Home ownership 44+?

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Hi. So very long story short, we had a mortgage on a house in our 30's. The house turned out to be an absolute moneypit (poor decision to buy, needed a HUGE amount of work to bring it up to standard and the roofer basically ran off with thousands). Anyway. We sold after carrying out all the rennovations and came out with nothing (except feeling much much wiser and more knowledgeable about home rennovations!).



Fast forward. We haven't been able to save for a deposit and wonder if we ever will. We're not giving up however.



Does anyone have positive experiences in 'starting again' mid 40's or above?


I know everyone's experience is different, just looking for a few positive stories to keep me on the right track.

Caz3121

we bought at late 40's...the thing to look at is term duration, we took 17 years which is obviously a higher monthly payment than over 25 years+
we saved and saved for deposit...sold stuff, cut out shop coffees, made packed lunches etc...took a while but it all adds up
once in, we then saved for another 2 years to get the builders in for some renovations work and now will be looking to overpay mortgage and get rid before 62 (hopefully!)

lessonlearned

You've got plenty of time.

I've just taken out a 29 year mortgage.....I am 66:rotfl:

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Thanks both. Feeling strong

triple_choc_chip

I took out a 17 yr mortgage for £195k last year when I was 57. I’m hoping to start overpaying in a couple of years time so that I can retire on time without a massive debt left but I know my pension will cover it and I’ve no other debts so not overly bothered.
Good luck :beer:

deejaybee

We got back on the housing ladder 5 years ago when i was 53, after 6 years of renting.



Took out a 17 year mortgage, which obviously takes me up to age 70 ( i'm self-employed ) . One way or another want to clear it a few years before that as i dont want to still be working at that age.


Have bought and sold a few properties in that past, one difference to original poster was that we had decent deposit to put down on this lastest property.

Xenon

I am 45 and looking to get my first home - never too late unless you are brown bread of course !

Burns1702

We're going through the process at the moment, I'm 49 and we've just got a mortgage offer, it's over 17 years, takes me up to retirement. Only downfall is budget, because the monthly payments are higher we've had to look for something lesser in value