Age limits to taking on a new mortgage?

SnailMailer46

Hi everyone! I need to get some information about the chances of getting another mortgage at my age (I'll be 47 this summer). I'm divorced and single, live alone, work full-time, with one child at university, but I'm living in a huge 4 bed place that's draining me financially so I would love to downsize.
I need time this year to try to get the place a bit more 'sell-able', so am thinking of maybe trying to put it on the market next Spring... but am concerned that I may be turned down for another mortgage because of my age and personal circumstances.
Any idea if I'll struggle to get a mortgage on a new place, bearing in mind what profit I make from this sale could take a chunk off the new one?
Thanks!

Annisele

Your age won't stop you getting a mortgage - but it might impact on the length of term you'll be offered, and hence affordability.

If you're planning to retire at 65, and if you won't have much pension income, then you might not be offered a term beyond 18 years (47+18=65). If you retire earlier/later, or if you can show you'll be able to service the mortgage on your pension income, you might be offered a different term.

andyfromotley

Cant comment on your circumstances but certainly Nationwide are willing to lend up to age 75 if you can show income to that age.

SnailMailer46

Thanks for the advice and information. I feel much better knowing that I stand a fair chance of getting another mortgage!
:j