Looking for Mortgage At 46

John_G66

Hi Folks,

Recently divorced and now looking to re build my life and get back on the property ladder. I'm being realistic about property in my area and so can only go for the low end of the market (150k).

I have a 15k deposit and am looking to borrow 130k. I bank with FD, I've been through an application including credit check, unfortunately they will only lend me 115k and will not 'budge' on this figure.

I'm in the public sector and would hope to work past 65, this is allowed in my profession so I'm hoping for a 24 year mortgage, FD did'nt have a problem with this.

I earn 29k per year, no other income or overtime. I have a credit card with about 1k on it, however, I can pay this off.

I've seen a mortgage 'repo' that would be a great start for me, a bit tattty - but beggars can't be choosers .

Any Advice Folks..........

marathonic

I believe First Direct are one of the more picky lenders anyway so, even though you bank with them, they're probably not the best choice. Where are you located? Some deals are only available in certain areas (usually Building Society deals). For me, a lot of the advice on this forum isn't relevant as I'm from Northern Ireland and, apart from the really big lenders, the deals are a lot different over here.

As you've already done an application/credit check, this will be marked on your report. For that reason, your best first step will be to get a copy of your credit records from all three companies to see what's on there - if First Direct accepted you but for not enough of a mortgage, I'd imagine there's no problem with your reports.

Then, bring these reports to a good, independant mortgage broker. Some of the brokers on here will be on to suggest what sort of a mortgage you could potentially receive and what banks may suit.

Every cloud has a silver lining.... for you, it's that even though you are looking at problems getting a mortgage at 46 due to the likely reduced term, your payments are likely to be lower than they would have been if you applied at 40 6 years ago due to the recent house price drops...

Dave_Ham

Think you must be a politician, purchase price £150k with deposit of £15k and a mortgage of £130k ?? Those sorts of number crunching.

Sorry, only kidding. You will get what you want here, for sure just not with HSBC/First Direct - they are the most selective and tightest on income multiples.

Your age is not an issue as lenders will go to 65 or 69 depending on which lender. 10% deposit is fine.

Be really, really careful with repo's. They are priced low to get interest and then the price rises, once you have alreaady incurred costs. They are geared to investors I am afraid, unless you get lucky.

Good luck

Conrad

Yes John I can't see an issue with those numbers. Obviously use common sense when presenting an application, don't for example state you spend £300 per month on social activities.

Good luck

John_G66

Dave_Ham wrote: »

Think you must be a politician, purchase price £150k with deposit of £15k and a mortgage of £130k ?? Those sorts of number crunching.

Sorry, only kidding. You will get what you want here, for sure just not with HSBC/First Direct - they are the most selective and tightest on income multiples.

Your age is not an issue as lenders will go to 65 or 69 depending on which lender. 10% deposit is fine.

Be really, really careful with repo's. They are priced low to get interest and then the price rises, once you have alreaady incurred costs. They are geared to investors I am afraid, unless you get lucky.

Good luck

Thanks Dave, noted re 'repos' :beer:

John_G66

Conrad wrote: »

Yes John I can't see an issue with those numbers. Obviously use common sense when presenting an application, don't for example state you spend £300 per month on social activities.

Good luck

Now divorced Con, social activities are now double that :rotfl:

Thrugelmir

John_G66 wrote: »

Now divorced Con, social activities are now double that :rotfl:

That can be seen from your avatar.......