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Is it worth it at my age?
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I have just turned 37 and am going through my annual 'what have I done in my life' crisis.
I currently 'rent' off my dad but think I should maybe look at buying a house. Thing is I have zero savings so would be starting from scratch.
It will take me a while to save up any decent sized deposit so I'm just wondering if it's worth it now as I'll be paying a mortgage way after retirement and noone really wants to be doing that do they?! |
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By (user no longer on site)
over a year ago
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Get it done, a mortgage is cheaper than renting and atleast you'll be building equity in your house while your paying it. If you took a 25 yr mortgage now it will be paid when your 62 |
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By (user no longer on site)
over a year ago
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"I have just turned 37 and am going through my annual 'what have I done in my life' crisis.
I currently 'rent' off my dad but think I should maybe look at buying a house. Thing is I have zero savings so would be starting from scratch.
It will take me a while to save up any decent sized deposit so I'm just wondering if it's worth it now as I'll be paying a mortgage way after retirement and noone really wants to be doing that do they?! "
Evie it's always a good idea to think back to time when you were driven by ambition and consider if you are now better equipped with life experience to fulfil that ambition....  |
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For what your paying in rent you may as well buy. Just be smart about it if you good with diy or if you dad can help look past the easy fixes and be ruthless with any offers you might put on a house. If you go with the mind set if they except your offer fantastic if not nothing lost and take your time. Hope that helps |
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By *ady LickWoman
over a year ago
Northampton Somewhere |
"Get it done, a mortgage is cheaper than renting and atleast you'll be building equity in your house while your paying it. If you took a 25 yr mortgage now it will be paid when your 62"
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By (user no longer on site)
over a year ago
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Renting may be dead money,it may be more expensive but..... there's less responsibility (for repairs and maintenance),there's greater flexibility.When you want to move,you just move rather than the long slow stressful procedure of selling and buying.
Get the right deal(all bills included etc),on the right place in the right location and the advantages can outweigh the extra costs.
I've owned houses before and I'd never want the headaches again. |
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"Get it done, a mortgage is cheaper than renting and atleast you'll be building equity in your house while your paying it. If you took a 25 yr mortgage now it will be paid when your 62"
Not necessarily. I chose to come off the housing market after 19 years of toil and heartache and I've been set free. I pay at least £300 less a month in rent and I have zero responsibility for the maintenance and repair of by beautiful flat. I'm not tied down with logistics either. |
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By (user no longer on site)
over a year ago
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Also some people live in a dreamworld and ive seen it many times. I say to them dont go shared ownership as they put the rent up and you have to pay a mortgage. Sometimes even get charged maintenance fees. But at least theyre on the property ladder lol. My advice if you gonna do it make sure its 100% yours with a half descent deposit. Ive been lucky made a good profit abd rent it out ! Good luck |
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"Get it done, a mortgage is cheaper than renting and atleast you'll be building equity in your house while your paying it. If you took a 25 yr mortgage now it will be paid when your 62"
She'll probably be 50 when saved enough deposit |
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I'm not absolutely sure you can take out a mortgage that goes beyond a retirement age.
Repayments are judged against income and any mortgage you take out will only have as it's longest term until your retirement age.
I'll stand being corrected but I think this is the case.
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By (user no longer on site)
over a year ago
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"I have just turned 37 and am going through my annual 'what have I done in my life' crisis.
I currently 'rent' off my dad but think I should maybe look at buying a house. Thing is I have zero savings so would be starting from scratch.
It will take me a while to save up any decent sized deposit so I'm just wondering if it's worth it now as I'll be paying a mortgage way after retirement and noone really wants to be doing that do they?! "
All depends on the property you want. If you want to save, tighten your belt. Cut all the fat you Don't need, focus on what you do need and live on as little as possible while remaining comfortable.
Buy a small property with little excess. |
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I'd do it if it's affordable - and mortgages can be somewhat flexible.
Moving from next to your parents though would be a big thing to contend with, so it's not ultra simple imo.
I'd also factor in whether you would be happy having lodgers to help pay your way - would someone now help you to save a deposit and later on to pay the mortgage? |
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By *ikeC81Man
over a year ago
harrow |
"I have just turned 37 and am going through my annual 'what have I done in my life' crisis.
I currently 'rent' off my dad but think I should maybe look at buying a house. Thing is I have zero savings so would be starting from scratch.
It will take me a while to save up any decent sized deposit so I'm just wondering if it's worth it now as I'll be paying a mortgage way after retirement and noone really wants to be doing that do they?! "
I am the same, I live with my parents as the housing market in London is crazy - i will keep an eye on this thread |
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By (user no longer on site)
over a year ago
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I think you should save what you can because you never know what will happen with the housing market in the future. The government might introduce a new scheme. How will brexit affect house prices? You might meet a nice man who wants to buy with you. Or you could buy in another country. Save for your future opportunities will come just need to be ready.
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By (user no longer on site)
over a year ago
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"I'm not absolutely sure you can take out a mortgage that goes beyond a retirement age.
Repayments are judged against income and any mortgage you take out will only have as it's longest term until your retirement age.
I'll stand being corrected but I think this is the case.
"
Retirement age will be 67 or more by the time she gets there |
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It's difficult. I would say buy if you can because rent never comes to an end but a mortgage does.
But we bought a house when getting a mortgage was easy even 100% one and I'm well aware that its much more difficult now.
All I would say is that if you don't want to be paying a mortgage when you've retired you won't be too keen on paying rent either. The odds are that even with low inflation your mortgage repayments will be a lesser proportion of a diminished retirement income than ever increasing rent. |
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By (user no longer on site)
over a year ago
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"I have just turned 37 and am going through my annual 'what have I done in my life' crisis.
I currently 'rent' off my dad but think I should maybe look at buying a house. Thing is I have zero savings so would be starting from scratch.
It will take me a while to save up any decent sized deposit so I'm just wondering if it's worth it now as I'll be paying a mortgage way after retirement and noone really wants to be doing that do they?! "
If its a lovely place & like living there you should go for it age is only relevant when talking about 'wine and cheese'  |
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