Mortgage advice for FTB

russet

My partner and I are first time buyers looking to buy within the next year or so. We have a deposit of approx 30% for the price range we are looking at. My partner is 45 and therefore will have retired before the end of a 25 year mortgage term. I am quite a bit younger and will still be working. Will this effect our ability to get a mortgage based on our combined salary?
Using our combined salaries we would want to borrow approx 2.5 x income. If only my salary was used we would be looking at about 4 x but if this was the case we would probably lower our price range.

_Andy_

Why don't you just get a mortgage term of less than 25 years?

russet

Yes that would be a possibility but obviously it would increase our monthly repayments. Is this our only option or would we be able to go for a 25 year term if we wanted to?

damanpunk

russet wrote: »

My partner and I are first time buyers looking to buy within the next year or so. We have a deposit of approx 30% for the price range we are looking at. My partner is 45 and therefore will have retired before the end of a 25 year mortgage term. I am quite a bit younger and will still be working. Will this effect our ability to get a mortgage based on our combined salary?
Using our combined salaries we would want to borrow approx 2.5 x income. If only my salary was used we would be looking at about 4 x but if this was the case we would probably lower our price range.

Why not go interest only, 20 year term and overpay monthly so its effectively repayment?