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Original poster

Upping our mortgage at 56. Words of wisdom please

48 replies

jane1324 · 19/01/2025 08:36

8yrs ago we moved to a less affluent area as we wanted to buy a lovely home with a garden quite cheaply - we still love the home But the town has gone down hill further and we are very unhappy with area now & haven’t really settled here.
We have recently been blessed with a grandson but our daughter lives 3.5hrs away . We would love to move back closer to family but obviously the house prices are higher as the area we choose to move to hasn’t increased like most places in the uk and we feel a bit trapped.
We have £80,000 left on the mortgage and would need to increase our mortgage to £130,000 if we moved closer to family.
I am 56 my other half is 50. Our repayment will go from being around £750 to £1,250 if we move this will leave us very tight for money(if we take it 11yrs to my retirement age 67)
I’m worried to take it past that as I desperately want to retire! Or one of us may become ill as we become older?
What would you do? Do we live on the edge of our pants being quite skint by taking a larger mortgage to be in an area we are happy with and nearer to family or do we stay where we are unhappy but we can afford the odd holidays & treats etc.
I’d love peoples thoughts. Thank you

OP posts:
Mmmkaay · 19/01/2025 08:39

I take it you couldn't downsize at all? Or move nearer to your daughter but not on her doorstep? For instance, I'm in Herts but if I wanted my family nearby I'd suggest beds as a cheaper compromise...

Iamoldandwearpurple · 19/01/2025 08:41

Given the cost of living is only going to keep increasing I think you would be mad to stretch yourself that tight

Is there a way to move closer without putting such a huge extra chunk on the mortgage? Smaller house, lower priced area locally?

OnePeppyDenimHelper · 19/01/2025 08:41

Can you go much smaller/ downsize but in the right area. Location is everything if you can compromise on space

hattie43 · 19/01/2025 08:42

IMO you have to move . You can't live somewhere you don't like for the rest of your days . Also I think you'll be more support to your daughter and vice versa if closer .
Can you move to a flat in the better area . What pension arrangements do you have , if a private pension you could take the 25% tax free lump sum and pay down the loan .

Original poster
jane1324 · 19/01/2025 08:42

yes we will be down sizing and be around an hour from our daughter - unfortunately we couldn’t afford like for like or be any closer than that

OP posts:
Dearg · 19/01/2025 08:43

I would look at smaller properties near your daughter. 2 beds rather than anything larger for example.

Personally I would love a flat with a small garden , to be ready for my dotage.

Your spouse is a few years younger so could he/she continue to make mortgage payments after you retire. Say you took a mortgage term of 15 years ? Might make things a little easier.

ArchMemory · 19/01/2025 08:44

I think I’d do it. Yes it’s a gamble but you’re not happy where you are.

But for context we are late 40s and have just added a bit to our mortgage to pay for work on our house and our mortgage is 3 times what yours will be. Our fallback is that our LTV is good so absolute worst case we could sell (but wouldn’t want to).

Original poster
jane1324 · 19/01/2025 09:08

I’m sorry I’m not sure how you reply individually to each response.. if that’s possible? But I am appreciative and taking on board the replies/ideas. Thank you.

OP posts:
BigDahliaFan · 19/01/2025 09:12

I would, if you are really not happy where you are and can afford the other costs of moving. Yes one of you might get Ill, have to retire early, but you might not. And better to do it now while you are In control of things than a forced move later. You are both still young enough to get a second job if needs be…cut down on holidays…etc

WonderingWanda · 19/01/2025 09:15

Is that really the cheapest property in the area? Would you consider a flat? There are lots of retirement properties that are cheaper and specifically for over 50's around here.

Original poster
jane1324 · 19/01/2025 09:24

Yes we would be considerably down sizing, I am not sure how I feel about a flat but I guess we don’t know until we view them it could change my mind ..I'm open to looking ,but I would still love to have some sort of garden even if only small as we have a very active Labrador and I love my birds .. my garden is my happy place😍

OP posts:
Twiglets1 · 19/01/2025 10:01

You reply individually to posts by pressing the quote button under each reply like I have just done to yours.

In your situation I would definitely move but maybe to a considerably smaller house.

I know some people on Mumsnet think it bad taste to talk about potential inheritance but if you are expecting to inherit money in future, personally that would make me feel more relaxed about borrowing more money. Though obviously inheriting money is never guaranteed.

