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how much /over how long could we borrow ?
pinkparrott
Posts: 340 Forumite
Hi - were wanting to move after a long time in our house. Were unsure what we could borrow as my husband is approaching retirement. I'm 38 and earn £55k and he's 58 and earns £45k. We have about £220k - £230 k equity (depeding on what we sell our house for) we want to buy for around the £380k mark. So would be looking to borrow about £160k ish - we want to borrow over at least 12 years so my husband would be 70 , but with my income and he has about £18-20k due in pensions from age 63.
How many lenders would be OK to age 70? \75?
How many lenders would be OK to age 70? \75?
Grocery Challenge Feb 14 £500 / Spent £572.10!
March 14 £500 / spent £488.45 :j
March 14 £500 / spent £488.45 :j
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Comments
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Some Lenders will work based on your age if his income is not needed for the application - giving you a potential 25yr+ term if required.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry, I have a question to OP, if you don't mind can I ask you what is your line of work. ?
55k is an amazing income. I am just curious.
Good luck with the move. Hope you find what you're looking for.
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She's the Queen of Yorkshire!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi - I'm a pensions consultant in a specialist area of pensions. Yes good money but been in the same sector for 16 years & worked my way up .started on £9k after uni. (& I don't particularly like my job!)
We might see about just basing it on me then.Grocery Challenge Feb 14 £500 / Spent £572.10!
March 14 £500 / spent £488.45 :j0
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