Hundred grand in 23 years

Anthorn

jdw2000 wrote: »

He's already 41. He needs to buy now. How old do you need to be before you can't get a mortgage at all? Then he won't have the luxury of a choice in the matter.

Actually, owning one's own home, one's home is one's castle, etc. etc. is pretty much not supported in the rest of Europe. There people will rent and if they want to buy their own own they will save a large deposit to reduce the mortgage repayments. That's especially true in France. It's pretty much uniquely British to own one's own home.

At the age of 41 he's pretty much missed the boat for a traditional 25 year mortgage. That's if he can afford to buy on a 25 year mortgage. It's not exactly for no reason that mortgage terms have increased to 30 years and upwards to 35 years and beyond: It's in order to get lower repayments to afford high property prices.
http://www.thisismoney.co.uk/money/mortgageshome/article-3397746/The-rise-35-year-mortgage.html

Personally, I would look at shared ownership schemes at my local council and housing associations if buying one's own home is desired. There are other means and I link to government information:
https://www.gov.uk/affordable-home-ownership-schemes/overview

But I would put a pension first on my list.

justme111

Anthorn wrote: »

At the age of 41 he's pretty much missed the boat for a traditional 25 year mortgage.

It is utterly and completely untrue. Most normal mortgages have cut off points of 70/75 which he perfectly fits , there is a market for mortgages over 55 even, retirement mortgages and there is an option of shortening the mortgage term.

Doshwaster

jdw2000 wrote: »

He's already 41. He needs to buy now. How old do you need to be before you can't get a mortgage at all? Then he won't have the luxury of a choice in the matter.

I bought my first house at 38 (when I decided that it was about time that I acted like a grown up) but I have friends now in the mid to late 40s who are struggling to get a standard 25 year mortgage even with a good income and decent deposit so are having to pay more in monthly repayments for a 20 year deal.

Buying was definitely a good financial decision for me. The house is going up in value by at least £10k a year which is far more than I could afford to save. I now have over £100k equity available so should "disaster strike" (as the OP is so worried about) then I could sell to release that money.

Anthorn

justme111 wrote: »

It is utterly and completely untrue. Most normal mortgages have cut off points of 70/75 which he perfectly fits , there is a market for mortgages over 55 even, retirement mortgages and there is an option of shortening the mortgage term.

Whose mortgages are they? You say. Yes, I know that rhymes.

But my major point flew over your head. Here it is in simpler terms just for you: One can only get a mortgage if the repayments can be afforded. Hence the market for longer term mortgages in which the repayments are cheaper. Usually the term for a mortgage ends at retirement age. Hence at the age of 41 the boat to a traditional 25 year mortgage has been missed. However the retirement age is gradually being increased so maybe he won't be missing the boat in the near future.

atush

jdw2000 wrote: »

He's already 41. He needs to buy now. How old do you need to be before you can't get a mortgage at all? Then he won't have the luxury of a choice in the matter.

Yeah, and I said that before. Why grind your axe at me? When we agree?

The OP said he doesnt want to move. Even if we disagree, we cant make him.

atush

Actually, owning one's own home, one's home is one's castle, etc. etc. is pretty much not supported in the rest of Europe.

Actually, in europe there is more land so less pressure on housing and rents are lower.