25 year mortgage at 50 years of age?

deejaybee

We were accepted for 17 year mortgage with Woolwich few months ago ( I am 53, partner slightly younger ) so that takes me up to age 70.

The backup position was Coventry, up to age 75 was available.

We wanted shortest term possible combined with affordable payment, so went with Woolwich.

I am self-employed though, so in theory I can work till I drop !!

I take the point raised by the various brokers on here, that post MMR the rules have changed / are changing..

Thrugelmir

kingstreet wrote: »

Yet another inconsistency then. Our BDM told us 67!

Retirement ages vary.

Threepints

To answer some of the questions. Whilst I am now self employed (and somewhat of a workaholic) I do have two preserved final salary pensions, one of 17 years with the Post Office and one of 10 years with the LGPS.

My other half has a preserved pension with the Post Office and has and still is paying into the USS final salary scheme. So yes we will both have incomes in retirement + lump sums.

Nick_C

I'm approaching 57. Santander told me I could get an 18 year mortgage to age 75.

Mortgage_Mark_2

Nick_C wrote: »

I'm approaching 57. Santander told me I could get an 18 year mortgage to age 75.

They may well do prior to MMR regulations coming into effect (26th April however many lenders are implementing early, around 14th April), but as affordability is then subject to such scrutiny it's extremely unlikely that would be the case afterwards.

As an example, one market-leading lender's new criteria is that you can borrow up to age 75, however the lower of your current income and your retirement income (both subject to verification) will be used to calculate your borrowing potential.

amnblog

For those of you 50 or over who cannot get the term you want - don't shoot the messenger.

Neither the brokers nor the lenders have made this decision.

(And saying you will use the cash from your newly free pension pot won't work either)