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Just Found My Dream Home

86 replies

CyclingAddict · 17/07/2025 15:24

Would it be a good decision to take on a £100,000 mortgage at the age of 61? Have only just paid off our Mortgage on our home valued at around £580,000 but have just seen a nice place for £730,000. Would need to borrow £100,000 to include Stamp Duty/Agent’s fees but do have substantial savings and could put £50,000 towards the purchase.

earnings around £55,000 pa

perhaps I’m very stupid

OP posts:
beetr00 · 17/07/2025 15:28

@CyclingAddict this may be useful

CyclingAddict · 17/07/2025 15:30

Mortgage payments of approximately £1,800 per month

That would be my salary with £300-£400 remaining. Husband’s salary would be used to live on

OP posts:
Hodgemollar · 17/07/2025 15:30

Have you run the numbers? When do you want to retire or reduce your income? Are you happy with the high repayment to facilitate that?

Crispynoodle · 17/07/2025 15:46

I’m 59 and definitely would not do this what makes it your dream house?

IMissSparkling · 17/07/2025 15:48

That would be absolute madness. I'm sure your current half a million pound home is perfectly adequate.

BitOutOfPractice · 17/07/2025 15:49

I’m 58. No way would I be upsizing / up scaling at my age - or yours. In fact I’ve downsized.

Why do you feel the need for somewhere bigger / better. What’s driving that? When do you plan on retiring?

PhaseFour · 17/07/2025 15:51

This seems madness to me. What is so much better about this dream house than the house you're already living in? Personally, I would rather retire earlier than head into that kind of financial commitment at 60 years of age.

Roseblooms7 · 17/07/2025 15:52

IMissSparkling · 17/07/2025 15:48

That would be absolute madness. I'm sure your current half a million pound home is perfectly adequate.

Do you know the OP?

thebear1 · 17/07/2025 15:52

At 53 I don't plan to take on a larger debt, I want finical freedom as soon as possible. So I wouldn't do it unless it was going to substantially improve my quality of life.

dogcatkitten · 17/07/2025 15:56

The question is why do you want this house? Is it the place to enjoy your retirement, an idyllic country cottage? It's difficult to comment without knowing why, but in general unless you can buy it without taking a mortgage I would say no, that extra outgoing as you approach retirement seems like a bad idea and losing your retirement nest egg even worse.

Wishimaywishimight · 17/07/2025 16:00

How long of a mortgage would you be taking out?

I would be erring towards the 'it's madness' camp but then I am very risk averse. At 56 and with a paid off mortgage I would hate the thought of taking on another mortgage.

beetr00 · 17/07/2025 16:07

From your figures @CyclingAddict you're looking at 5yr repayment?

If you both have decent pension pots + state pension, disposable each month, good health and stable occupations, then I'd seriously consider it.

Especially if you are not risk averse 🙂

CyclingAddict · 17/07/2025 16:16

It’s a bungalow in a village location (the village is part of my cycle route - highly important 🤣). It has large gardens at the front and back which would give my husband a project which he will enjoy (he thrives on a project). The layout of the bungalow is perfect and the positioning for the sun. Newly renovated so no work needed.

we saw a similar property in the same locality but this is nicer as it’s quieter

close to family members

no plans to retire ..love working!

pensions ok but not brilliant but, God willing, we’ll have paid off this extra £100,000 by then 😃

OP posts:
beetr00 · 17/07/2025 16:35

Have you been to view @CyclingAddict?

When you make your final decision, do please update 💐😀

Ride safe 🚴🏼‍♀️

IMissSparkling · 17/07/2025 16:38

Roseblooms7 · 17/07/2025 15:52

Do you know the OP?

Obviously not. But I am familiar with expensive houses. Most people aren't in a hurry to move from them age 60 plus.

Steelworks · 17/07/2025 16:44

I wouldn’t, and I’m in my fifties. It was a relief to pay off the mortgage.

How secure are your jobs? I heard of several 50-60+ year olds that gave been made unexpectedly redundant recently.

That mortgage payment is huge.

R0ckandHardPlace · 17/07/2025 16:50

I don’t want to sound like a right Debbie downer but my aunt and uncle did this at a similar age to you. My aunt took on the large extra mortgage as my uncle had already retired through ill health. My Uncle died suddenly about three years later and my aunt got cancer soon afterwards.

My poor cousin was left trying to cover both aunt’s mortgage and her own up until the point my aunt eventually died. I always thought that it was insane for them to move in the first place.

HereForTheFreeLunch · 17/07/2025 17:14

I did similar at 45. At 61 I don't think so.
If anything happens to either of you (layoffs, health etc) would you be able to manage or would you need to sell up?

KievLoverTwo · 17/07/2025 17:42

I can't advise you on the financial sensibility of your thoughts, although those numbers make my eyes pop out of my head, but I can tell you I've been living in a bungalow for the last nine months, and I'd rather crawl up the stairs on my arse than ever live in one again when my body sees fit to fail me. I absolutely understand why people cram stairlifts into tiny staircases now.

Have you ever lived in one, OP? Are you aware of the downsides?

Wishimaywishimight · 17/07/2025 17:43

@KievLoverTwoYou have made me curious! What are the downsides??

LemondrizzleShark · 17/07/2025 17:46

IMissSparkling · 17/07/2025 16:38

Obviously not. But I am familiar with expensive houses. Most people aren't in a hurry to move from them age 60 plus.

OP may just live in an expensive area? £580k would get you a two bedroom flat around here… If the new place is a bungalow, there is nothing to suggest that her current place is a mansion. Maybe it’s a terrace with deathtrap stairs?

