Would you take on a big mortgage at 50

[Neverknewidfindmyselfonhere]

Hi so I own my own house and after 12 years together we are finally ready to buy a joint home. The next size up from my 3 bed is a further 250k. I'm now getting jittery if we should take out such a large mortgage as we are so old. We can afford it fine but will just be less designer clothes and brand new cars so I'm just wondering what others think and whether I should think again. After reading other posts about how your 50's seem to be all about declining health etc I'm now worried. We are fit and healthy just now with no plans for early retirement. Thanks

I wouldn't, no. I would rather live in a medium sized house and retire earlier.

Why the need to move? Is there a pressing reason?

I need to know this before I can give an opinion

What is your goal in buying somewhere, is it because you want somewhere bigger or because you just want somewhere jointly owned?

If it’s about joint ownership can’t you “sell” half of your current house to your partner? Does he have a house to sell too?

I would. Depends more if your bank will lend.

I remortgaged recently and have a shorter mortgage term, as if I wanted to take it past retirement age I would have had to evidence that my pensions etc would still cover the repayments. I have pensions all over so cba to work it all out 😂

i don’t feel my health is declining particularly? It’s not as if my job involves hard physical labour anyway 😂

I had to take out a large mortgage to pay my ex after divorce. It's not great for my peace of mind i can tell you!

If you can avoid it, don't.

I’d ask why you need a bigger more expensive house? Clothes and cars are unimportant to me but if they are to you then prioritise that. Age 50 I’d want to be looking to retirement and being mortgage free or at least very low payments.

Should have read o/p properly 😜

why do you need a bigger house? Is it just the two of you?

I’d be more inclined to downsize unless you have kids etc and need more space.

does your partner have a property?

You own outright but as a couple you need to go up by 250k? What’s his share of the deposit? Is that 50/50?

Do you have kids that will be going to college?
What if you split up, what will you be left with to fund a house of your own?

Gosh no I wouldn’t. We’ve kept a small 3 bed house over the years so we can have spending money and retire at 65… all being well.

We did but the house price has gone up exponentially as such a good/stable area - investment in large home and will sell in 10+ years with decent profit and neat egg.
Without good treason though I wouldn't

I really wouldn't do that. What if you wanted to retire earlier than you planned? What if you were made redundant and couldn't get another job that paid the same? How long would the mortgage term be?

Your partner is in his 50s and hasn't bought anywhere yet? What's made him decide to do so now?

Only if necessary eg in the event of a separation.

Depends - if you want to live in the dreamhouse and happy to work another 15+ years why not enjoy that time in a beautiful house. You could always sell and downsize when you decide to retire - a bigger, lovely house will probably increase more in value than the smaller one over that time.

Yeah, me too. It’s not the end of the world (just grateful I was in the position to do it, and the bank agreed to give me a mortgage), but maybe don’t do it if you don’t have to.

So we have 4 kids between us under 25 and I have always wanted us under one roof so time is running out before they fly the nest. He sold his house on divorce before we met and couldn't afford to buy again. I will lock in my share of the new house with solicitors and he will add value with an extension so it will increase in value, then we will look to downsize possibly. I want a fresh start away from "my house" and do things more jointly. But the debt scares me and all the 3 beds currently for sale are not much bigger than mine so if we are paying all that stamp duty we want it to make an actual difference.

We have an agreement in principle for up to 340k so we have passed affordability

Will any of the kids be off to uni in a few years and will your mortgage affect you needing or wanting to help them?

Also will you be owning the property as joint tenants or tenants in common?

I'm 50 this year and certainly plan to move in the next few years and take on a bigger mortgage. Quite shocked by all these comments above suggesting life is effectively over at 50 and it's time to just give up and settle! I don't expect to retire until 67 and I plan to keep growing, changing and moving forward in every way even beyond then. When I get another mortgage I'll be aiming to get one for 15 years or so, so it's paid off by retirement, but other than that if you can afford it, which you can, why the hell not! Good luck.

I took on the exact same size mortgage at 40 and I'm finding it a pain tbh. I'd avoid if possible.

Yes why not. You can always downsize later if you want to retire and all kids have gone. In general property is likely to be a decent medium / long term investment so you are increasing your equity while you pay it off.

If you can afford it I would- 50 isn’t old anymore

Yes. Well DH did, I’m not quite there yet.

I would do it but only if you know your pension income can cover your share of repayments.

I wouldn't.