Mortgage broker/advisor required

macaw-b

Hi

I'm aged 55 and buying my first house. I am looking for a 75% 2yr fixed mortgage on a max house purchase price of 200K.

Married with single income of @39K. Solidly secure income working 7 years for private family Co, with no pressure or plans to retire.

I am looking for a mortgage term of 19 years to assist with the new affordability rules to match the single income, with 2 young adults going through University. Both will have left before the end of the 2 year fixed term is up.

Is this asking too much? I have heard of mortgages up to aged 75 but do these come with a restricted criteria for acceptance?

Many thanks for any help and advice that can be offered.

kingstreet

How will you evidence ability to pay the mortgage from state retirement age?

macaw-b

Thanks for the response.

I am not sure, though I had figured that there is no state retirement age any longer. I assume that a letter from my employer stating that they do not practice a mandatory retirement age should suffice.

kingstreet

No. Many lenders have taken the opportunity with MMR to standardise their retirement at age 67, so if you want to go beyond that, you have to provide evidence of income past that point.

Prior to this, we could write a mortgage to 70 and say you intended to carry on working. This is another MMR by-product.

macaw-b

Thanks again.

I assume by this you are talking about pensions, unfortunately those have been removed, made worthless or stolen.

You have mentioned many providers, does that still leave hope that they may yet be a few who would consider this? What other concepts would they consider to ease their perceived risk, larger deposit ? insurance policies, future inheritance ?.

Are we slowly moving to a change where it becomes the children who help parents afford a home ?

Is it a mute point to make regarding the affordability issue, when we can't afford not to borrow?

kingstreet

The rules only changed yesterday, so it's too early to say.

I can only suggest you contact a broker and have them research it for you. TBH we're all back at school, re-learning what we thought we already knew.

Thrugelmir

macaw-b wrote: »

You have mentioned many providers, does that still leave hope that they may yet be a few who would consider this? What other concepts would they consider to ease their perceived risk, larger deposit ? insurance policies, future inheritance ?.

More to do with hassle free repayment of the debt than perceived risk. Far easier to place the onus on borrowers to repay the debt to schedule. Than speculate on possible scenarios that are all outside of the lenders control.

macaw-b

Good points.

Maybe I will just let some dust settle first, or a little time to allow the market to cool a little.

Thrugelmir

If house ownership is your aim. Then focus on finding savings and cutting back where ever you can. In order to make it come true.