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48 year Old First Time Buyer
scorpiofriday
Posts: 2 Newbie
For one reason or the other I procastinated over the years and now find myself wanting to buy a property, first time, at 48 years old. I earn almost £46,000 a year. I am looking to go for a £130,000 mortgage loan on a £165,000 mortgage. What financially viable options do I have out there and does it make any financial sense to purchase at my age. Any advice most welcome before another year passes me by.
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Comments
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Did you mean a £130k mortgage on a property worth £165k? i.e you have £35k deposit?
Well, at 48, you'll be limited over how many years you can take the mortgage, as they might presume you'll retire at 60!! So, if you borrow £130k over 10 years, the repayment will be about £1450/month...Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Yes, £35K Deposit. Are there any Mortgages that are linked to ones Pensions and if so what are the advantages and disadvantages.0
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http://www.mortgages.co.uk/advice/interest-only-pensions.html
http://www.mortgagesorter.co.uk/types_mortgages_and_pensions.html
When the words pension and mortgage crop up in the same phrase, the other words that come to mind are “barge pole” and “don’t touch with”.
HTHIn case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Pensioners are being offered mortgages so at your age you're a spring chicken!0
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The OP is only 48, not a pensioner. She or he might want interest only / overpayment/ buy with a partner, and is probably pretty unlikely, like the rest of us, to retire at 60! Depends on his or her circumstances. I am sure one of the mortgage advisors will come along in a minute to offer knowledgeable advice, but with a big deposit and a good salary why ever not? There must be loads of people of this age with a mortgage at least as big as the one he or she is proposing.0
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most lenders assume that you will retire at 65. You can get an interest only mortgage, and start a (or another if you already have one) pension fund. the advantage is that you get tax relief on your contributions to the pension fund, the disadvantage is that you can only take out 25 % as tax free lump sum, so for 130 K mortgage you will need a pension fund worth 4 times that. If you already have a pension fund, you can increas your contribution, and get a tax relief up to your yearly earning or £215 K. Some pension funds where employer also contributes might have restrictions on contributions0
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