Will the bank give me a 30 year mortgage??

Tancred

TMC35 wrote: »

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

I would strongly advise against a 30 year mortgage unless you are in your 20s, which you are not. You'll just be paying a ton of interest (rent on money borrowed) unnecessarily, right until retirement. It will also limit your options of earlier retirement.

TMC35

Tancred wrote: »

I would strongly advise against a 30 year mortgage unless you are in your 20s, which you are not. You'll just be paying a ton of interest (rent on money borrowed) unnecessarily, right until retirement. It will also limit your options of earlier retirement.

I would love to be able to take a mortgage over 25 even 20 years but as we are FTB's with a small deposit and an average 3 bed where we live costing £250k, we would struggle to make the repayments and have a child in the early years.

Once we've found a house I will look again at the difference between 25 and 30 as I see your point in how much extra interest you would pay and clearly I would rather avoid this but at the same time need to ensure this option is financially viable for us in the short term.

grifferz

TMC35 wrote: »

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

I have an AIP from Nationwide that's for 33 years; I'm 37. The broker said the limit was 70 for some lenders, 65 for others.

(Intend to overpay from the start so don't expect to pay as much interest as quoted)

robatwork

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

+1 for that - 64 is the max YBS will go to

kingstreet

TMC35 wrote: »

I have a save to buy account with Nationwide and a flex account. All the literature they have given us and on their website calls it a save to buy mortgage, as detailed http://www.nationwide.co.uk/savings/limited_access/savetobuy/

If it is just their standard mortgage, I wonder why the refer to it as a save to buy mortgage, and wonder if the upper age limit is 70........

There isn't one product. There are several to choose from and there are flexclusives which also run in conjunction;-

http://www.nationwide.co.uk/mortgages/interestrates-types/rates.htm?propertyValue=200000&mortgageAmount=190000&mortgageTerm=25&buyerType=ftb

which go with that too.

As I said, it isn't a particular mortgage - there are different rate options, which is what I failed dismally to explain.

Nationwide is happy to offer a mortgage until retirement and you can set that age upto 70.

LandyAndy

MrsLA and I have a joint mortgage with Halifax. She is 8 years younger than me. At the time (2005) they wouldn't give a mortgage term that went past my 70th birthday.