Bigger Mortgage - Dream House?
Discussion
I just wanted to get opinions, I realise this is down to personal choice / finances.
My wife and I are both 50 years old. We have a nice home and do not have much of a mortgage remaining on it.
This house was never meant to be anything other than a stop gap, but we did it up and its nice. But its not our dream home.
So, the question we are asking ourselves is, do we go one more time with selling / buying a bigger house with more land and getting a bigger mortgage. We can afford the bigger mortgage, but instead of clearing our existing one, we will be in a mortgage for the rest of our working lives.
Anyone else been in a similar situation?
My wife and I are both 50 years old. We have a nice home and do not have much of a mortgage remaining on it.
This house was never meant to be anything other than a stop gap, but we did it up and its nice. But its not our dream home.
So, the question we are asking ourselves is, do we go one more time with selling / buying a bigger house with more land and getting a bigger mortgage. We can afford the bigger mortgage, but instead of clearing our existing one, we will be in a mortgage for the rest of our working lives.
Anyone else been in a similar situation?
RSbandit said:
Is it easy to get a mortgage at 50 given the term is normally 25 yrs? As for the main question seems a very personal thing but is there anything else you could use the money for?
There is no "normal" term.........the term is whatever you want or need it to be, to make it affordable for you......You can take a mortgage for any term - our last one was for 8 years because that’s when we wanted it done. Thinking back I was 50 at the time. But it’s nice now, having it done.
Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
For me the questions would be what impact does having the new mortgage have on the rest of your life.
If it means having to work more, travel less, drive s
te cars etc is it really worth it? On the other hand if you are not really sacrificing anything and get your dream home then go for it.
If it means having to work more, travel less, drive s
te cars etc is it really worth it? On the other hand if you are not really sacrificing anything and get your dream home then go for it.abzmike said:
You can take a mortgage for any term - our last one was for 8 years because that’s when we wanted it done. Thinking back I was 50 at the time. But it’s nice now, having it done.
Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
You can't get a mortgage for any term, the maximum term is based on your age at the end of the mortgage........Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
Sarnie said:
abzmike said:
You can take a mortgage for any term - our last one was for 8 years because that’s when we wanted it done. Thinking back I was 50 at the time. But it’s nice now, having it done.
Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
You can't get a mortgage for any term, the maximum term is based on your age at the end of the mortgage........Anyhoo OP, if you want the ‘dream home’ then go for it, you likely have at least 30 years left - but remember bigger may not mean better, take a little time, rates may moderate a bit and more properties come on the market as things free up.
Whats your reason? Need more space? Would you be upgrading area or just house size? Is it for better schools? Lots of land and rural location for a lifestyle change.
Got a pension? Bothered about travel, fast cars, finer things in life?
So many variables really, as you say. Think you just need to do what you want and not worry about age (seeing that is the thing you did mention). Can always sell again if it all goes pear shaped
Got a pension? Bothered about travel, fast cars, finer things in life?
So many variables really, as you say. Think you just need to do what you want and not worry about age (seeing that is the thing you did mention). Can always sell again if it all goes pear shaped
Edited by covmutley on Thursday 7th December 23:34
andyb28 said:
We can afford the bigger mortgage, but instead of clearing our existing one, we will be in a mortgage for the rest of our working lives.
I’d be more concerned about running costs of a larger place than mortgage. They’re not costs that cease when the mortgage is paid and/or you stop working and, could increase if you need others to undertake more work as you get older. As already said , have an eye on running costs and upkeep.
We did it at 54 albeit without the mortgage. We are now , me 58, in a house we love and want to stay in until the end . But , running costs especially heating are quite high in comparison and we are both retired so home a lot now. The big thing I have found is maintenance, house in the winter inside and garden and house outside in the summer.
I swept and collected leaves on Monday I did about 4 hours and achieved about 20% of the job.
I like staying active but it is a real factor when there is just two of you .
Location and neighbourhood is everything to us for quality of life . We are both very pleased we did it no regrets.
I do not think it would feel so good if we had a mortgage though, I may resent the place .
We did it at 54 albeit without the mortgage. We are now , me 58, in a house we love and want to stay in until the end . But , running costs especially heating are quite high in comparison and we are both retired so home a lot now. The big thing I have found is maintenance, house in the winter inside and garden and house outside in the summer.
