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  • FIRST POST
    Hdot
    Mortgage beyond pension age?
    • #1
    • 24th Jul 12, 9:14 AM
    Mortgage beyond pension age? 24th Jul 12 at 9:14 AM
    Hi,

    Wondering how potential lenders might view our situation. First time buyers aged 38 and 53. I have probably at least 25 years of working life left, but my other half only has maybe 15 at most. He has no pension to look forward to other than state pension (if it still exists by then!). Incomes £32k/£28k.

    Is there any chance we'd get a mortgage over 20 or 25 years, in view of the fact we'd be down to one income for the last 5/10? Can a lender 'front-load' mortgage repayments so we pay back more in the first 15 years and less once we're on one income?

    Or am I just being hopelessly unrealistic? I don't want to start looking into this seriously and get my hopes up if it's a complete non-starter.

    Thanks for any advice you can give me.

    H.
Page 1
    • Dave Ham
    • By Dave Ham 24th Jul 12, 9:30 AM
    • 6,017 Posts
    • 2,840 Thanks
    Dave Ham
    • #2
    • 24th Jul 12, 9:30 AM
    • #2
    • 24th Jul 12, 9:30 AM
    Hi - It is not totally unrealistic, although difficult and there may be a better solution. It would also be too difficult to be more specific on here as there are way too many variables, that could help or hinder your chances.

    Go and get some local advice from a broker who can see sight of all of your personal circumstances and take some advice.

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Senior Paper Monitor
    • By Senior Paper Monitor 24th Jul 12, 9:46 AM
    • 2,870 Posts
    • 1,708 Thanks
    Senior Paper Monitor
    • #3
    • 24th Jul 12, 9:46 AM
    • #3
    • 24th Jul 12, 9:46 AM
    As Mr Ham says there are a number of alternatives depending on overall circumstances - mortgages up to 90 can be done but may not fit and are not cheap.

    This is a broker one rather than a simple answer on a forum.
    Last edited by Senior Paper Monitor; 24-07-2012 at 9:52 AM.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
    • Dave Ham
    • By Dave Ham 24th Jul 12, 9:51 AM
    • 6,017 Posts
    • 2,840 Thanks
    Dave Ham
    • #4
    • 24th Jul 12, 9:51 AM
    • #4
    • 24th Jul 12, 9:51 AM
    Purchase price is also crucial, as you may be able to both be on the mortgage but only use one income.

    Lots of options, but employment type, credit score, lender criteria, deposit size and breakdown of income will all play a part.

    All the best
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Hdot
    • #5
    • 24th Jul 12, 10:57 AM
    • #5
    • 24th Jul 12, 10:57 AM
    Thanks folks. Good to know it's not totally impossible. H.
    • Conrad
    • By Conrad 24th Jul 12, 11:39 AM
    • 28,414 Posts
    • 48,218 Thanks
    Conrad
    • #6
    • 24th Jul 12, 11:39 AM
    • #6
    • 24th Jul 12, 11:39 AM
    Some lenders can go to 75. It's all a case of presenting your application correctly. Avoid robotic, unthinking script led brokers as they will likely not have the broad minded quick of foot approach that's required.



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