Mortgage at 50 +?

Grey6363

My partner seems to think getting a mortgage would be impossible at our age ( 51 & 52) So id just like to check it out before i draw a line under the situation so to speak. Here is our circumstances: I work 25 hours a week, my partner is 40 hours plus OT. We have 20k savings, and heres when it gets confusing, my OT has a house with his ex , he left 3 years ago, continued to pay their mortgage until she told him not to bother as it was now " hers" .. He will not force a sale until she either re marries or cohabitates , or until their daughter has left home, she is 20. Given this fact he still owns 50% , would this and our savings be possible to buy our own place? we are currently shelling out £800 a month on rent, all seems so wrong, my OT reckons we dont stand a chance due to our age. Any advice greatly received !

amnblog

OT is reasonable for the whole of the other mortgage as far as a new Lender is concerned.


If he is relying on her to pay the mortgage on time he is risk his credit rating.


Nothing you have said here sounds very encouraging with regard to getting a mortgage . Unless his current lending is very modest he is probably right.

JP08

Don't forget that there is no reason (other than affordability) to assume a 25yr mortgage.

Out current one was taken out over 10yrs, mainly because of age and retirement aspirations.

Also, depending on what pension arrangements you have, a mortgage beyond 65 might be achievable. A (sadly now deceased) friend of mine was happily given a mortgage at the age of 62 on the basis of a London Underground Pension.

enthusiasticsaver

There is nothing to stop you taking a mortgage after 50 but the term will be reduced so it doesn't take you over the age of 70 in most cases and interest only mortgages are now frowned upon. What is more worrying is your partners mortgage with his ex as until he is removed from that it will be taken into account. If he is no longer living with her or paying it why can he not be removed so he can start again with you?

enthusiasticsaver

Also does your OH know that by not paying half the mortgage his ex wife may use this to justify not giving him half the equity. I would strongly recommend he sort out his financial position with her before taking on new commitments given they have a daughter even though she is an adult. Read JackRs thread on the difficulties which can arise from broken relationships even when the children are grown. It can affect his house equity and his pension. That seems more of a priority than buying a new property.

Grey6363

It was her choice to pay the mortgage alone, she is unable to buy him out and does not want to sell, so basically there wasnt much choice, i was in the same situation with my ex, i never paid the mortgage for 6 years ( he wouldnt buy me out and was not willing to sell) , i still received 50% of the equity after sale. She has kept it up to date without a problem as its in her interest to.

Grey6363

Ps My ex tried taking me to court to reduce the equity i got, but my solicitor told me as long as both our names were on the mortgage it would be 50/50 regardless of who paid, which turned out to be correct as i came away with 50% even though i had asked him to sell for numerous years previously

enthusiasticsaver

Did you have children as that sometimes affects the split of equity even when they are grown which seems unfair.


The problem your ex will have though is even though his ex is paying the mortgage he is still legally liable for it and obviously also cannot access his equity until the property is sold so you will just have your £20k savings to cover deposit and fees. If you apply for a new mortgage the lender will have to ensure that your joint salaries will be enough to cover not only a new mortgage but also the existing one with the ex even if he is not paying it. Is there not a stipulation in the divorce agreement as to when the property should be sold?