25yr mortgage at 49 yrs old?

gentlepurr

hi,

my husband and i are splitting up, and looking at the options of selling the house and dividing the equity, or me paying him his share, which i would need to raise via a mortgage.

i would need a total mortgage of £70, 000, on a property value of 280,000.

I am 49 (!!!) next month, and don't want to mortgage myself to the hilt, but logically, if i could take on a 25yr mortgage, i could afford the repayments. (i could afford 15yrs at a pinch, but don't want to have to struggle)

my long term thoughts are that in 10yrs time (ish) i would be downsizing, as my son will have left/ be leaving home, and at that point i could pay of the outstanding balance and live mortgage free.

i'm just trying to consider all my options and would be glad of any opinions anyone may have.

many thanks

xx

nearlyrich

Hi Gentlepurr,

Sorry to hear you are getting divorced, hope it's not too messy.

Is it possible to sell up and buy a place of your own with room for you son too, without a mortgage?

If you could you would not be under the stress of paying a mortgage and having to work till you are 65. if you are thinking of downsizing in 10 years why not do it now?

gentlepurr

hi nearlyrich,

yes, selling up now and moving on is an alternative i am also considering, but oh refuses to move out until house is sold, i am running the house single handed while he watches tv all day with the fire on full blast. i have to take responsibility for everything, including paying the bills, shopping, washing , cleaning, cooking, looking after our son, and holding down a full time job. it is very difficult to bite your tongue and keep the peace in my situation, and to act otherwise would be traumatic for our son. i can't carry on like this, and am considering the buy out as the quickest way to get on with my life. of course, i may decide to sell alot earlier than the 10 yrs quoted, who knows, but at the mo, looking for a speedier way out without jeapardising my finances.

at £280 - £290,000, our house is hardly going to sell quick or 2 ftb

nearlyrich

Hope you are not doing his washing and cooking for him whilst he is making life tough for you? I have been there so I know what you mean, how old is your son?

gentlepurr

yeah i am. son is 13 next sunday. while we are all under the same roof, i'm trying to keep it as much like family life as poss 4 him. he's a brill lad and really does not deserve all this.

xx

in_my_wellies

Sorry to hear about your problems.

If you are thinking of this I would at least apply soon, before your birthday as age does matter and 48 will be better than 49 on the form.

(xxx)

gentlepurr

thanks in mywellies,

main question to all is, is it possible that a lender will extend the period of the loan beyond my normal retirement age, ie 65?

herbiesjp

There are lenders that will indeed go beyond normal retinrment age, however different lenders have different rules for their criteria.

Affordability in retirment would be the main concern, and most lenders will want some kind of confirmation that your retirement income (from whetever sources) will be sufficient to maintain the mortgage payments.

gentlepurr

hi herb,

would any lenders be willing to take the low mortgage to equity/property value into account?

Simon_gloster

I have known the Abbey to lend to a 60 yr old lady and gave her a 39 year term. A aschoolteacher all her life and a greta pension, thats low risk for the lender. in these circumstances they will always look at the worst possible outcome for you, so seek advise and build you application up at an ewarly stage to avoid dissappointment.

As the above posts suggest, it is all to do with you affording the monthly oayments into retirement. Most lenders will go up to the age of 70 without any proof of pension for eg. Each will have their own agenda.

Si

crazymum_2

My father in law got a 25 year mortgage at the ripe old age of 62 years from the Royal Bank of Scotland - maybe worth a try. I think you will find that with that amount of money in the property lenders will be very flexible. My father in law although on a high income got 100 % mortgage at that age.