in about 30 minutes. Deal is much quieter than Folkestone or Margate though but there are still plenty of activities and a decent high st and a market on Saturdays.

Better to be an animal lover though if you move to Deal as I have never seem so many dogs and cats in one place! the seafront is always full of people walking their dogs :)

Not sure about holiday lets. There are quite a few holiday lets in the town already (cottages especially).

Thanks for the insight into Deal. I’m a northern lass born and bread. I lived in Barnes and Richmond in the 1990’s so I know London well. I’m torn between the beautiful beaches in Northumberland and the convenience of being closer to the euro tunnel. I really have never visited any beaches south of London apart from Brighton. Folkestone and Dover have only ever been convenient stopovers after a long drive. I have a couple of years yet so I may visit Deal to see how I feel. Good luck in your new chapter you must be so excited, I would be.

Original poster

Greenfairydust · 09/02/2023 18:36

''@Nocutenamesleft · Today 16:40
Have you made sure you can get a mortgage? Friend of mine could t get a mortgage at 50 because of the length she needed it for which was 20 years and they wouldn't lend it to her.If you don't need it longer than about 13 years they should do it. Just to make sure n''

Yes, a broker just got me a mortgage in principle over 12 years.

OP posts:

user1471538283 · 09/02/2023 19:04

I've just got a big mortgage and I'm the same age range as you. I really need my own home again. There are cheaper properties but I want a lovely area. I will have a water meter and should save a little on utilities.

I worry about it but I'm paying nearly the same in rent.

We are at an age where we need to be happy where we are. After my last horrendous experience I have to be happy. And a home can be sold if needs be.

I can also remember being scared getting my first mortgage earning alot less but I did it.

starpatch · 09/02/2023 19:14

I'd say house 4 its lovely and also it has straight stairs (easier for stairlift) and the bathroom is on the same level as the bedrooms on the second floor. (The attic conversion not sure you really need and potentially could make it harder to insulate/ maintain roof). The access looks level. I know that road it seemed very nice to me when I visited.

PurpleReindeer2 · 09/02/2023 19:33

The terraced houses on the less desirable street are lovely. Much more character than the more expensive ones. It's hard to say without knowing the area but I wouldn't buy a flat.

allthegearandnoideaatall · 09/02/2023 19:39

The cheaper houses are lovely :)

rothbury · 09/02/2023 20:33

I got an £80k mortgage at your age OP for the same reason.

I deliberately bought a very small place as I hate having house guests. I also knew I wanted a house rather than flat as I didn’t want to be paying £200 a month maintenance charges after the mortgage was paid off, or to be exposed to the risk of huge works being imposed.

I have overpaid every month, plus paid a few thousand off when I was flush, so after just four and a half years I only owe £48k.

Go for it, but definitely get a mortgage with the flexibility to overpay, take payment holidays etc. Good luck.

Rayn22 · 09/02/2023 20:41

Do it. We will be getting a 15 year mortgage for about 150k at 55. We lost our house a couple of years ago due to our business going under. We are now in a position in which we are earning around 100k between us but we don't want a big mortgage so been sensible as I want spare cash to travel too. Love my job so expect I will be working till retirement age health prevailing!

Rayn22 · 09/02/2023 20:43

I would also prefer the flat as no garden to sort but if not I would go for the cheaper houses.

Jarstastic · 09/02/2023 23:01

Nocutenamesleft · 09/02/2023 16:40

Have you made sure you can get a mortgage? Friend of mine could t get a mortgage at 50 because of the length she needed it for which was 20 years and they wouldn't lend it to her.

If you don't need it longer than about 13 years they should do it. Just to make sure n

DH and I got a mortgage at end of last year just under 20 years as they wouldn’t lend past 70. there were plenty of lenders willing to 70. Some to 75 or beyond but not to the same multiple as the (major) lender we went with (we have a bigger mortgage than I’d ideally like but it’s only for a few years)

IneedanewTV · 09/02/2023 23:05

Nocutenamesleft · 09/02/2023 16:40

Have you made sure you can get a mortgage? Friend of mine could t get a mortgage at 50 because of the length she needed it for which was 20 years and they wouldn't lend it to her.

If you don't need it longer than about 13 years they should do it. Just to make sure n

Nationwide will go up to retirement age on the web and beyond if you go in a branch. I had no issues. Your friend isn’t telling the full story as to why they couldn’t get a mortgage - perhaps they had debt. I’ve got colleagues still working in their early 70s. 50 is no age.

good96 · 09/02/2023 23:19

It all depends at which age you want to retire? If you want to retire in ten years time then I’d look at getting a smaller mortgage. If you’re happy to carry on working - then go slightly higher. Who knows - you might meet someone in that time?

Original poster

Greenfairydust · 11/02/2023 14:09

So I have viewed all the houses now and I want to make an offer on Monday.

the cheapest one was not an ex council after all but a 1940s house bedrooms are quite small but it would be fine for me. Only issue is that there is a social club and church on that square further down so could be some noise maybe although they have their own car park. www.rightmove.co.uk/properties/130773941#/?channel=RES_BUY. the only thing it needs doing is removing the old carpets and there is some nice floorboards underneath
One of the Victorian houses has an offer, but the agent suggested I could still offer as the potential buyers have not sold their home so are not proceedable yet
The other one still appeals to me after a second viewing but I think the owners/agents have overpriced it at £285K as the average for the street is 250k-£262k.

I am not going to offer on the more expensive ones I had listed before but now I have 3 possible options and not 100% sure which one would be best.

My heart says the victorian one but my head thinks the 1940s house will be more affordable in term of mortgage and utility bills.

OP posts:

starpatch · 11/02/2023 16:33

Oh tricky good luck whatever you decide. Having bought a house similar to the first one you list, the period properties here gained more value than mine did, though mine is more practical to get older in. Did you check if it has cavity walls? Looks like it does from the brickwork (you can tell around the window area when you look at the thickness).

Here in Folkestone people are still asking August 2022 prices but nothing is moving. If that is the case in Deal you could offer under.

Original poster

Greenfairydust · 11/02/2023 17:19

@starpatch I did not think about checking the cavity walls...The house itself looks fine to me and well maintained, only the carpets need removing but I am not sure I want to live there if there is a social club that has a lot of events/weddings/bouncy castles event for kids nearby. It is a bit gutting as I was quite excited after I left but when I did further research I realise that the social club might be an issue.

There is so much more choice in Folkestone. I really love Deal but it definitely doesn't have a lot on the market as it is a much smaller town.

I think it is the same here: buy to let landlords are getting rid of their properties but everyone is still a bit too optimistic so things are being reduced all over the place.

OP posts:

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