Having a Big mortgage in your Forties

jrsga

Hi

I would like to know what people think about having a big mortgage in their forties.

When I say big I mean I am 44 and am in the process moving home and will owe about £160k and it will not be paid off until I am 65.

I have read much about "it seems to be common for people in their forties to have to do i.e get a 20/25 year mortgage"

I am struggling to go through with it. It paraylses me to a degree to think I will not pay this off until 65!! and at that point am thinking it will be too late in life! Ok the house is worth around 475k but I am thinking so what??

Can someone give me some perspective/advice on this?

thanks

Landofwood

That's not a big mortgage to most people

ACG

You can overpay on most mortgages, so there is the potential to bring the term down that way?

I suppose its all relative, if you are stretching your income then it seems high. If its 2x your income and you are doing a long term to keep the prepayments low then its a little different.

Baby_Angel

We were FTB at 47 and 40. We had a 23 year mortgage. As of today we owe 213K and 21 years left. We don't intend to be paying for that long. That is why you need/have MSE :-) I overpay whenever I can.

Grumpygit

At 40 (me) and 42 (OH) we took out a 25 year mortgage for £352k....house is worth over £600k

So 20 years to go and we now owe £298k - no overpayments yet

We can afford it, we live, go out and go on holidays.

It does seem scary sometimes but not hugely at the moment, maybe when interest rates start going up we will start to cut back on things but it's just ticking along in the back ground and I want to live now and not scrimp and save to over pay just to knock a few years off it.

TrickyDicky101

If you can then overpay! Relative to your property value you don't have that big a mortgage (similar to mine albeit my house is much cheaper than yours:)).