Buying a house (with bigger mortgage) in your fifties

Herzlos

https://forums.moneysavingexpert.com/discussion/comment/81900167#Comment_81900167

It's all about trade offs. I love my 4-bed detached but I'd absolutely trade down if I could retire 5 years earlier.

But maybe I'm biased because as a pair of 40 year olds with garbage pensions we'll need to be pretty careful about managing our outgoings. Getting £100k back out, dropping a couple of council tax bands, and reduced maintenance/bills will make a significant difference.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81900267#Comment_81900267

Unless I missed it, I do not think specified the number of teenagers, only that there was more than one.

The OP also said that they were expecting them to get loans, so £25K a year is maybe a bit topside, especially if there are only two of them.

Tiglet2

https://forums.moneysavingexpert.com/discussion/comment/81900167#Comment_81900167

We may end up not downsizing at all as we are in a converted bungalow and can live downstairs, but the reality is that the large(ish) garden is too much for us, though we have engaged a gardener to help. This costs a fair bit out of our pensions. We also have been travelling more, so the idea of a lock up and leave property is beginning to sound appealing.

Both sets of our parents really struggled staying in their 'forever' homes for too long and we saw them struggling with the upkeep and maintenance.

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81900529#Comment_81900529

Our garden, even with my beloved greenhouse, isn't huge. We are fortunate in that our pension income will be enough to pay for gardeners and cleaners in the future, but appreciate that everone's circumstances will differ.

silvercar

https://forums.moneysavingexpert.com/discussion/comment/81900167#Comment_81900167

If money was tight I would downsize to reduce utility bills and maintenance needs. Also, if it meant that I could use some of the equity built up to have a better retirement or support my family.

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81900603#Comment_81900603

No children - just nieces and nephews with 'expectations' ( even though they never return Christmas cards or say thanks for great- nieces Christmas presents....). If we need cash, then we haven't ruled out some form of equity release.

BettyBoof

https://forums.moneysavingexpert.com/discussion/comment/81900026#Comment_81900026

It's good to hear that it worked out for you, thanks for sharing. I think we're in two minds about whether to downsize or not. We would if we needed to due to finances but there's also the argument to stay as you say for grandchildren and a home office etc.

BettyBoof

@silvercar our kids are 13 and 15 so similar situation to yours. We're hoping to find a nice 4 bed house with a bit more internal space, I'm not too worried about the outside space. Downsizing could make financial sense, I just wonder if we'll want to do it when the time comes.

@Herzlos that's our thinking too. Trying to remind myself that it doesn't have to be a forever decision if it doesn't work out or we want to downsize later.

Thanks for the link @Albermarle I do hope things are turning a corner. Without going into our finances on a public forum, our pensions are on track for a comfortable (but not luxurious) retirement and our salaries can cope with the increased mortgage repayments. We will have to consider the location and accessibility in case it does turn out to be a forever home - thanks for the reminder.

@monkey-fingers Re the kids - we have two and think they will both go to university. Assuming a three year undergrad for each, there will be a crossover of one year where we'll be paying for both. That said, we aren't going to fund the whole thing. We expect them to take out student loans and to get summer jobs and we'll support with additional funds. We've been saving for a while so that it will come from savings rather than our monthly income.

BettyBoof

@EssexHebridean it sounds like it has been a brilliant thing for you, I hope it works out for us in the same way. What were the things you found particularly better/life-changing about your move?

With the finances I am trying to think of all the what-ifs and have a nice spreadsheet going!

EssexHebridean

In our case, it's mostly the garden, and having an actual upstairs "all of our own" (rather than it being where neighbours live!) - having come from a leasehold property though, also the thing of having control of what maintenance we do when which makes a huge psychological difference. More generally though, the additional space - we never felt massively cramped in the flat, but we now have approaching double the space, and it actually feels like even more of a difference than that. A kitchen with room to keep appliances out rather than having to have everything stored away, and room for both of us to be engaged in meal prep too!