Can we still get 25 yrs mortgage?

Any

Hi guys,

I am looking at a cost of moving house etc etc... At the very beginnings right now.

I am not even sure it is possible to move currently, as we have good income but no cash.

2 quick questions:

1/ can you put the stamp duty tax on top of your mortgage? Or do you have to pay it in actual cash? Is there a way to get the cash of the old mortgage or something? (ie when we sell, we get cash into our account, let's say 90k after repaying the old one and we use only 80k as deposit on next one)

2/ I am 30, my OH is 48... can we still get mortgage over 25 yrs, given that he actually only has 17 yrs left of "official" working age? Or 19 if they take in consideration that by the time he retires the pension age will be 67...

If anyone has any idea please?

We have 50% equity in current property, which will make it around 23-25% deposit on the next one.. If that makes any difference.

Thank you

holly_hobby

There are lenders whom will go right upto 90 yrs of age.

You can't add your stamp duty onto the mge itself, instead you meet it from your equity/savings.

But obviously this can be managed by retaining some of the equity from your house sale, obviously how much you can retain will depend upon the product selected and the max qualifying LTV.

And the maximum you can borrow will be based upon your income v commitments.

Best advice ... have a chat with a whole of market broker, whom will source the most suitable mge lender and product for your requirements, and support you through the whole application process and beyond.

Good luck.

Hope this helps

Holly

Any

Yes, it does help a lot.
If we could only go for 17 yrs term then the repayments would be crippling so it wouldn't even be worth looking into..
The difference would be nearly £500 a month (looking at repayment mortgage), which while now manageable, if the rates went up couple % points it might get to the point where it wouldn't be..
I wouldn't take that risk.

I did look at "how much you can borrow" calculator and we should be O.K. there..

Next step - invite someone to value our house! Fingers crossed.