Buying a property in later life

Jennifer_Jane

Hi y'all - I bought my first house in the UK when I was 53. It was interest-only mortgage, so therefore goes up till I am 90 or older! (but last £17,000 will be repaid this year when I get my Pension Lump sum after having the house for 8 years). I started with Halifax and then got a mortgage broker to help when that fixed-term finished. Am now with National Counties who have been excellent, although I'm sure better rates can be obtained.

I actually had a thread under the heading 'my last move' which might be of interest, there were some great posters there.

So yes, I bought later on in life and there were no problems.

There are lots of things to think about, but I really like having my own home. Re boilers and such, mine is included with my buildings and contents insurance.

Jen
x

Pssst

Jennifer_Jane wrote: »

Hi y'all - I bought my first house in the UK when I was 53. It was interest-only mortgage, so therefore goes up till I am 90 or older! (but last £17,000 will be repaid this year when I get my Pension Lump sum after having the house for 8 years). I started with Halifax and then got a mortgage broker to help when that fixed-term finished. Am now with National Counties who have been excellent, although I'm sure better rates can be obtained.

I actually had a thread under the heading 'my last move' which might be of interest, there were some great posters there.

So yes, I bought later on in life and there were no problems.

There are lots of things to think about, but I really like having my own home. Re boilers and such, mine is included with my buildings and contents insurance.

Jen
x

JJ,could you tell us more about securing a mortgage past retirement age please? I just thought that the max period would be retirement age?

carefullycautious

Well Jenniferjane, I have learnt something new today. I never realised you could get a mortgage till you are 90 :eek:
Now thats a position I would hate to be in unless I had a guarantee that I could pay it off quickly.

It is great to hear from someone who has purchased as a more mature (trying to be tactful here) buyer.

I have just got to find somewhere withing my price range, I have emailed all local agents so fingers crossed.
how can I find your thread jenniferjane 'my last move' sorry not sure how to find this

Savvy_Sue

Jennifer_Jane wrote: »

I actually had a thread under the heading 'my last move' which might be of interest, there were some great posters there.

My last move

To find it, I used the 'Search this forum' option at the top of board (ie the page which lists thread titles).

Pssst

carefullycautious wrote: »

Well Jenniferjane, I have learnt something new today. I never realised you could get a mortgage till you are 90 :eek:
Now thats a position I would hate to be in unless I had a guarantee that I could pay it off quickly.

It is great to hear from someone who has purchased as a more mature (trying to be tactful here) buyer.

I have just got to find somewhere withing my price range, I have emailed all local agents so fingers crossed.
how can I find your thread jenniferjane 'my last move' sorry not sure how to find this

Surely it wouldnt matter as when you pop your clogs,the mortgage co would just claim on your estate or take the house,sell it and return any excess to your estate?

margaretclare

I bought this property (2-bed bungalow in Essex) in 1990 when I was 55. Because of the state of my husband's health (he died 18 months later) I had to take on the mortgage on my own. I was made redundant coincidental with his death.

This mortgage could have continued until I was 83. Following my second marriage in 2002 we did equity release to pay off the mortgage, at the same time having title to the property put into joint names.

It didn't scare me originally and I didn't give a thought to boilers failing (although this happened in December 1992 when I was working in the Middle East and came home to a freezing-cold house!) What was scary was trying to keep the mortgage paid in those 5 years between 1992 and 1997. I managed it somehow.

DianneB

Popped into this thread because we have moved house a lot! just love property and change! Was a shock to find out I am in 'later life' (54!!) We intend to move again shortly - for a bigger garden, not a problem as my OH still works full time but we have friends in their 60's who recently got an interest only mortgage, enabling them to buy a lovely retirement bungalow, the loan will only be paid back when they pass on and the house is sold and the interest is way below what they would have to pay as rent. Wondering why the OP feels the need to buy after renting all this time?

Mojisola

DianneB wrote: »

Popped into this thread because we have moved house a lot! just love property and change! Was a shock to find out I am in 'later life' (54!!)

Exactly my feelings!

If you do decide to buy, think ahead to what you may need in 20 to 30 years time. Here's some thoughts from seeing my parents' needs changing over the years.

If a property has steep stairs you may them increasingly difficult. It will cost loads more to put in a stairlift if you have a curving staircase. Having a toilet upstairs and downstairs can make life much easier! Is there good parking - as you get older, being able to park outside your door rather than halfway down the street can be important.

Good luck with your decision.

Savvy_Sue

Mojisola wrote: »

Is there good parking - as you get older, being able to park outside your door rather than halfway down the street can be important.

Also think about public transport and access to shops and similar facilities - apart from the moneysaving side of being able to use your free bus pass, there may well come a time when you are no longer able to drive.

Of course none of us can predict what transport will be available a few years down the line, just as none of can predict when or whether we might have to give up our cars, BUT when considering a final move, buying at the top of a steep hill with no bus services nearby might not be the wisest choice! :rotfl:

carefullycautious

Whoops sorry about the 'later in life remark' in my defense I meant later that people usually buy their first property.

We are waiting to see if the right property at the right price does become available and have taken on board all of the replies

Thanks again