Anyone taken out a large mortgage (over 300k) at 50?

Dalek01

Hi all

We decided to move to our dream house this year. Our mortgage has gone from £800 to £2100 per month. Is there anyone else who’s done this sort of thing at aged 50?

I think everyone thought we were nuts and they were probably right! But I don’t regret it. 

GrumpyDil

We took out a 320k mortgage 9 years ago when I was 50 but it all comes down to affordability. If you can afford it and it suits you then why not?

Our mortgage runs to age 70 but I won't be paying til then (we're planning on selling this year and going somewhere cheaper).

Dalek01

Thanks. We said before we moved that, in a few years, we may move again once the kids have left. Our mortgage is past retirement date too which I hate. 

I’ll be trying to pick up some tips from MFW diaries but, as the kids are still at uni, our current spare income doesn't stretch too far. And I don’t want to give up living a modestly decent life. From experience, I know the value of making memories.

Ordinary_Yet_Unique

Just keep going and enjoy the house! If your retirement income will be sufficient don’t overthink it ! Your children will be grown up by then too. You will also have the option of moving again. Relax and enjoy!