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Am I to old to buy my own home

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Comments

  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    BikingBud wrote: »
    You mean mortgage free I take it? As lots of people say they "own" their home, denying the fact that they still have a massive loan attached.

    If the OP buys now they will be mortgage free in retirement.

    I don't know why people knock home 'ownership'. You can either pay rent for 25 years and have absolutely nothing to show for it or you can pay a mortgage for 25 years and have a valuable asset.
  • Dave_Saver
    Dave_Saver Posts: 42 Forumite
    Fourth Anniversary
    After spending some time think through my options I've decided it's the right decision to save to buy a house, I will be saving for a deposit over the next 3 years hoping to save enough to get a house with a 20 year Morgage with payments I can afford.
  • Leggitte
    Leggitte Posts: 90 Forumite
    Fourth Anniversary 10 Posts
    Good for you! I am 53 and currently in the process of buying a house on my own. Got a 21 year mortgage approved.
  • BikingBud
    BikingBud Posts: 2,612 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    shortcrust wrote: »
    If the OP buys now they will be mortgage free in retirement.

    I don't know why people knock home 'ownership'. You can either pay rent for 25 years and have absolutely nothing to show for it or you can pay a mortgage for 25 years and have a valuable asset.

    I am not knocking it merely commenting that the term "ownership" often masks the fact that although they may be the legal owner the property is not without interest in the value from other parties, ie the mortgage provider.

    You are also assuming normal repayment mortgage as an interest only mortgage will leave a bubble ( also remember the down stream value of any asset can increase or decrease) to be paid off on completion of the term.

    Now it might be that some are content to pay interest and not pay the capital but is this any better than renting?
  • datlex
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I got my first mortgage at 45. I asked for a 22 year mortgage due to retirement age. When I went for my mortgage appointment I actually came away with an 18 year mortgage. Saving me a lot of money on the full term of the mortgage.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • AlexMac
    AlexMac Posts: 3,065 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Nationwide last renewed my mortgage with age 75 as a repayment date... but as I gallop towards that milestone I'm pleased to see they now quietly offer some loans til up to 85!
    Have a look at their webpage "BORROWING IN LATER LIFE"
    https://www.nationwide.co.uk/products/mortgages/borrowing-in-later-life

    In fact you might not qualify as they see this as over 55, lol!
  • Newnoel
    Newnoel Posts: 378 Forumite
    Third Anniversary 100 Posts Name Dropper
    skint_chick wrote: »
    The house prices you mention would probably mean that mortgage payments are around the same as rent if you go for a 20 year mortgage - so at the end of the mortgage you would own your place outright rather than still having to pay rent. The only other thing to consider is property maintenance,

    Inflation is the factor that pushes buying well ahead of renting

    Rents will generally tick up each year in line with the cost of living, while mortgage payments may actually reduce as your loan to equity number improves.

    And once you pay the mortgage off, you never need worry about inflation again.
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