Can I get a mortgage a 52 years old?

ewesnotfat

Hi everyone,

I am looking to buy a flat/house in the near future. I will have £50,000 to put down a deposit. Will I be able to get a mortgage to pay the rest? I've looked at properties in the £70,000 price range. It will be only my salary of £11,000 to pay the mortgage but I'm paying £300 per month in rent at the moment.

I don't know much about mortgages and don't know where to start. I'm 52 years old.

warwicktiger

I did!.

Bear in mind your intended retirement age so you will not get a long term mortgage. I got a 8 1/2 year mortgage which will expire just before I am 60.

Kynthia

Most lenders are reluctant to have a mortgage term that goes past your retirement age. Therefore you need to see if you pass the affordability based in a short repayment term and your income.

bouicca21

I'm over 60 and I have been offered a mortgage by Halifax. In fact they are offering far more than I want. They wanted to know whether my occupation involved manual strength (it doesn't) and in view of the new retirement rules were prepared to offer a mortgage to run until I'm 70.

Unfortunately as my house isn't selling, I can't take the offer up!

DVardysShadow

ewesnotfat wrote: »

Hi everyone,

I am looking to buy a flat/house in the near future. I will have £50,000 to put down a deposit. Will I be able to get a mortgage to pay the rest? I've looked at properties in the £70,000 price range. It will be only my salary of £11,000 to pay the mortgage but I'm paying £300 per month in rent at the moment.

I don't know much about mortgages and don't know where to start. I'm 52 years old.

According to this calculator http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml you would be able to pay down £20,000 in 8 years at 9% for £301.12/month. At 5% over 13 years it is £177.42/month. Given your age and low income, I suggest that you need to take into account the prospect of losing your job and you paln to overpay as much as possible for the first few years.

Your biggest problem may be finding a lender who will lend so little. £30,000 may be the minimum. If the minimum is a problem, I suggest you look at a mortgage of £30,000 with no early repayment penalties, keeping quiet about your intentions to repay £10,000 until you have moved in, then pay off £10,0000

robatwork

The best lenders won't necessarily offer you a term beyond your 65th birthday, and for their bizarre calculations they can allow an entire year for the mortgage to go through so you may need to put 12 years as your term, or 12 years and 6 months - depends when your birthday is.

Put the numbers in there and see what pops out.

dimbo61

You should be able to get a mortgage at 52 and if you need to borrow more than you want to, consider an offset mortgage as you can put the extra into the offset account

ewesnotfat

Many thanks to all of your replies to my question. My retirement age will be 66 so I have 14 years or more. I will have a £50,000 to put down as a deposit so it looks like I will be OK. I knew I could rely on the users of this fantastic forum to help me. I am truly grateful to you all. Off to find a lender now. Have a great day one and all.

zappahey

Co-op bank offers mortgages until age 75. They only ask you to explain how you will pay beyond retirement age.