Will the bank give me a 30 year mortgage??

TMC35

Hi,

Reading another thread prompts my question on this, I am 35 and my husband 37 and we are hoping to get a mortgage DIP in the next few months. I was hoping to get a 29/30 year mortgage to start off as planning to have a family etc and as we are just starting out on the ladder wanted to try and keep cost lower initially... But will we be able to get a mortgage for this term? Retirement age, or state pension age as they now refer to it will be 67 for us but I wasn't sure how banks view this.

Any advice would be helpful so I can ensure we are budgeting correctly and saving enough.

Thanks

japmis

I'm 30 and my retirement age will be 68 (:eek:); I've just applied for a 35 year mortgage. When I applied, Nationwide specifically asked what my retirement age is, so can only assume that they take this into consideration. I can't imagine they would lend beyond your planned retirement age, so would think a 30 year mortgage for a 37 year old would be ok provided they were retiring at 67.

A mortgage advisor should be able to help.

TMC35

Thanks for your reply... I am hoping this will be feasible initially. I looked online and it appears that most lenders require your mortgage to have been re-paid by the time you are 70 but some 75.

I am hoping on the basis that I am younger than my husband on the basis of my age we should be fine, but even so it would only make him 67 at the end of a 30 year mortgage, which appears to look ok on the surface of it..

Kayalana99

Thats exactly it...thiers always an exception to the rule but they basicly won't want to lend past retirement age

hazyjo

YBS informed me they're not wanting to lend past 64. Not sure if that applies to everyone or every mortgage, but it was certainly applicable to me.

Jx

TMC35

hazyjo wrote: »

YBS informed me they're not wanting to lend past 64. Not sure if that applies to everyone or every mortgage, but it was certainly applicable to me.

Jx

Thanks for replying... it seems it's different depending on lender.

Does anyone have any experience with Nationwide... i.e have a mortgage with them that will end at or after age 65?

Thanks

dj.boz

I have a formal offer from Nationwide. I am currently 40 and am having a 30 year mortgage.

I plan on retiring at 65 (well that is the plan!), but did tell the Mortgage Advisor (Nationwides, we did this in the bank, person to person) that. I mentioned that I only wanted 30 years to keep it low for the initial first few years (we have just had a child, so wife is on maternity leave), then will swap to a 20 year plan after the initial 4 year period and they obviously seemed fine with that!

Boz

ILW

The difference in repayments between a 25 and 29 year mortgage must be hardly worth bothering about.

rochja

My mortgage runs well beyond my state retirement age but I had a long history with the lender including paying off previous mortgage. It is still possible to get preferred customer terms with some organisations. Oh and I have retired well before retirement age and the lender is aware of this.

TMC35

dj.boz wrote: »

I have a formal offer from Nationwide. I am currently 40 and am having a 30 year mortgage.

I plan on retiring at 65 (well that is the plan!), but did tell the Mortgage Advisor (Nationwides, we did this in the bank, person to person) that. I mentioned that I only wanted 30 years to keep it low for the initial first few years (we have just had a child, so wife is on maternity leave), then will swap to a 20 year plan after the initial 4 year period and they obviously seemed fine with that!

Boz

Thanks for your reply, really helpful.

Out of interest, is your mortgage with Nationwide a save to buy mortgage?

Lovelyjoolz

TMC35 wrote: »

Does anyone have any experience with Nationwide... i.e have a mortgage with them that will end at or after age 65?

Thanks

My OH has a mortgage with Nationwide which runs until he's 70.

I have a joint mortgage with O/H with Santander which also runs until he is 70.