Mortgage advice needed

deedeeandj

Hi there - am hopeful that someone can give me some advice. I am 43 and my husband is 46. We are in rented accommdation paying £900 pm. We have approx £18k in savings and have a loan of around £11k which we pay monthly £240. We do not have any other debt. I earn £24,300 and my husband £19,000. I have looked at lots of mortgage sites but found the information quite contradicting. Some say we could possibly borrow around £110,000 and others say up to £210,000 - not sure if our ages would be a problem as well. Dont know whether to pay off the debt and stay in rented and save - but then our ages are against us - or see if we could get a mortgage. Are there still interest only mortgages and if so, what do you do about paying the sum back? Am so confused.

_Andy_

Your borrowing amount will be restricted by the deposit.
Assuming your 18k, let's put aside maybe 3k to cover legals, fees, cost of moving, buying furniture, etc, that leaves you with 15k, or 10% of a property value of £150,000, so borrowing £135k. Likely term of mortgage will be up to your retirement age.

trickycomper

With mortgages they take it account all sorts of things, main thing being your monthly outgoings, so they will have taken into account the loan.
Your wages are good though, but age may go against you.

How much are houses in the area you are looking in?