Am I to old to buy my own home

Dave_Saver

I'm 42 years old and should be debt free within the next few months. Last year I moved back in with my parents to help care for my dad due to his failing health. Reduced out goings has enabled me to clear most my debt in under a year and I could have a small deposit by this time next year, is it to late for me to benefit from buying my own home? And I better off putting my savings into retirement?

zagubov

I understand your doubts. We don't know where you live, what dependants you have, what your local housing market is like, so I don't know how we can answer.

We would all agree that you should be putting aside as much as you can either for property or pension.

Kernel_Sanders

I got my last mortgage when I was 41 (on my own), a full 25 year-one. I don't remember my age even being an issue.

zagubov wrote: »

We would all agree that you should be putting aside as much as you can either for property or pension.

No we wouldn't.
OP buying your own home is saving for retirement, so don't let anything else get in the way of this goal.

Zenblue100

I have just got a mortgage on my own at 55 yes it is only for 20 years but it can be done

Ahsoka

Not too late at all if you can manage it.

Myself (45) and my partner (48), have just bought our first home a few months ago. 20 year mortgage and so will be paid off before I retire at the latest.

lookstraightahead

No not at all - you're still young don't write yourself off yet!!!

And remember you don't have to
own a house if you don't want one, there's other ways to save.

Tigsteroonie

We bought a house age 44, got a 23 year mortgage. Now over-paying so as to shorten the term.

Norman_Castle

Save as much as possible while you can. Decide whether to buy when you leave your parents house.

MrsPorridge

If you buy your own home and hopefully pay off the mortage before you retire you then won't have to pay that outgoing.


If you are still renting and you retire you will then still have to pay your rent out of your pension.

Dave_Saver

I have a girlfriend but no plans to move in together, my son is 21 and lives with his mother ( my ex) , I earn around £23000 a year and have cleared about £4000 in debt since last August. My remaining debt is on 0% and will be cleared this year. In my frugal living plan I think I can save a total of £25,000 by the end of 2021 if I and still living with parents. I live in Ellesmere port and could buy a house from £100,000 -£125,000. I have very little pension provision, I stayed in the new work pension scheme and my contribution goes up to 5% in April and my work will contribute 3%

bouicca21

Go for it, on those figures it’s more than doable. And owning rather than renting in retirement makes a huge difference to living standards.