Getting a 25 year mortgage at 53

Quiteacard

Have been without a regular income until recently and now employed as a full time teacher and will be on an average of salary of £32,600 this Sept and rising to hopefully about £40k in a few years time.

Looking to buy a small one bed apartment (£140k) in London as expensive renting doesn't seem the most productive use of my finance for accommodation.

My ex partner moved house and over the last two years I contributed around 4k to a small mortgage- so legally not a first time buyer as my name is on the doc as a joint payee for the £30k mortgage.

forgive my ignorance of these matters

Before I start researching options I'd like to know if there would be a problem for me getting a new mortgage because of my age?



thanking in advance

maninthestreet

How are you going to pay the mortgage when you are 70+ ???

Conrad

Some lenders using a common sense approach are perfectly happy to lend to older folk as fortunately they have this odd view that grown adults do actually know how to live a responsible life.

A good broker will give you further information.
You may be asked to provide an employers letter regarding long term prospects.

Good luck.

Quiteacard

Well the intention is that I sell the property at some point, at the point of retirement perhaps ,and then find a home I can pay for with my teacher's pension.
Or in the future I may have a new relationship, move in with the 'wife' and I rent out the property to a tenant.

maninthestreet

Does the OP have money for a deposit?

Quiteacard

at the moment not a full deposit but will be researching options which may exist for teachers.
Am sure I will sound naive but just wonder if there is an alternative to paying 'dead' money to a private landlord.