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I don't believe it?
naturegirl_2
Posts: 125 Forumite
Yes it's true I will be a pensioner in 10 years !!!!!! the other shock is that it effects your chances of getting a mortgage.
I want to buy (private sale) the house I'm renting which has been agreed with the owner. I've 70,000 deposit and need a mortgage of £50,000 (the house is £110,00 but needs some renovation) I earn approx £14,600. (employed)
I'd contacted a broker who advised me to contact lenders myself as they could not offer me a realistic deal.
I'll need a 10 year mortgage but a longer one would be nice
Can anyone help this old dear?;)
I want to buy (private sale) the house I'm renting which has been agreed with the owner. I've 70,000 deposit and need a mortgage of £50,000 (the house is £110,00 but needs some renovation) I earn approx £14,600. (employed)
I'd contacted a broker who advised me to contact lenders myself as they could not offer me a realistic deal.
I'll need a 10 year mortgage but a longer one would be nice
Can anyone help this old dear?;)
0
Comments
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How old are you?
It's possible to set 70 as retirement age and have a mortgage term until then. If you want longer, it should be possible to go to 75 as long as you can provide evidence of income in retirement - your ability to continue to meet the mortgage payments.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The broker probably cannot see how he/she will cover their time without charging you a fee on a mortgage of this size.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It will have affordability issues over a shorter term too.
Over 15 years, the Halifax affordability calculator output is £47k for a single applicant with no dependents or credit commitments.
Over 10 years, it's only £36,385.
The income is too low for the size and likely term of the mortgage required.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'm was 56 in April. At the moment I'm employed 26 hours a week but have regular overtime. I've also started some self employed (part time) business and this income has not been included in my earnings as I've not accounts at present (approx £450 month). I'd like a longer mortgage if possible and as I'm involved in the craft business I will work until I drop!! Thanks0
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Hi I've sent a reply on my query I dont believe it. If you wish to read it. many thanks0
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