45 taking on a Mortgage

Sistergold

Hello there many of us are starting our adventures at almost 50. Got my mortgage last year £487500, 23year term so will be 70s. Payment is high, am also making overpayments, this has removed uncertainties of renting. With luck I will pay it off, if I don’t and die well who cares again I will be gone but for now I enjoy the comfort of my own home. The honest truth with separations and divorce 45 is the new 25 and is a good time as any to get a mortgage. In fact I feel better now when I got this mortgage than when I got my first mortgage at 25. 

So do it with all your guns blazing. No better time than now! 

steampowered

At 45, you are only about half way through your working life. Most people are going to need to work until they are in their late sixties at least. You've got plenty of time to pay off the mortgage, and you are going to need somewhere to live in retirement!

It's also really important to look at your pension provision. Now is the time to make a realistic assessment of what your pension pot looks like - use online pension calculators.

If your pension provision is not adequate, you should start topping that up urgently. If you leave it much longer it will be too late. Pension contributions get tax relief, and the average long term return on a pension is about 6-7% per year, it's a really efficient way of providing for your retirement.

lantanna

I’m 41 will be 42/43 when it take on my first mortgage. It doesnt bother me, I’m older and wiser now 

izoomzoom

DH 51 and me 46 at next birthdays. We're taking out 19y mortgage.

theartfullodger

Remortgaged a house aged 68-ish.  Why worry!

Calamityjen

Hi, I am in a similar position.  I am 42 and have just bought my first home with a £128,000 mortgage.  I work for the NHS and have a pension so will finish my mortgage as I retire (hopefully).  

WickedWitch123

Hey you're only 45 you're talking as if you're at death's door.  Plenty more life left to live.  I'm 49 and about to take on a mortgage on my own and its no big deal.  

cattie

I bought my first property entirely alone when I was around 47, but it was a good few years ago now & property was priced much lower. I was given an 18yr mortgage, but managed to clear it in 12yrs by overpaying. 

That is some amount you're going to be paying to clear your loan in 5yrs, can  you not give yourself some breathing space & set your target at clearing the mortgage in 10 yrs.

Very wise to be considering insurance against losing your job, I had reason to claim on such a policy about a year after taking on the mortgage & it was a relief to know the roof over my head was safe thanks to the monthly payment I received from the policy.

dimbo61

Your a youngster really.