Property Purchase in late 50s

davetheman007007

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

theartfullodger

Get a longer mortgage.  Think mine ends age 83.  

davetheman007007

Did not realise you could get that long, when I search in google, was getting 65 to 70 max age which I presume would be for the eldest, my partner is 2 years older than me

born_again

davetheman007007 said:

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

Look at current resale values, can you stay all year round?
What are site fee's like & do you get your own power supply, so you can choose your supplier, rather than park owner & the prices they bill you.

davetheman007007

Yeah can stay all year around at the one near us, I am finding our current fees and the utilities.

RHemmings

davetheman007007 said:

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

Park home in which part of the country? Any details on where you want to buy, how big your deposit is, and what your income is? 

gwynlas

There are a number of park home sites around here in Dorset but unless you are really into that way of living I beleive that you would be better off purchasing a leasehold flat. With a flat you would need to pay a service charge but many are share of freehold so you could have input in setting this. In a park home you are in a depreciating asset and subject to site fees over which you have no control.

Bookworm105

obviously a lot of people successfully live in park homes, but as a solution for old age they can be very poor decisions if you buy on the "wrong" park

a) getting a mortgage for a park home is very hard and may well have a short timescale anyway as park homes tend to lose value, not gain value, so are poor security for lenders.
b) the site may require the park home to be no more than X years old and can legally force you to buy a brand new unit after that date (and leave you to pay for disposing of the old unit)

ThorOdinson

theartfullodger said:

Get a longer mortgage.  Think mine ends age 83.  

Are you planning to work until 83 or do you have some way of paying it off sooner?

Bigphil1474

OP, we've just taken out a mortgage after being mortgage free for a few years - in our mid 50's. We've got one which takes me to state retirement age at 67. I'd be worried about going beyond that as my pension won't be enough to pay a mortgage. To be fair, we've bought with the proceeds of a sale as well.

My auntie is living the park life. She loves it. Don't know about the finances, but resale value does diminish. Fees don't tend to be extortionate though, obviously needs some research.

davetheman007007

RHemmings said:

davetheman007007 said:

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

Park home in which part of the country? Any details on where you want to buy, how big your deposit is, and what your income is? 

Hertfordshire, combined imcome of around 80k