Taking on a £200k mortgage at our age.

Wishywashy74

My OH and myself are looking for a house together, we have well paying jobs and good earnings between us and would have £500k as a potential deposit once we sold both our houses (and more in savings but ideally only want to you the collateral in the houses as deposit), I'm 48 and my OH is a couple of years older and we have seen something but we would need a mortgage of approx £200k plus our deposit.

I actually owe £130k on mine and my OH owes approx £80k on hers, so on that basis would it faze you (or am I being daft) if we bought this house together and got a mortgage for the extra?

K_S

@martylaa Based on the details in your post, it wouldn't faze me especially since it looks like you already have a £210k mortgage between the two of you. And it's not that uncommon to be honest, I get quite a few FTB clients who are 40+ and plenty of homemover clients.

If either of you have a few years to go on your mortgage on a cheap fix, consider porting as well.

If your OH is 50 and you're both in desk-based jobs, there are multiple mainstream lenders that will consider term up to 80, giving you potentially up to a 30 year term if you want to reduce the minimum monthly payment. You can of course choose to pay off the mortgage sooner by making voluntary overpayments if you wish to.

Martylaa said:

My OH and myself are looking for a house together, we have well paying jobs and good earnings between us and would have £500k as a potential deposit once we sold both our houses (and more in savings but ideally only want to you the collateral in the houses as deposit), I'm 48 and my OH is a couple of years older and we have seen something but we would need a mortgage of approx £200k plus our deposit.

I actually owe £130k on mine and my OH owes approx £80k on hers, so on that basis would it faze you (or am I being daft) if we bought this house together and got a mortgage for the extra?

Wishywashy74

Thank you appreciate that comment.

SuseOrm

May I ask who will lend up to 80 please?  I am in a very secure desk job with a cracking pension that would clear all my debt and actually I will overpay it but I would just sleep a lot better if I didn’t have to if that makes sense ?  

Sorry to hijack this read and yes I would have no qualms taking on 200 at your age I’m actually looking at doing the same myself as a single parent. I don’t feel like we’ve got a lot of choice. 

simon_or

Accord building society and Barclays will from my experience.

SuseOrm

Thank you 

Vannaa

I'm 61, got a mortgage offer last week from Metro Bank - £200k, 18 year term.

zagubov

In our late 40s we got a 15 year mortgage for more than that amount. We thought we'd be working to 65-ish.

Ended up retiring early and continued to pay it off using pension and part-time work.

Our ages didn't bother the lender at all.

bluelad1927

Martylaa said:

My OH and myself are looking for a house together, we have well paying jobs and good earnings between us and would have £500k as a potential deposit once we sold both our houses (and more in savings but ideally only want to you the collateral in the houses as deposit), I'm 48 and my OH is a couple of years older and we have seen something but we would need a mortgage of approx £200k plus our deposit.

I actually owe £130k on mine and my OH owes approx £80k on hers, so on that basis would it faze you (or am I being daft) if we bought this house together and got a mortgage for the extra?

At almost identical ages we took on a slightly higher mortgage just over a year ago on a 17yr term. I think the biggest decisions are around planned retirement etc.as  have no intention of working  til 67 . This was the biggest factor for us so already overpaying to reduce the term.

It did feel a bit of a gamble but a calculated risk that is currently working .

simon_or

It's increasingly common and you're not even first time buyers so I wouldn't worry about it. If the size of the monthly payment is what worries you, take the longest term you can and then overpay.

lookstraightahead

I don't see a problem with the mortgage, but can I ask, are you buying a big property or are you in an expensive area?

We are 54 / 51 and we decided to buy a small property because we want se other flexibility in our lives. It took a while to get used to not having a house the same size as our friends', but we gave peace of mind and the kids are grown up.

I'm not saying do it or don't do it but make sure that whatever you do you still have choice for life / part time / retirement / changing direction etc