would i get a 30yr mortgage??

teawithmilk

Im 44 years old (just gone 44) if I bought a house in the next 12 months what would be my chances of a 30yr mortgage??

I have a decent pension coming when I retire (hoping to retire at 65)

Thanks

ACG

If your pension passes the affordability lenders use then yes possibly. Not all lenders go beyond retirement though so its worth speaking to a broker or checking with the bank before you do any credit searches.

kingstreet

If you want income in retirement taken into account, you are going to need detailed evidence and forecasts and it will need to be able to cover the full mortgage payment.

You may find it preferable to state your retirement age as 70, provided your occupation is one which would be accepted as still possible to those over 65. Then you could opt for a 25 year term.

Dave_the_Ginger_Cat

The other thing to bear in mind about pension forecasts, is that a conservative underwriter will only lend based on what is in the pension today, not what you might contribute in the future. Less so for final salary schemes, but it's a much bigger risk for them and I can see it not being easy for you.

Both Age UK (formerly Age Concern) have expressed concern about lending into retirement, and many lenders are tightening on this topic. See http://www.ageuk.org.uk/latest-news/archive/over-50s-mortgages-spark-concern/

I might recommend taking a mortgage which is more in line with your planned retirement age