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Original poster

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:
Arran2024 · 20/07/2025 11:01

My brother has a bungalow. It was fine when his kids were little, and now they have moved out, but he says it was difficult when they were older teens / young adults due to the lack of privacy.

FlipFlopVibe · 20/07/2025 14:18

Turmerictolly · 20/07/2025 10:14

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

Absolutely no mention that they own several other properties 😂

Sunflowergirl1 · 20/07/2025 15:15

I would stick with what you have mortgage free. People tend to start developing awful illnesses in the 60s. My dad has recently been diagnosed with a life limiting condition and their friend at 60 cancer. If either had a mortgage, it would have been devastating unless they had critical illness cover which is unlikely at that age

shewasasaint · 20/07/2025 16:37

OP eventually revealed that there are rental properties so I expect they can well afford the mortgage.

Wexone · 21/07/2025 09:12

JustMeAndTheFish · 20/07/2025 08:44

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.

Show quote history

But again like the other one things like short of space lack of privacy is just bad design and layout. You can have them issues as well in a two story house "love going up stairs " is a mindset. I "loved" going down to my bed in my last house too. The bungalow was a very well designed house, 2,500 square feet so plenty of space. H shaped you walked in and kitchen was in middle- living room etc on the left and bedrooms and office to the fight. Main bedroom was well away from rest of house with window looking over the garden plenty of privacy.
Bad design bad build doesn't work weather you have a stairs or not

MH0084 · 21/07/2025 09:50

We are taking up a huge second mortgage to renovate our home and make it our dream forever home. The investment will never be recovered. It makes no rationale financial sense, but again, it's our dream! And, my parter is 60yo with no plans of retiring! If this is your dream and it will be the home you feel you will grow old with your DH, why not?!

maudelovesharold · 21/07/2025 10:10

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 😃

I would go for it! It sounds like you're pretty confident about the figures. If you don’t, you’ll always be wishing you had. YOLO!

Fifiesta · 21/07/2025 15:46

FlipFlopVibe · 20/07/2025 14:18

Absolutely no mention that they own several other properties 😂

Show quote history

Yup that totally alters the whole financial landscape…it illustrates perfectly that without details, complete strangers can only offer very general advice…
I’m just waiting for others to pick up on that little detail too!

shewasasaint · 21/07/2025 15:54

So many just read the first post, and barely that.

It was disingenuous of OP to ask about taking on a mortgage without mentioning additional properties.

GreenGully · 21/07/2025 16:19

Sell your current house and one of your rentals. You will have your dream home without needing a mortgage and will have some cash left over.

Original poster
CyclingAddict · 22/07/2025 11:47

Thank you to everyone who has posted..

I’m still contemplating..husband says the garden will cost a lot to transform (it’s a blank canvas but .3 acre 😳) and he’d prefer a bigger garage. He could be persuaded to buy it if I pushed him enough, though

i think someone else will come along and buy it whilst I’m still thinking about it all and trying to get my house ‘Rightmove ready’ 🙄

OP posts:
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