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New mortgage in my 50s
moragk
Posts: 11 Forumite
I am 54, in FT employment. I am mortgage free, but don't want to use the family homes as equity. I could put down a 20% deposit on a modest property. What would the likelihood of my getting a mortgage at my age?
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Is this for a property to rent out?I am a Mortgage AdviserYou 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.0
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Or even the family home - singular!0
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Not really. My youngest son earns enough to pay a mortgage, but not enough to be given one.0
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How much does he earn? Is he self employed and minimising tax?
You may be able to get a joint mortgage but the term will be restricted by your age.
May be worth speaking to a brokerI am a Mortgage AdviserYou 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.0 -
He only earns about 14K. I suppose I'm kind of thinking about paying any potential mortgage back over 10 years.0
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What value property are you thinking of?I am a Mortgage AdviserYou 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.0
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I could probably get a decent 1 bedroom in Glasgow for 80K.0
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4x income, if you gifted him the deposit = £80k give or take.
You could potentially do this on your own. But if your son is paying the mortgage, then to avoid any potential IHT/CGT its best his name goes on it somewhere. I would probably look at a joint mortgage or possibly a guarantor mortgage (although these are few and far between).I am a Mortgage AdviserYou 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.0 -
Hadn't thought of that, actually. I'll look into this. Many thanks.0
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