Has anyone taken on a big mortgage past middle age?

AdrianC

Lily-Rose wrote: »

Well you're wrong. I am just curious why anyone would do it.

Because they want to. Do they need more of a reason than that? If anything, you had it nailed in your very first post, where you suggested it might be because they associate a large house with success. You even told us that you'd had confirmation when the owner said her friends were jealous.

I am not trying to make people say what I want to hear. Quit reaching! And I did find Ognum's post Snarky. Why can't people just respond without having a go? Good grief!

Not being funny, but I'm not responding to any more posts where people are obviously just being snarky/sarcastic.

As I said, if anyone has anything constructive to say - please feel free.

Can you see there might be a _hint_ of pot/kettle in that post...?

Lily-Rose wrote: »

Well that isn't too bad; early to mid 40s. But mid 50s?!! And taking on a mortgage of £125 to £150K with the average full-time wage being £15K to £22K. That just seems so high.

As has been said - the lender has far better access to their financial information that your suppositions give you - and they find it affordable.

At 55, they may well be happy to work full time for another fifteen years, overpaying the mortgage as they go, after which they may well have private pensions which will nicely cover the residual payments. They're clearly used to much higher outgoings with the kids at home than they now have. Maybe they aren't struggling, and maybe the decision for the wife to work longer hours is because she's got so much more time on her hands than she had - so might as well use them productively. Again, you assume it's the husband who's told an unwilling wife what to do.

Strikes me that you're suffering a bit of the ol' green-eyed monster yourself, and are trying to quell it by convincing yourself they don't know what they're doing and are heading for a fall.

dominoman

Annie1960 wrote: »

Depends what area you live in. Around here you wouldn't get anything for that. 1 bed flats start at around £150k.

Around here 1 bed flats start at around 650k, and for that you'll get a pretty dingy basement conversion. Taking on 150k mortgage in your 50s is no big deal if you can afford it. It all depends on your income. I know people that spend that much on their summer holiday.

borkid

Lily Rose, no mortgage but we did buy a larger house on early retirement at 50 years. Having worked long hours, so only saw OH at the most 2 hours a day and a little more at the weekends, the idea of seeing each other 24/7 was frightening. We now have a house big enough to enjoy our own differnet hobbies. I can leave my sewing/ music out ready to use, the same way as OH can leave his books out without needing to tidy up as soon as we've finished.

dominoman

borkid wrote: »

Lily Rose, no mortgage but we did buy a larger house on early retirement at 50 years. Having worked long hours, so only saw OH at the most 2 hours a day and a little more at the weekends

What is it with all the odd abbreviations on this site. Are we turning into Mumsnet!

borkid

dominoman wrote: »

What is it with all the odd abbreviations on this site. Are we turning into Mumsnet!

Sorry just following what seems to be the norm on this site. I will try to remember to spell everything out in future

Thrugelmir

The UK has an obession with property ownership and the value of. Also with leveraging up with debt. Perfectly understandable on the historical data between the early 70's and the peak of 2007/2008.

What the future holds no one knows. But may well have a few nasty shocks in store for those with their eggs all in one basket.
As everything moves in cycles. The one thing you can learn from history.

AdrianC

Thrugelmir wrote: »

What the future holds no one knows. But may well have a few nasty shocks in store for those with their eggs all in one basket.
As everything moves in cycles. The one thing you can learn from history.

True - if you look only at the short term. If you look at the long term, it would take a very radical government or change in social attitudes to do more than make temporary wiggles in an overwhelmingly consistent graph.

dinosaur7

I have to say I read Lily-Rose's post as a general observation on how different things seem to be important to different people. I share that curiosity. I don't find it snarky, because the people in question aren't named, and no one on this forum could know who is being talked about, so it is just a theoretical issue. It's not personal as it would be if you were talking to mutual friends about someone you both know.

As for which view is 'right', I guess it's a case of 'whatever works for you'. The real art, I think (sadly, not one I've mastered yet...but still trying!) is in being happy with what you have. If Lily-Rose has managed to do that, and has done so without a big mortgage, hefty outgoings and a ton of cleaning I, for one, am just a teeny bit envious of that sort of contentment. Good for you!:T

ognum

Lily-Rose wrote: »

I knew someone would come on and say something like this! And I knew someone would have a go at me too! I am just curious because I don't understand it, and wondered if anyone else has done it.

I am also more than happy in my very cheaply rented 2 bed detached bungalow in the village I am in. With all the repairs and maintenance done for just over £70 a week.

Also, the wages are poor around here. If you had read the last part of my post, some of them are struggling.

If you anything constructive to add instead of making snarky comments, then feel free.

I am sorry you feel my post is getting at you, this is not what I intended.

You gave your opinion of your friends lifestyle choices in your post, I gave my opinion of yours. I thought I was simply following your example.

Maybe these seem big mortgages if you live in a property backwater but where I live (not London) you will not get any house at all for 200k. I live in an affluent area, I buy, sell and let property for profit. Therefore your lifestyle has no appeal to me but if you are comfortable with it I am happy for you.

I just can't see the need for comparison and questioning of how others manage their life and finances. Sigh!

leunger

Lily-Rose wrote: »

I knew someone would come on and say something like this! And I knew someone would have a go at me too! I am just curious because I don't understand it, and wondered if anyone else has done it.

I am also more than happy in my very cheaply rented 2 bed detached bungalow in the village I am in. With all the repairs and maintenance done for just over £70 a week.

Also, the wages are poor around here. If you had read the last part of my post, some of them are struggling.

If you anything constructive to add instead of making snarky comments, then feel free.

i think you have answered your own question and it depending on the individual if it worth it or not. I am just about to turn 30 and my OH is mid 20's but we do experienced the similar "my house is bigger than yours" type of childish behaviors from people we know.

nothing wrong with living in a housing association bungalow going into your mid age, in fact i think it's a good plan toward retirement and start reducing out-going and more money for holiday and etc.