LostittoBostik · 19/01/2025 10:03

We are mortgaged til DH is past retirement age. Many mortgages issued to younger households now are over 40 years so often into retirement too. It's normal. If it's the right move for you and you've made sufficient financial plans I would go for it.

Pieandchips999 · 19/01/2025 10:04

I would look at a little garden flat or a really small house. You can also get quirky places like one bedroom houses some places. There seems like a compromise between leaving yourselves no wiggle room and living somewhere you really don't like. Also a flat can be more manageable for the future if this is your long term home

Billydavey · 19/01/2025 10:07

LostittoBostik · 19/01/2025 10:03

We are mortgaged til DH is past retirement age. Many mortgages issued to younger households now are over 40 years so often into retirement too. It's normal. If it's the right move for you and you've made sufficient financial plans I would go for it.

This. It depends on what pensions you have in place but a mortgage up to 70 or even longer is ok if you have pensions that by then will either mean you can pay it, or use the tax free lump sum to pay it off.

Gardendiary · 19/01/2025 10:08

Pieandchips999 · 19/01/2025 10:04

I would look at a little garden flat or a really small house. You can also get quirky places like one bedroom houses some places. There seems like a compromise between leaving yourselves no wiggle room and living somewhere you really don't like. Also a flat can be more manageable for the future if this is your long term home

Edited

I agree, I would compromise on the living space. I think staying where you are, miserable, is not an option. Would you mind saying the area as people might have suggestions for closer spots which are better value.

Twiglets1 · 19/01/2025 10:08

@jane1324 unfortunately pressing the quote button didn’t work but it normally does. You can also press the @ key and a list of names will appear of people who have commented on the thread

Octavia64 · 19/01/2025 10:10

You might want to look at garden flats.

They tend to be cheaper than houses but you still get some outside space.

ArchMemory · 19/01/2025 10:22

Personally I’d avoid a flat if you can. I have bitter experience of owning a leasehold flat with a terrible management company. It was very stressful (and expensive).

Doggymummar · 19/01/2025 10:28

My parents moved back to the UK a few years ago and had to start over on the property ladder, both retired at 50 and moved over seas. They have a mortgage with Yorkshire bank based on pension income, and was taken out for 25 years when they were in their 70s. If you have good private pensions this is classed as guaranteed income you don't have to pay it off by retirement. They have moved three times in the last decade or so, so not sure what the deal is now but they were pretty happy with it. At 55 we are just looking at buying and are being offered 20 year terms.

Soonenough · 19/01/2025 10:29

Absolutely do it now . Neighbourhoods might change , your area could improve but right now is what you need to focus on . It doesn't seem near but after 60 your borrowing option, etc.will be less . Time spent near your family especially grandchildren is precious. Holidays aren't, not a huge sacrifice imo . Hope you are happy with whatever decision you make .

boredsolicitor · 19/01/2025 10:30

Limp
Sum from pension to repay on retirement?

Original poster
jane1324 · 19/01/2025 10:31

Twiglets1 · 19/01/2025 10:01

You reply individually to posts by pressing the quote button under each reply like I have just done to yours.

In your situation I would definitely move but maybe to a considerably smaller house.

I know some people on Mumsnet think it bad taste to talk about potential inheritance but if you are expecting to inherit money in future, personally that would make me feel more relaxed about borrowing more money. Though obviously inheriting money is never guaranteed.

Ahh I see ..thank you for letting me know about the quote button 👍🏻
inheritance.. is a tricky thing & as you say not always guaranteed ..if my parents end up needing care ,it may get eaten up by that… and I’m forever encouraging them to spend it and enjoy but i understand where you are coming from

OP posts:
w0nderwall · 19/01/2025 10:37

I’m your age and would do this for the right house/flat. If you don’t like your area now, when you can still borrow money to move, you aren’t going to like it any more when you can’t.

Maybe practice living on the smaller income by saving the extra cost for the next few months. Then you’ll also have savings in case of future problems.

shinebrightlikeanemerald · 19/01/2025 10:42

Take out the mortgage for as long as you can to keep the monthly payments low but overpay by 10% a year. Save for any short fall and you will have cleared the mortgage by retirement (if you want) but by keeping the monthly payments low you factor in any financial mishaps which may or may not happen on the way.

Life is too short not to take calculated risks.

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