I swept and collected leaves on Monday I did about 4 hours and achieved about 20% of the job.
I like staying active but it is a real factor when there is just two of you .
Location and neighbourhood is everything to us for quality of life . We are both very pleased we did it no regrets.
I do not think it would feel so good if we had a mortgage though, I may resent the place .
Edited by cliffords on Friday 8th December 08:00
Guy I worked with did this when he 'retired' from his first career. What it then meant was that he HAD to work right up until state pension age. Tbh, he was struggling in the end.
But the mortgage was dictating his end retirement. He could have moved I guess but thought he was in his forever home.
Ironic that after his final retirement, he's now downsized and moved house.
But the mortgage was dictating his end retirement. He could have moved I guess but thought he was in his forever home.
Ironic that after his final retirement, he's now downsized and moved house.
We are in a very similar position ....
52, mortgage paid off next year, not in 'dream home' but in a nice home.. been here 17 years and really happy here.
We could easily go balls-out with the mortgage to get that dream home but one thing for certain is:
I do not want any more debt !
None !!
I know I'll be much happier being in my current house & mortgage-free and enjoying the freedom & opportunities that will bring rather than facing another min.10 years of mortgage repayments .... f**k that !
But yeah we are all different !
52, mortgage paid off next year, not in 'dream home' but in a nice home.. been here 17 years and really happy here.
We could easily go balls-out with the mortgage to get that dream home but one thing for certain is:
I do not want any more debt !
None !!
I know I'll be much happier being in my current house & mortgage-free and enjoying the freedom & opportunities that will bring rather than facing another min.10 years of mortgage repayments .... f**k that !
But yeah we are all different !
I think when I'm that age, and could afford a bit more I'd be putting it into a small holiday home in the sun.
Being in a big house now, even in my mid 30's can be a ball ache. I don't think I'd be wanting to do it towards retirement age and beyond.
In fact my plan is when the kids have moved out, it'll be downsize and somewhere sunny.
Being in a big house now, even in my mid 30's can be a ball ache. I don't think I'd be wanting to do it towards retirement age and beyond.
In fact my plan is when the kids have moved out, it'll be downsize and somewhere sunny.
It depends how big your home is now but what we’re finding is that anything over about 2500 square feet is unnecessarily. We don’t use half of our house and that’s for a family of four.
What I’d also say is that it doesn’t take much of a job or health issue to completely reverse your fortunes. Take it from someone who’s just hit a health stumbling block at 41 that no PCP, no debts and a manageable mortgage are much more preferable to massive monthly outgoings that could cripple you financially in a few months, although maybe it would all still be very manageable for you.
I think in your 30s and 40s you need to take a few risks and gamble to make progress, but by the time you get into your 50s I think everything should be in place. I’d say stick with the current house and shoot for early retirement or enjoy some holidays / cars.
What I’d also say is that it doesn’t take much of a job or health issue to completely reverse your fortunes. Take it from someone who’s just hit a health stumbling block at 41 that no PCP, no debts and a manageable mortgage are much more preferable to massive monthly outgoings that could cripple you financially in a few months, although maybe it would all still be very manageable for you.
I think in your 30s and 40s you need to take a few risks and gamble to make progress, but by the time you get into your 50s I think everything should be in place. I’d say stick with the current house and shoot for early retirement or enjoy some holidays / cars.
Really appreciate your replies. It's been interesting reading through them, especially from the people that have done it or been faced with the same challenge.
I also note those replies which approach this from a more cautious point of view, which is exactly how my wife looks at life, with a load of "What ifs".
As I mentioned, our house is nice, its a 4 bedroom detached house in a nice village. But it doesn't have very much land and thats what I have always wanted.
There is a big part of me that thinks just clear the mortgage and be comfortable. But the other half says you only get one go round and fulfil your dreams.
I also note those replies which approach this from a more cautious point of view, which is exactly how my wife looks at life, with a load of "What ifs".
As I mentioned, our house is nice, its a 4 bedroom detached house in a nice village. But it doesn't have very much land and thats what I have always wanted.
There is a big part of me that thinks just clear the mortgage and be comfortable. But the other half says you only get one go round and fulfil your dreams.
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