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25 year mortgage at 50 years of age?
Threepints
Posts: 130 Forumite
Hi,
I've read several articles on the internet regarding mortgages for those of us who have reached a certain age. They give differing opinions, some saying lenders do give a 25 year mortgage and others stating it is very hard to get one.
Myself and my partner (she is 50 this year, I will be 52) are looking to sell our present property and buy something larger, however we would like a 25 year mortgage. Is it possible to get a mortgage of this length at our ages or is this not feasible.
Many thanks for any replies.
I've read several articles on the internet regarding mortgages for those of us who have reached a certain age. They give differing opinions, some saying lenders do give a 25 year mortgage and others stating it is very hard to get one.
Myself and my partner (she is 50 this year, I will be 52) are looking to sell our present property and buy something larger, however we would like a 25 year mortgage. Is it possible to get a mortgage of this length at our ages or is this not feasible.
Many thanks for any replies.
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Comments
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Am also fast approaching 50 and would like an answer as to what sort of maximum term can be taken out for a mortgage though my wife is 10 years younger...0
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I do not know if this helps as we are both first time buyers. My partner is 45 and we just got a 29 year mortgage. We were told, we could not have a mortgage past him being 75. I am 10 years younger so I am not sure if this makes a difference.0
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How are you going to continue paying the mortgage when you have both retired?"You were only supposed to blow the bl**dy doors off!!"0
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We were in this situation as my partner is 49 (I'm younger) and the bank (HSBC) said it would be ok for us to apply for a 20 year mortgage provided he got a letter from his employer saying they were happy for him to work until he was 69. We also did an AIP with Halifax and they were more relaxed, they just said their policy was to ask the customer how long they intended to continue working and provided that fit with the mortgage term they'd be happy. I imagine there are some limits though and I think a 25 year term at 52 might be pushing it. Would you really want to be working and paying a mortgage at 77?0
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Will you have a guaranteed source of retirement income. If you don't then you'll fall at the first afforability hurdle.0
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State retirement age is the maximum at the end of the term for most lenders post-MMR, so a 25yr term at age 50 would be incredibly unlikely.I am a mortgage adviser.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.0
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If you have evidence of income in retirement you may be able to get a longer term.
However, with effect from next week, Halifax and Nationwide are taking their maximum term without evidence down to 67.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 -
Halifax confirmed to us that state retirement is the maximum, proof or no proof, last week. For some that could be 68, or even 66.I am a mortgage adviser.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.0
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Yet another inconsistency then. Our BDM told us 67!Mortgage_Mark wrote: »Halifax confirmed to us that state retirement is the maximum, proof or no proof, last week. For some that could be 68, or even 66.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 am a mortgage adviser.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.0
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