Mortgages later in life ?

oystercatcher

Just having a wonder....

Several years ago we tried to obtain life insurance on husband but were refused due to ongoing health risks . The risks haven't changed so I assume insurance would still be refused. We only tried the one company at the time.

The issue is, we would quite like to move to a bungalow but all appropriate sized places are significantly more expensive than current home which is now owned outright.

I've always thought we would be refused a mortgage due to the insurance issues . Am I right ? If they would lend how could we work out how much they would offer as multiples of salary as at age 52 we don't want a 25 year mortgage. Or is it just based on affordability ?

Thrugelmir

Affordability is the key. So you are potentially limited by your retirement ages as to the length of the mortgage term available.

How much are you looking to borrow?

Yorkie1

The insurance issue won't be relevant.

oystercatcher

Haven't done the sums properly as thought the insurance would prevent us borrowing.

I guess 50-100K might get us what we would like added with current house value and savings. Husband is aged 52, wages around £52 K . I no longer work due to health issues .

No debt , not sure on current disposable income after bills .

Looking at it like this 'on paper' makes it seem a really bad idea to borrow. I remember paying mortgages at 12% interest and we had a dodgy endowment, it was so good to pay it all off eventually.

Thrugelmir

Get saving if it's an important goal.

oystercatcher

Yes, saving has been the main goal so far.

tigsly

when we applied in april (pre new rules) we we were allowed to 'select a retirement' age.. so you shoudl be able to get a longer mortgage with lower repayments should you want to..

of course - you need to work if you c an afford it - because for me quality of life would be super important ..