I would seriously consider taking out a small mortgage in order to carry out home improvements without having to use any savings. With current low interest rates it makes for a very easy way to finance these repairs.
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When taking out a mortgage, it’s the case for most people that they aim to pay it off before retirement. However, taking a mortgage out in retirement is becoming increasingly common. With that in mind, Marsden Building Society would like to hear your thoughts on mortgages - and in particular how you’d feel about taking out a mortgage in later life.
Here’s what Marsden Building Society has to say: “A number of factors can lead to borrowers seeking a mortgage in later life, from wanting to move to a new house to remortgaging your home, or even releasing equity from your property for home improvements or to help children or grandchildren onto the property ladder.
At the Marsden we offer a range of solutions for those looking to borrow into retirement including 55+ Retirement Mortgages which are just like a conventional mortgage, except they are available to applicants aged 55 to 85 and Retirement Interest Only (RIO) mortgages – an alternative to equity release.
We’ve been helping our members to own their own homes since 1860, so we understand what’s important when looking for a mortgage provider. Our mortgage advice is free, which means you’ll only pay a fee if you choose to proceed with your mortgage, and our UK-based teams pride themselves on their straight-forward service. If a product isn’t right for you, we’ll let you know.”
What are your thoughts on mortgages generally? If you’ve paid yours off how did that make you feel? Would you consider taking out a mortgage in retirement? What would your reasons be? If you’d never consider it, what would stop you?
All who share their thoughts on the thread below will be entered into a prize draw for a £100 voucher for a store of their choice (from a list).
Thanks and good luck!
GNHQ
Insight Terms and Conditions apply
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Marsden Building Society is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in the Financial Services Register under no:206050. Marsden Building Society is a member of the Building Societies Association, the Financial Servicescompensation
I would seriously consider taking out a small mortgage in order to carry out home improvements without having to use any savings. With current low interest rates it makes for a very easy way to finance these repairs.
I had a mortgage many years ago but found renting less hassle. Now though I would love to have my own property and would be happy to take out a mortgage in my senior years if it was possible
Marsden seem to be offering a good range of options including an alternative to the usual Equity Release, which I and others I know regard with some suspicion after warnings against taking them out without knowing exactly what you're signing up to. Congratulations to Marsden on a different and far more innovative approach to borrowing money at last!
My husband and I are in our 60s and have been retired for over 7 years. We paid off our mortgage 20 years ago and the idea of having to pay s mortgage I retirement horrifies me
I felt great when my mortgage was cleared and would only think about committing to another one if I absolutely had to generate funds for some unforeseen event that required a large amount of capital, more than I have in my savings. Even then I would not only seek advice from those organisations that might provide such a service (or similar) but also to my Independent Financial Advisor.
I am still paying my mortgage and I am so looking forward to finish paying it off. I don't know if I would take out another mortgage in retirement. Perhaps, if I thought it was the best option for me, but it would not be something I would do with a light heart.
I would worry about taking out a new mortgage after my retirement. I think you gave to factor in lots of things. Firstly your health, no one knows what lies ahead and if you would still be able to afford payments if you were to take ill. Secondly, on your pension, can you still afford to live after paying your mortgage, bills, food etc. What quality of life would you have. I understand that as a parent to older children you want to help them onto the property market and releasing equity is way of obtaining this but can leave them and you with a smaller pot at the end of your life to leave them. It can be a good thing taking a mortgage in retirement if you have a large sum and wish to use it as an investment, a good way to save money, an investment long term. I think everyone’s situation is different and only good advice from an advisor or bank will be the way to go.
I would be worried about having a mortgage in retirement. I'm hoping to have paid all my debts off by the time I retire or I will be struggling. My pension is going to be a pittance and my husband has debts so wouldn't be able to give me money. I did take out a secure loan last December to consolidate my debts. This has helped a lot but I don't really want to take out another once it's paid off.
I wouldn't rule it out though. I've also thought about releasing equity. Mind you, I'm planning on winning the lottery so it won't be an issue 
We paid off our mortgage shortly before retirement. When we took it out interest rates were 15% and it seemed such a huge amount. But mortgages now are on a completely different scale. We are still in our sixties so relatively young, but the only way I could foresee us taking on a mortgage now would be truly exceptional circumstances, perhaps to tide us over a few years whilst whatever event/project was taking place.
i payed off my mortgage at 55, i had a 1890s Victorian terrace house which eventually needed a lot of work to it . I downsized 2 years ago, i have a wonderful flat, a sum of money and at 62 i am looking at retiring. i would love to see my children on the property ladder but would not consider a mortgage in retirement
We managed to pay off our mortgage in our mid 40s by paying off more than the required amount.
That put us in the great position at the age of 55 of being able to buy mortgage free in an area we used to holiday in and retire at an earlier age .
We paid off our mortgage in our forties & wouldn't want a mortgage in our sixties as it would be a debt we do not need.
We paid our mortgage of early and would not want another one, certainly not at retirement age.
Using surplus money to enjoy ourselves and treat grandchildren.
I would consider a mortgage in later life to pay off any outstanding loan/card payments and to help my children with a deposit to buy their own property. I would want to pay a mortgage off though if affordable to do so, rather than interest only, but definitely would consider my options - I would stay clear of equity release or it would be a last resort
I paid the mortgage off twice; the 2nd time after divorce. Now the roof needs fixing, and I may need another loan
Might need to downsize to pay for it.
I have paid my mortgage off and still work part time. I sometimes think about moving to a nicer area and know that I'd need to get a new mortgage to do this so that puts me off. I would like to retire still without a mortgage as I think that it would be hard to afford in retirement.
We were fortunate to have been able to pay off our mortgage in our early forties (hence the ability to help children with housing etc., later) but distinctly remember the fear of the 15+% interest rate and wondering if we would lose our home. It was scary. Very much luck of the draw as if unemployment rears its head, the situation can change at a whim and I recognise we were lucky.
I would not be prepared to take out a mortgage in later life but interestingly my husband says that he would. When asked how he would repay, he suggested that the interest could be racked up and repaid on death. He thinks there would only be a mortgage offer of less than half of the value of the property. I have no idea if this is correct or not.
Ive been fortunate to invest money and save for a rainy day - owing my own home has brought so much pride and joy - id advise any of my younger FAMILY members to look and see what is available for mortgages - i realise in the present climate many are disillusioned and feel owning their own home is out of their reach - There ARE so many different plans available - just seek advise of professionals and your own home is within reach - INVESTING in your OWN future WILL bring so much joy
We do not have a mortgage now, having paid it off, and love the security of not having one. Can’t imagine any circumstances that would make us take one out now.
Our mortgage finished when we retired. We would not want to have another mortgage
My husband paid off our mortgage before he died. I downsize after my husband died. I work full time as a Gcse/ A'level teacher, I lost my job in lockdown, no exams no job. It has been very hard but I didn’t consider re-. mortgage I sorted out my things got them on eBay and sold, I upcycled stuff and sold it . I hope I will find work again but I would never remorage.
I overpay on my mortgage. The sooner I pay my mortgage off hopefully the sooner I can retire.
I paid off my mortgage at 48 - I was a single mum after going through a divorce, working part-time but wanted to clear that as soon as possible so saved hard. It was the best thing I've ever done. I would not want a mortgage in retirement.
Out of reach, I'm afraid! Would love to give my thoughts if I could actually get a mortgage!
Absolutely sick of paying rent to greedy landlord, who won't do repairs. We would pay no more for a mortgage, but not likely to get one at our age.
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