Let’s talk mortgages with Marsden Building Society - £100 voucher to be won

I would hate to be in the position of needing a mortgage in retirement. Having lived mortgage free for 15 years now, I would rather downsize to raise funds if needed.

A mortgage in retirement shouldn't particularly be a worry. Income from a pension is no different to income from employment and probably, it is even more reliable. The real question is affordability. The mortgage lending industry (with the government) has failed for years to solve the problem of "mortgage prisoners" where lenders refuse to give cheaper mortgages to those already managing higher payments due to "responsible lending" rules. I no longer trust the industry to be fair with borrowers and would never take a mortgage again.

It is an interesting idea and it will suit some people depending on their circumstances. I personally intend to pay off the mortgage as I approach my retirement

We just finished our mortgage before my husband retired. But my daughter has her mortgage for a 35 year term being in her own, as ours was for 25 years but we moved a few times so used the "house miponey" so ended up borrowing a bit more each time again on a new mortgage. We have friends who are well into retirement who rent out 2 flats who have a mortgage at an older age of being in their mid 70's.

Both the wife and myself are retired and our only income at the moment is from company pensions. I've often thought of buying another property and renting it out but I'm wary of approaching anyone to ask for a mortgage in case they laugh us out of their office! I'd love to know whether companies do actually consider retirees for 'buy to let' mortgages.

I overpaid on my mortgage whenever I.could so paid it off 5 years early. It was a wonderful feeling.

As a single person living in London I'm resigned to the fact I will never be able to get on the property ladder even though I could easily afford repayments. Single people will never be able to get a mortgage unless they earn a fortune

We have almost paid off our mortgage and want our kids to finish school before we move. We don't want to stay in this house forever so really want to move but as we can't do it now we will have to take out a mortgage later in life, but do worry that the interest rates will be higher.

I always overpaid the mortgage (at times only by £10 a month. It's now gone and I love the security I feel and knowing that I could paint the whole house purple with green spots and replace the carpets with astroturf and no one could say a thing. I don't think (extreme circumstances excepted) that I'd go for a mortgage in retirement.

I wouldn't want to burden myself with a mortgage at my time of life.

We took our first mortgage out when I was 18 yrs and our second when I was 22 and we moved to a larger house. Through hard work and sacrifices my husband and I chose to overpaid on our mortgage after changing from an endowment mortgage to a repayment. We also kept the endowment policy. When the endowment policy matured we used our savings to pay the rest of the monies we owed. It has enabled us to help both our children with monetary gifts so they too can own their own homes. We have lived the last 15 years rent/mortgage free so when we do retire our monthly outgoings will be manageable.

We worked hard to pay off our mortgage in our fifties and I would not wish to take on another in retirement. It is a great feeling to know you own your own home and have no debt. Times are rapidly changing though and it is a good thing that a mortgage can be offered to people who wish to take advantage in their twilight years for whatever reason.

As I’ve got older I’ve come to the conclusion that a mortgage is a means to keep the rich richer and the poor poorer and us in the middle the ones who pay the most. If I had my time again I wouldn’t have one. I would rent or save as much as I could while living at home. I would be satisfied with an adequate sized house to keep the family in and I’d not strive to keep getting a bigger and bigger house as it only gets taken off you in some way or other and all you’ve worked and payed into is never yours. What’s the point

I've never considered a mortgage.

Can’t wait to pay our mortgage off in our 50’s. Wouldn’t want to take another one out and certainly not into retirement.

Our pension will be spent on enjoying ourselves, holidays etc.

Looking forward to paying our mortgage off as soon as we can, whilst we are in our early 50's. It will be such a huge relief to pay it off!

Paying off our mortgage in our fifties enabled us to save for retirement. The thought of having another mortgage in retirement is an absolute nightmare

Taking out a mortgage to buy a property in retirement might be risky but if house prices go up and interest rates stay low then you’d be pretty, pretty pleased with yourself.

Am happily mortgage-free and plan to stay that way!

I’ve recently upped my payments as I can pay 10% extra over the course of a year without being penalised. It will mean that our mortgage is paid off a few years earlier which will be fantastic if we can keep it up.

I paid off my mortgage before I retired. I wouldn’t take out another one

I took out a 30 year mortgage when I was 35 but I have been overpaying as much as I can afford each month to bring it down. I'm hoping to have it paid off by the time I am 50. I dread the thought of still paying it when I am almost retired. I would rather use that money to live comfortably when I do retire.

When we bought this house we were moving to a more expensive area close to London so in order for it to be affordable we had to go for a long term which would finish when I am almost 80! Our intention was that once settled I would get a job (having been a stay at home mum) and we would pay it off quicker. Unfortunately 6 months down the line my H started an affair and is now my ex! I managed to keep the house after the divorce and paid off quite a lot with an inheritance from my mum so the mortgage is affordable - just - but still goes on 'til I'm nearly 80!
I'm due to retire soon and will then begin the long process of de-cluttering in order to downsize and become mortgage free. The thought of still paying a mortgage in my dotage fills me with horror but I guess some people don't have the option to do anything else.

When I divorced the ex no one was interested in lending me anything. No idea why I have an excellent credit score and paid off my mortgage at 40. I had no option but take out equity release as I had no intention of moving. He moved into a house that had no mortgage and had been extended and modernised with savings so it was a sore point. I paid him off and once he was gone I financed the updating of my very large conservatory and renewed the double glazing etc. I'm overpaying the equity release as I'd like to leave my kids the maximum I can and have no intention of letting the equity release company have my house. I thought I had an average pension but who knows, I manage very well and a mortgage wouldn't bother me as I'm paying the equity release anyway and save a substantial amount every month as I've always got a project in mind and projects cost. I love keeping my house in tip top condition and happily spend my savings doing so.

I am lucky enough to have paid my mortgage just before falling ill with certain conditions that prevent me from working. However, I think in future we will be working until we drop the way thing are going so a later life mortgage will be more acceptable!