Mortgage or loan for 56 year old first time buyer - is this possible?

elljay

Although I jointly owned a house 30 yrs ago when I was married I've lived in rented houses for over 10 years now, due to job and family changes. I don't have a very big income, probably round about £23k p.a., often less, without any expectation of it growing much as I work for a charitable organisation. Is there any way at all I can buy a house, in my area I should be able to get something for about 100k. I've got about 10k deposit but that's all so am in a similar financial situation as someone starting out but obviously without the 25 years ahead of me to pay it off. Would anyone, mortgage, investor, loan? any specialist agency have a scheme which would help someone like me get on the ladder? At present I pay just under 400 per month for a wonderful house, but realise I'd have to pay more for something less than wonderful, just to get going. I'm happy and able to do quite serious renovations.

Can anyone advise me please? What would you do in my situation? Is there any hope?

Thanks - Elizabeth

herbiesjp

Hi Elizabeth and welcome to the board

I think you should be able to find several lenders happy to look at this for you - some may even look at a 25 year term for you.

You would be looking at under 4 times income which many lenders will agree assuming you have a good credit history and no other debts

If you were to go past your retirement age the lenders may start to ask how you will pay for the mortgage in retirement and may want proof of expected income in retirement i.e. work pensions, private pensions, investment income etc.


HTH

sarkin

Yes it is possible some lenders go to 75-80 yrs old. when are you looking to retire and do you have a pension in place

sarkin

I think Herbies jp types faster than me. As you can see we both came back asking the same questions

sarkin

Best thing to do is speak to a whole of market broker for advice and recomendation

tosco12

For sure there will lenders out there willing to take the risk with you, my wife and i managed to get amortgage tillwe are 75 through Lloydstsb, no problem.

elljay

Goodness, that was quick. Thank you both very much indeed, and for your welcome.

To answer your questions. I very much doubt I will ever be able to retire. My present income is made up of my main job, a small one of 4 days a month and a pension of nearly 300 a month which will continue. I think I've a couple of other small pensions, nothing very much, which I will be able to claim once I'm 60 from jobs ages ago - I'm trying to track them down at present, but they won't come to more than 100 per month. I will need to retire from my main job at 65 but the small job can continue till I drop. I will need to find other sources of income when I approach 65, I could probably do more hours at the small job. The only thing that's likely to change is that I will at some point, hopefully not too soon, inherit from my mother. She's hale and hearty so that won't happen for a while and at the moment seems likely to outlive me! At present house prices that is about 250-300 k.

Thank you again, you've filled me with hope, I now need to read up about brokers, I'm definitely very new at this but am keen to learn!!

Elizabeth

Ian_W

And at 56 you certainly should have 25 more years to look forward to ......

[as I'm the same age] I sincerely hope! :eek:

elljay

Thank you - I very much intend to fully live another 25 years at the very least! My mother is 81 and thriving. And now with all the advice I'm getting I might be able to afford an asset too which might help me build up a bit of a financial cushion so I can maybe think of retiring. Thanks to everyone for giving me this hope.

Elizabeth