55 year old - are big mortgages still available to me ?

desmortgage

I'm 55 in full time employment. I have £30,000 equity in my current mortgaged property- garden flat. Having started over due to divorce I wish to buy a house priced 300,000 - have I any chance of obtaining a mortgage to do so ?? Does my age become an obstacle ? What does my salary need to be to obtain the required £270,000 mortgage ?

Thrugelmir

Can you afford £3,000 per month on repayments?

Simon_gloster

Mmmmmm.....moon on a stick.

I didn't mean the above comment in a bad way, your right to ask about the age element.

If you take a term of 15 years or more lets say, most lenders will only assess the amount on your pension provisions.

This may force you to take a term quite short for a lot of money.....thus unaffordable. However, are you Samuel E'to in disguise? If so, I would imagin your salary would be ok to cover the payments.

originalmiscellany

Do you have any savings or penny blacks hidden away? Sadly banks are taking a "least risky" approach, and someone wanting a huge mortgage ( we don't know what you do for a job or your salary) will not be that appealing.

GMS

desmortgage wrote: »

I'm 55 in full time employment. I have £30,000 equity in my current mortgaged property- garden flat. Having started over due to divorce I wish to buy a house priced 300,000 - have I any chance of obtaining a mortgage to do so ?? Does my age become an obstacle ? What does my salary need to be to obtain the required £270,000 mortgage ?

30k equity will not translate to 30k cash deposit once selling fees have been taken into account, assuming you get full price for it.

Age will not be an obstacle if affordability is proven. Likely to restrict the term though/

The question is not 'What does my salary need to be to obtain the required £270,000 mortgage ?' rather 'Will my salary of £x be enough?'

How much do you earn?

Any application would need much more consideration but if you earn £40,000 then it would be well short, if you earned £150,000 you may be fine.

Have you spoken to your current lender as a straing point? This will give you a benchmark from where to compare providers and payments.

dimbo61

£300K property equals nearly £10K in stamp duty alone plus other costs !!!! Perhaps £15K in total