Mortgage after 40?

katejo

Fireflyaway wrote: »

We will be renting for a while once we sell our house ( 2-3 years probably).

When we come to buy again, one of us will be late 30's the other early 40's. My parents say we are mad not to but straight away as we will struggle to get a mortgage once we hit 40....

Anyone over 40 who has applied recently ? Is it really that hard? What if we have a decent size deposit or pay it back shorter than 25 years? 40 doesn't seem that old to me!

When I bought my current house in 2006, I was almost 43. I couldn't get a 25 year one because they then wouldn't allow me to continue paying after 65 so I got one for 22 years. I only needed a mortgage for roughly 25% of the property value.

swindiff

Looking at historical data, in 25-30 years the state pension wont be far off what average earnings are today. So its not like you need to satisfy that if you only had a state pension at todays rate would it be enough to pay your mortgage in 25 years time. Would the state pension with 25 years worth of inflation be enough to pay the mortgage ? However I am sure the lenders don't think like that lol

Sedge123

We are 40 and 43 and have just had a 25 year mortgage approved. The plan is to overpay so we bring the term down.