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So kids are a bit older, chance of a new job with proper money again may make a relocation necessary, just bouncing ideas around really
Anyone taken out a mortgage in their 50s? Should be able to put down 60-70% deposit, online calculators suggest that a 15 year mortgage would still be much cheaper than renting a similar sized house, and leave the option to downsize on retiring at 65ish.
Anyone had problems getting a mortgage at this stage of life? Any hints and tips and experiences appreciated
Yes.
But I went the midlife crisis and beach bimbos route. Didn’t end well.
I'm thinking of buying but not at the moment.
Don't see why that is a bad plan, I'm shaping up to be about 70% (or so) equity at 50.
If you have a job then I cannot see any much difference between your situation and a remortgage on an existing deal.
Got my first mortgage in my late 40s only a few years ago. Big deposit makes the repayments very affordable and overall low risk for the lender.
That's the feedback I was hoping to get.
Will avoid the midlife crisis and bimbo thing though 😳
I'm buying my first place at 42, I guess i had to grow up one day. I've had to state a few times I'll retire at 68 to get a 25 year mortgage, they don't really care though, they know you will swap umpteen times by retirement.
I remortgaged at 50 (in order to fund a once in a lifetime family trip to Australia for a full month). At the time I wished I didn't have to but my wife was desperate to see her brother and his family as they (and ours) are growing up quickly.
Still I will be mortgage free at 67 even without a single overpayment but when our girls move on and go to Uni in approx 8 years time (for which we are saving for them) I will hopefully be able to overpay significantly and pay it off a few years earlier.
As long as the % of debt versus asset isn't too great I don't really see the issue with it - we could downsize tomorrow, stay in the same area and be mortgage-free - I could even afford to buy myself some coke and hookers with the left-over cash.
New mortgage at 50 when I divorced. **** me, can't see an end to the repayments into old age... Awful when I look at the statements, but what's the alternative?
I've got £100K+ equity in my house that nothing else could've given me in 5-6 years, that's fer sure.
Contrarian viewpoint here -i m buying a house in UK and thought of borrowing a bit to get a nicer one. I m seeing a few repos posted tho in the sw London area, I have not seen that since the 90s.
I reckon the landlord reforms are biting as you cannot make money any more. Hence landlords withdrawing. Maybe the house market will hold up, just the investor territory falling away.
Also, watch interest rates creeping back up to normal, whatever that will be.
Saying the above in nw england some areas never went up, so doubt they will fall away.
Good luck anyway.
Will avoid the midlife crisis and bimbo thing though 😳
It wasn tALL bad,,
Another contrarian. Do you really need to relocate and end up paying a mortgage? Couldn't you downsize, live without a mortgage and just earn enough to get by on but maybe doing something you'd really enjoy?
I currently work in the housing market, I've no worries about the market crashing due to changes for LLs, or even Brexit, given the equity I'd have, and I got badly burned on my first house in the mid 90s.
The job would be for something better that I would enjoy, has longer term prospects and would set me up better for my eventual retirement, a possible move and a mortgage are just fallout from that.
My mortgage runs out at 63 with no overpayments.... So I don't see the issue. Hope to be free before then but from the mortgage companies pov it's the same.