Has anyone taken on a big mortgage past middle age?

Shoey1610

CH27 wrote: »

Health issues can make a move to an adapted bungalow necessary.

You make that sound like you just click your fingers and get one. Maybe in some parts of the country you do. My now wheelchair bound mother who has always lived in council/HA and is now stuck in an unadapted and under occupied 3 bed HA house is still waiting 4 years later (South East).

So I am a little bitter about those who see a HA retirement flat/bungalow as some sort of post-55 entitlement or just get one allocated and more so about the system that allows this to happen.

jumperjohn

I guess it can be frustrating to see others do well and to afford a nice house, which reading between the lines I think that you would love to be in a position to own. It seems that you have managed to just get by on your benefits and your husband’s low salary and when you see your friends do well it hurts a little, even makes you slightly jealous.You can wrap the original post in an envelope of concern but I think all can see the true message.

My advice would be to forget what others do and just be happy as to where you are, enjoy life and try not to become bitter.

Just to add my bit, I don’t think their house value is excessive or indeed their mortgage. In the right location their decision could be a wise move, where else to invest money at the moment?

knightstyle

Everyones circumstances are different, we are both retired, late 60s and are in a house with about 40% equity, the rest on an interest free mortgage. But we will be able to pay the mortgage several times over in the future. this will be when we sell what was our main house in France, it is let at the moment as we wanted to be sure we wanted to live in the UK before selling up in france where we have lived and worked for many years.
So yes, some of us oldies have big mortgages. But we are comfortable with that.

Thrugelmir

AdrianC wrote: »

Average salary is £26,500, or £53,000 between a couple. In some parts of the country, £130k household income before tax is far from unusual.



<cough>

Average is totally misleading. If one in 20 people earn £35k. Then the other 19 earn nearer £26k or £52k for a couple.

Minimum wage for a 40 hour week is only around £15k a year. Hence why yes. some people have a household income of £130k.

Wads

Surely it's all relative? A £150k mortgage between a couple earning approx £100k sounds very manageable. It all depends on your salary, circumstances, how much of a risk you're willing to take, etc?
There are a lot of couples earning £130k between them annually. Yes, they are probably a minority, but I wouldn't say it's all that uncommon these days.