Maximum ages for mortgage

mountaintiger

Can anyone help?

I want to move house. need a mortgage. I'm 48 and main earner, misses is 59 and retires in 4 yrs.

What age up to I can have the length of mortgage over?
I did read that some base length on oldest earner and not youngest, is this correct?

Anybody had experience or know mortgage companies which give best max ages whilst taking younger partner age into consideration?

Thanks in advance

comeandgo

Hi, we have 16 years between husband and myself - we have mortage until eldest is 75, this is with Nationwide.

mountaintiger

comeandgo wrote: »

Hi, we have 16 years between husband and myself - we have mortage until eldest is 75, this is with Nationwide.

Thanks.. so this would mean 75 -59 = 16 years. think im hoping to find 75-48 which would be 27 years.. but give me option of 20/25 yrs.. but to be honest I was surprised that it went to 75.

I had been thinking it would only go to 65 and being able to use my age of 48 would have given me 17 years... So at 16 years it wouldnt actually be to far off..

thanks

Wh05apk

If the mortgage is affordable on your income, some lenders will allow the term based on your age.

It would be worth speaking to a broker with this, otherwise you could spend days being given mis-information from lenders on this.

witchy1066

if you can show lenders you will have a good pension ,over and above the state pension, you will be able to go beyond retirement age

the pension has to cover the mortgage and your living expences ,

we are gong through the same thing at the moment, most high street lenders will only lend to 65 ,( which is a bit daft as the retirement age now is 67 and rising but that's another issue ) some smaller lenders will go to 67 , retirement age ,

any years after that will go off , joint state pension, and any joint private pensions you may have,

you really do need to speak to a MB , other options for you may be available

HTH