Just Found My Dream Home

[CyclingAddict]

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

Are your kids dependents or older and "self-funding"?
I still don't see how an income of £55k pa is going to support an £1800 a month mortgage. Unless your kids have their own cars, do not underestimate how annoying that 5 mile distance or living in a village will be to them! Although if they're older it could be a cunning tactic to encourage them to move out

What on earth are the downsides of a bungalow? I am only in my mid 40s but live in Ireland bungalows are very very popular more so in the country ( thanks bungalow bliss 🤣) I have only ever lived in 2 houses with stairs currently in one now and god took me age to get used to it. even now I am like lord its an effort to go upstairs- even worse at night time when the bloody dog wakes you up for a wee 😂 my own parents in late 60s looking to downsize (from a large bingalow) refuse point blank to look at a house with stairs

Personally, I wouldn't want to take on new debt at age 60+.

It's an unfortunate fact that health issues can suddenly arise as we age. Could you still afford the mortgage if one of you had to stop working for an extended period, or permanently?

@MiddleAgedDread we still support the children by not asking for board/lodgings and give them money for clothes occasionally; have bought them both cars but they pay to run them

have worked out we might be able to borrow less, keeping the mortgage payments under £1,000 per month

if one of us could no longer work we would have to sell one of our rentals to pay most of the mortgage off and then, if things were dire straits, sell the bungalow too! Live on a barge boat 🤣

What's the term of the proposed mortgage and how does that tie with your proposed retirement dates?

Looking at a 5 year mortgage to tie in with turning 66 ..might continue to work beyond that

There are several posts in this thread from me explaining what they are.

Sounds as if the extra debt could be stressful as you get older. Please don't assume you will continue for 20 or even 10 years with the same levels of health and energy. Both can deteriorate very quickly.
Why not look for a less expensive property in the right area with a big garden?

Apologies seen that after. you must have a very badly built and badly designed bungalow - apart from the odd issues never ever heard of them complaints. there are about 20 houses around me and about 3/4 of them are bungalows with a beautiful one being built across the road from me

Ah, but not all cats are grey. If I could marry my bungalow I would. I love it!!!!!

My mums friend has pretty much just done this. She’s 58 and they took on another 120k over 7 years. Not what I would do but i do t think it would be completely mad to.

Just seen it’s a bungalow we’ve just moved into a bungalow and absolutely love it!

I’m not even 60 yet and no way would I take on more debt. It was a relief when our mortgage was paid off and the last thing I’d do was take out another one.

but it sounds like you’re in a financially strong position so I suppose it’s down to how much of an improvement on your current house this would be. If your quality of life will be significantly better- if it’s a far nicer location, quieter, nearer friends etc then it could be worth doing.

Just do you. If it would make you happy and you have worked it all out go for it. Don’t let a load of strangers stop you x

Sorry (clearly not sorry enough) to hijack your thread for my own purposes, OP.

I'm really thankful to the people who have contributed and said 'your home is not at all normal' because I find the prospect of having a stair lift in my 70s + really depressing. It's confirmed my suspicion that they're only completely shit if they're refurbished by absolute idiots.

It reinforces what we've thought all along: don't rent houses by people who don't f'kin live in houses.

I do still stand by my former caveats about damp, light levels and suchlike, but this thread has been really reassuring.

if it’s the dream location then go for it! We bought ours about 5 years ago and took on £100k mortgage over 10 years in our 50s. Halfway there now, and don’t regret it for a second…also don’t regret that the house is a bungalow with an upstairs extension. I love the house, although it almost didn’t matter, it really was all about the location

If you're happy to keep working and would
Enjoy the house more than holidays, expensive hobbies and cars etc then why not?!

I had to live in a bungalow for about 15 years - husband worked in the family business and the bungalow was part of the package.
And never ever will I voluntarily live in a bungalow again. We were always short of space, there never seemed to be any privacy and I just love going “up” to bed.
If I’m decrepit in my dotage I shall be crawling up my stairs on my hands and knees if necessary.
My parents downsized to a bungalow in their early 60s (my age now) and were proof in point that “use it or lose it” is real; they gradually lost the ability to “do” stairs to the point that they had to actively plan to avoid them. There’s just my dad left now and he can’t visit my house because it has stairs.

Life can change so quickly, we never know what’s around the corner. One of you could get an illness or worse, where will that leave you? A big garden may seem great now but could become a millstone if or when you can’t manage it.
Do you want this property because of where it is or as a status symbol? because believe me, there’s no greater status symbol than retiring early and enjoying life, travel etc. why would you work yourself into the ground for a bigger house when it’s clear you have a reasonable house now? I retired at 58, I have a lovely house but people are far more impressed that I’ve been able to travel and join clubs etc that I enjoy instead of working!

Yes my husband is facing redundancy, in late 50s. Came completely out of the blue and doesn’t look good. We have no mortgage but it’s still fucking scary as we will be really, really struggling on my salary alone. Got kids at uni too. Everyone we tell focuses on the fact we have no mortgage, yes it’s a plus but we are still screwed. All our retirement plans etc, potentially out the window.

So, no I wouldn’t be relying on one salary. It’s notoriously hard to find work in later years, well paid anyway.

Definitely buy it

I guess you are looking at about £40k in moving fees. That would put me off right away.

Bit of a drip feed that you have rentals on top.
Due to that, I’d say go for it.

Similar, have loved all six of the bungalows I've lived in.

No damp issues, heating is updated and great, water pressure is good too,
Tripple glazed, proper roof on conservatory as glass or plastic can be problematic.

Don't let it put you off @NotrialNodeal .

A bad design is a bad design, whether bungalow or with stairs.

Layout can be changed if it doesn't suit, same with most things.
We're extending ours and although it's great now, there isn't much storage space.

Appreciate not ideal if renting but having lived in six bungalows, I'd not do stairs when older.

No one is stopping OP, she asked for help and the so called strangers, like yourself are advising as asked.