Willowskyblue · 17/07/2025 17:48

I’d go for it. It sounds perfect for your third stage of life and your husband will be happy too. Worst case scenario you would sell and downsize in the future, if needed.

Pubgarden · 17/07/2025 18:00

@KievLoverTwo I'm interested to know the downsides of bungalows too. I lived in one for years and it was my favourite home ever. Doors out from several rooms so really connected to the garden. No stairs to decorate or clean. Really spacious plot and quiet neighbours as they were all older.

KievLoverTwo · 17/07/2025 18:14

Wishimaywishimight · 17/07/2025 17:43

@KievLoverTwoYou have made me curious! What are the downsides??

So ours (luckily, does not belong to us) was built in the 60s. The back is South facing and the front North.

Excessive cold / excessive heat

21,000 kwh of gas to heat from Oct to June with no gas cooker, around 4k in electric (my bill: £3060, projected to be just shy of 4k for a full 12 mths) - particularly crappy UFH installed by someone who thinks he knows it all but can't even get thermostats on the right wall for the right zone. North East England.

I have to say, I've looked up the kwh of far more modern bungalows the same size as ours (built 2000s onwards) and the consumption isn't much different.

Absolutely balls off cold in winter due to half the house being North facing, but there can be a 15 degree temp difference between front and back at the same time, so the OH is sitting in his office in his jumper because it's 16 degrees then comes out back and it's almost 30. Bloody impossible to dress appropriately, ever.

Air flow. Very poor design of walls/corridors blocking air flow. No direct route of air flow throughout the house in any one place. Stale air, muggy. Feels like a monsoon in here most of the time.

Yes, there's mould, and it was obviously far worse before we moved in because I've seen the inventory photo of a black roman blind slung in the bath to be washed.

Curiously, almost no-one in our cul de sac has trickle vents on their windows. They're all keeping all that stale air in, and presumably living with mould. I think it's absolutely crucial to have trickle vents in a bungalow because the ceilings are so much lower.

With our cursed, South facing conservatory which opens into the open plan lounge, kitchen and diner, in February, it got to 42 degrees in there. You could smell what appeared to be the UPVC melting. I'm still smelling it often in July, when it regularly gets to 35 degrees. In January I was lucky if I could get that room above 16 - so in order to keep the cold out of the lounge/kitchen, I had to keep thick curtains in between them closed all day. We lived like hobbits. It was getting dark at 2.30pm anyway. Most winter days felt like evening.

On the hottest days, we can only get the bifolds half open where they swell from heat so much.

Noise. OH and I have separate bedrooms approx 20 ft apart separated by a large, open plan space. Sometimes, in the middle of the night through both our closed doors, I can hear him snore himself awake.

You know when your partner has turned a tap on because you can hear it. You know when the washing machine has clicked off, the dishwasher cycle has finished, the boiler has turned itself on because it's so close to your head in the loft. That is to say, it's 1650 sq ft and no matter where you are (L shaped) in the house, you can hear any of those things at all times. You can hear a piece of paper being ripped off a pad. There's almost never a time when the other isn't keenly aware of what the other is doing because of the way noise carries.

Yeah... I'd rather not. Not least because I can hear his corporate work talk no matter where I am. There's no getting away from it. No private conversations are to be had.

Pumps for pipes in cupboard on the same floor as you - again, the noise carries: ping, ping, ping, ping, every 20 seconds or so, all through the day and night when it's cold. They're so audible through one wall that we had to completely abandon the biggest bedroom in the house because it was a major noise irritant that prevented sleep.

Floor noise: wherever he goes, I can hear him.

Floor noise: it makes the same noise even when people aren't moving in the middle of the night (movement/subsidence/possibly a suspended wooden floor issue). There are definitely issues because the noise it makes is alarming. So, imagine that at 4am when you know nobody's up. Takes some getting used to.

Roof noise: you don't learn to develop a passionate dislike for pigeons or even give them a second thought until they're waking you up scrapping on the roof at 4.20am every day through summer, and because the roof is so close to your head, you can't get away from it.

Deeeeeep breath.

19/20 people who deliver things here ring our exceptionally loud doorbell and at the same time, violently wrap their knuckles on the glass door because, presumably, they expect everyone who lives in a bungalow to be deaf. Our doorbell (which I cannot turn down) could wake the dead, you can hear it across the road, and yet, they still do it. Makes me jump out of my skin and swear, almost every time.

OH won't let me put a sign in the window :(

I also just miss going upstairs to get away from the temptation of using the computer or doing kitchen chores, etc. When it's all there in front of you all the time, it's hard to switch off because there's always a 'well, I might as well.' I don't really remember doing washing on weekends before moving here, but now I pass the laundry baskets all day, I seem unable to resist.

We enjoyed our own space and physically getting away from one another previously (we're together 24/7), but now there IS no getting away. We keep trying to interrupt 'don't interrupt me' during the daytime regimes so we can be more productive, and keep repeatedly failing, and I think that's just down to the proximity (and poor discipline, obvs), and we are both more stressed as a result.

And, finally.

Sod all storage space and a loft that an Oompa Loompa could get concussed in.

I think ours is a particularly poor refurb and I hope that not all bungalows are as crap as ours.

KievLoverTwo · 17/07/2025 18:24

Pubgarden · 17/07/2025 18:00

@KievLoverTwo I'm interested to know the downsides of bungalows too. I lived in one for years and it was my favourite home ever. Doors out from several rooms so really connected to the garden. No stairs to decorate or clean. Really spacious plot and quiet neighbours as they were all older.

Posted a reply to the other pp about it upthread.