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Is it too late to buy?

20 replies

Iamaman10012 · 25/02/2024 20:50

Hi I am a 36 year old man still living at home, is it too late for me to buy a house?

OP posts:
Nextdoor55 · 25/02/2024 20:54

Not too late at all. Go to a mortgage advisor see what they'll lend you. Barclays lend until you're 70 or they did when we renewed our mortgage last year, you have time!

blackcatsyeah · 25/02/2024 22:12

No! We bought our first house in our 40s!

HotToes · 25/02/2024 22:13


snowisfinethanks · 25/02/2024 22:14

Depends on your financial position

LittleGreenDragons · 25/02/2024 22:15

Depends on how much you earn. If you earn a million a year but only want to buy a 500k house then no it's not too late. If you only earn 10k a year then yes, right now, you can't buy a house.

Scarletttulips · 25/02/2024 22:16

Depends on your savings and affordability.

Alicewinn · 25/02/2024 22:16

No ! Never too late, buy buy buy !

HoobleDooble · 25/02/2024 22:18

Yes, it's nearly 10.15pm and the estate agents will be closed.

Capmagturk · 25/02/2024 22:19

Absolutely not, we only bought our first house 2.5 years ago and my broker told me people around my age are his most common first time buyers.

Edited to add I'm 38

Papricat · 25/02/2024 22:29

Yes, wait for the parents to downsize.

easilydistracted1 · 25/02/2024 22:33

Most banks will allow you to have a mortgage until 68 if you work and are planning to work to that age. So it was always my goal to make sure I had a mortgage before 40. This is because a typical mortgage is 25 years and it's nice to wind down a bit a few years before retirement. Hopefully you have some decent savings if you are working and have lived at home so long. Then you'll have to decide if this is the best time to buy. If you buy now the mortgage will finish even sooner, although I think some banks are lending for a bit longer than 25 year terms

TizerorFizz · 25/02/2024 23:06

Loads of banks lend for longer than 25 years. Costs more overall but spreads repayments. However at 36 it’s not too late for a mortgage.

hothotheatbag · 26/02/2024 02:36

We were in our 40s, why do you think it's too late?

housethatbuiltme · 26/02/2024 13:20

I'm 35 and buying my first house. Most people I know are older than me (except children obviously) and well over half do not own any property yet.

Iamaman10012 · 26/02/2024 19:51

Thanks I live in the south on 30k and around 20k saved. I know I should move up north as it is cheaper but I got my friends and family here. I guess the only options are have are to find a partner (very unlikely) or win the lottery

OP posts:
Hibernatalie · 26/02/2024 19:53

Talk to a broker, I'm sure you could get on the property ladder with that. You are still eligible for a 30 year mortgage.

Hibernatalie · 26/02/2024 19:57
Hibernatalie · 26/02/2024 20:00

Once you've worked out what you could borrow, have a look on Rightmove. Good luck!

Losingitdaily · 27/02/2024 16:17

We've just had a mortgage approved with a term running until my husband is 80!

OodlesPoodle · 28/02/2024 12:06

Think the longer you stay at home, the tougher it will be to find a partner or ever learn independence...Have you ever moved out? Are you paying any rent at all because I'm surprised you haven't managed to save more if you've never paid market rent. My DP bought his first place at 34 in East London after living at home and was on £40k. But he had £40k savings despite paying his mum rent and contributing to bills. Bought a doer upper and did most of the work himself to save money, whilst working full time. We met just when he bought his place (there's no way I would have dated someone with no plans to move out) and are 39 now. We are in the process of buying a house together, and the equity in his place has definitely helped us. So you're never too late to buy somewhere.

My friend and her DH bought their first home when she was 41 and DH 52!

In life you need to make a decision on what's important if you don't have much money or resources. Yes, you could carry on living in the South with your parent but never have a relationship, be independent and just wait to inherit your mum's home when you're too old to really enjoy it. But you would be with friends and family.

Or you could move further out, maybe a short commute away from friends/family but have your own place, the opportunity to have a relationship and start a family, and maybe in the future have the chance to move back home as you'll have some equity in your first place. It will be harder and a change but it will also be living your own life rather than the one your parents created.

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