Mortgage over 55

petestrog

We are currently mortgage free but are thinking about moving house. With the boom in property prices we would need to take out a relatively small mortgage to get the property we want,  approximately £60k over 15 years. I am over 55, and have a good income and savings but I'm weighing up whether taking out a mortgage at my age is a good idea? Has anyone else done something similar and is willing to share their experience?

K_S

@petestrog Plenty of FTBs take mortgages to 70 and from that point of view you're doing the same thing, albeit with a much clearer view of the time to end of term, given that it's only 15 years away.

If you have surplus cash, you can always overpay during the term, both using the annual penalty-free overpayment allowance (usually 10% of the o/s balance) and when your fix ends.

It's not uncommon for 50+ year olds to take out mortgages and imho the pros/cons are not very different from someone younger.

Sistergold

Took a mortgage late 40s for 23yrs and that will be me turning 70 when I pay off the house. 

So I don’t see why you should not take one only because you are 55yrs. £60k over 15yrs is not a lot.