Buying a house (with bigger mortgage) in your fifties

monkey-fingers

https://forums.moneysavingexpert.com/discussion/comment/81900791#Comment_81900791

The problem here is that the maintenance loan is £5,048 starting point.
With living costs (including rent) being around £15k a year (Around half for rent), I'm not sure your kids are going to be earning that kind of money on a summer job (if indeed they can get one - are you aware that over 16% of 18-24 year olds are unemployed?)

strawb_shortcake

We tried to move last year, but glad we didn't as we were looking at like for like properties.

On reflection we've decided that we need to scale up, go from 3 to 4 bed and newer, this is despite our two eldest unlikely to come home. Our youngest is now hopefully going to a local uni and will be staying at home. We'll be 45/50 when we move now.

Our thoughts are we'd like more space, we hope to have grandchildren eventually so more space then would be nice.

It would mean almost doubling our mortgage, but we can add on extra years and only see an increase of around £150 per month. I've no plans to leave work any time soon and it's relatively stable. If I go elsewhere for the same work it's much better paid.

Downsizing from a nice 4 bed instead of an average 3 bed we have far more options, we may not get money out of it but we could get a nice bungalow instead.

Only concern is increasing life insurance at our age might be more pricey, but with current savings, existing policy and DiS might not be an issue??

BettyBoof

Thanks for a different perspective @otb666

@RelievedSheff I must admit that after some recent health stuff, I am definitely feeling the 'you only live once' vibe.

@Albermarle we're not sure if it will be our forever home but those things are definitely something to bear in mind. My uncle recently moved into a house with a lot of stairs up to his front door (he's in his late 70s) and it makes me nervous!

BettyBoof

@monkey-fingers I think you may have misunderstood me. The summer jobs are just for the kids to have some extra fun money and the student loans to help with living costs but we will be providing a good sum each month for our kids to live off. We've done the maths and know what the maintenance loan amounts are and what the shortfall is.

@strawb_shortcake that sounds like a really positive move for you. Doubling the mortgage feels a bit scary but only £150 extra per month is great. What is Dis?

strawb_shortcake

https://forums.moneysavingexpert.com/discussion/comment/81902965#Comment_81902965

Death in Service, my OH won't get life insurance again so it's all on me, but as the main breadwinner (we can live comfortably off my wages) if anythings happens to me he'll be okay.

Doubling the mortgage only takes us to £100k so it's not as scary as it sounds

BettyBoof

That is less scary!