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Big age gap will that affect applying for mortgages
cjillsley
Posts: 8 Forumite
Hi,
I am age 40 and my husband is aged 64.
We are hoping to move to a bigger place as we have 3 teenagers. When we took out a mortgage together in 2002. The best offer we got was over 15yrs because my husband was the bigger earner.
He may retire in October 2010 or stay on for another couple of years. either way our joint salary X3 will more than cover the £100k. The problem is we can live comfortably with a 25 year mortgage. !0 years is a no brain er. The property is worth £250k. It is an exellent 3 year old repossession. Buying at £150k, £50K deposit.
I will be the main earner when my husband retires. will this be more difficult to get a mortgage..
Has anyone else had this dilemma,
Many thanks Chris
I am age 40 and my husband is aged 64.
We are hoping to move to a bigger place as we have 3 teenagers. When we took out a mortgage together in 2002. The best offer we got was over 15yrs because my husband was the bigger earner.
He may retire in October 2010 or stay on for another couple of years. either way our joint salary X3 will more than cover the £100k. The problem is we can live comfortably with a 25 year mortgage. !0 years is a no brain er. The property is worth £250k. It is an exellent 3 year old repossession. Buying at £150k, £50K deposit.
I will be the main earner when my husband retires. will this be more difficult to get a mortgage..
Has anyone else had this dilemma,
Many thanks Chris
0
Comments
-
Better to see a whole of market mortgage broker to help you with this as your husband can retire in 6 months and unless you earn over £25K 4X income you will struggle to get £100K mortgage.
If you are paying £150K for the property then thats what its worth today( after valuation!) not £250K.
you also have 3 dependant children0
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