Has anyone taken on a big mortgage past middle age?

Seabee42

Everyone gets one go if that's what they want to do surely its their choice. I might agree its not what I would do, after all I would want to clear the debt.

Ignoring mortgage rates, people believe they will get pay rises so all debt will become more affordable and easier to pay off.

Everyone makes different choices just because you would have different priorities if you had the same money does not make them wrong.

hazyjo

Not just about what's relative (although that's mainly it cos, like a few of us have said £100-150k mortgage isn't large to most in London), some is also to do with state of mind.

When you say 'middle age', I still picture some granny off the Shreddies ad. I don't see myself at 44 as 'old' or 'middle aged' (although I suppose I am! Arghhh!). I suppose I just accept the fact I'll probably work 'til I'm 65. I think I feel younger cos I've not had kids. You never quite reach that sense of being a 'grown up' lol.

Also doubt this will be my last move!

Jx

Jenniefour

Yes, I took on another mortgage three years ago, at age 58. Small in terms of where I live, London. I did it so I could have a freehold property (house), having lived in flats for many years. One of the best decisions I ever made, even though it meant going from mortgage free to paying another mortgage. Which I am overpaying and will be paid off in 4 years.

carefullycautious

I can understand where the op is coming from if she is not aware of the rules governing older people taking out mortgages.

Some years ago we looked into getting a mortgage when hubby was in his fifties. We were told that it would have to be paid in full by the time he was 60. So in 9 years time. It was going to cost over 1,000 pound a month and looking at all the other outgoings on top it would have sent me to an early grave.

So what I am trying to say is that maybe these people have taken it over a shorter term as at some stage the bank will call in the debt. Plus the many other reasons as stated by the other posters.

I could not personally cope with living in a big property now that there is only the two of us. I like that we have decluttered and that we have only a small outside space. We can lock up and go as we like. However, this way of life is not for everyone and yes we have to live and let live.

Shoey1610

I don't understand how you owned a big 3/4 bedroom house 5 years ago and are now in a HA bungalow. Either you had a big mortgage yourself and couldn't maintain it or you are now sitting on a pile of money in a HA property.

If it is the first situation, that makes you a hypocrite, if it is the second, it makes you an @rse.

sulphate

People have a bit of a crazy idea about how much space they actually need. I grew up in a Victorian house, 3 double bedrooms, fairly spacious with just my parents.

I mentioned to a friend of mine (whose parents live in a HUGE house worth £1+ million by themselves) that my parents were thinking of downsizing and she looked at me and said "what? Your parents' house is a nice size for 2 people".... I was kind of insulted tbh!

Up to others what they do though. Personally if I have kids I'd want any excess money I had in my 50s+ to go to them, because what will I need with a big house after they have moved out?

jaylee3

carefullycautious wrote: »

I can understand where the op is coming from if she is not aware of the rules governing older people taking out mortgages.

Some years ago we looked into getting a mortgage when hubby was in his fifties. We were told that it would have to be paid in full by the time he was 60. So in 9 years time. It was going to cost over 1,000 pound a month and looking at all the other outgoings on top it would have sent me to an early grave.

I could not personally cope with living in a big property now that there is only the two of us. I like that we have decluttered and that we have only a small outside space. We can lock up and go as we like. However, this way of life is not for everyone and yes we have to live and let live.

Completely agree with this, and with the OP. It's nothing short of ludicrous in my opinion, to take out a huge mortgage at the age of 55-ish. And no matter what anyone says about how '£150,000 isn't a lot where I live,' and 'people spend that on a holiday' blah blah blah: loada bollux - £150,000 is a SHED load of money to get into debt for at such an age. And having a 4 bed house when there is only 2 of you is ridiculous IMO. Most people are downsizing when they're heading for 60, and have no kids at home.

Sounds to me like they are trying to be something they're not, and especially if someone is desperate for people to be jealous, and thinks they're oh so much better because they have a £200,000 to £250,000 house. Seems like their desperation to be bigger and better has overshadowed common sense.

To take on a £150,000 plus mortgage at around 55 when they could have paid off the whole mortgage and been mortgage free is irresponsible and stupid. And yes I think some people do see having a big expensive house as being more successful and better than those who don't. Not so. Like it's not true that people who are homeowners are better than people who rent.

Talc1234

jaylee3 wrote: »

Completely agree with this, and with the OP. It's nothing short of ludicrous in my opinion, to take out a huge mortgage at the age of 55-ish. And no matter what anyone says about how '£150,000 isn't a lot where I live,' and 'people spend that on a holiday' blah blah blah: loada bollux - £150,000 is a SHED load of money to get into debt for at such an age. And having a 4 bed house when there is only 2 of you is ridiculous IMO. Most people are downsizing when they're heading for 60, and have no kids at home.

Sounds to me like they are trying to be something they're not, and especially if someone is desperate for people to be jealous, and thinks they're oh so much better because they have a £200,000 to £250,000 house. Seems like their desperation to be bigger and better has overshadowed common sense.

To take on a £150,000 plus mortgage at around 55 when they could have paid off the whole mortgage and been mortgage free is irresponsible and stupid. And yes I think some people do see having a big expensive house as being more successful and better than those who don't. Not so. Like it's not true that people who are homeowners are better than people who rent.

Rarely have I seen such a moronic post. Don't be so critical, it really isn't your business.

pleasedelete

All relative but they seem like very small mortgages.

Why is taking on a £150k mortgage at 55 stupid- you have 12 years of working life left plus most pensions would pay a £150k the residue of the mortgage at the ends.

At 50 I shall be looking for a hefty mortgage. I can afford it- does that make me irresponsible.

Affordability is what matters- not age or amount or mortgage.

makeitstop

Lily-Rose wrote: »

I know right. I mean, £100K to £150K mortgage in your mid 50s?! Surely whatever you salary, that is a LOT?!

So if someone earns £80K a year, with a partner earning £50K a year, then does a £150K mortgage sound a lot.???

Really, get some sense into your posts eh.?