25 year mortgages

1Hongkongphooey

I am 48 and due divorce find myself renting, but want to get back on the property ladder. The problem is that due to my age I have been told I can't get a 25 year mortgage. This means the repayments of 16 year mortgage is pretty high without a very large deposit. Does any one know if (given my age) I would be able to get a 20 or 25 year mortgage anywhere.

Many thanks in advance

AnotherJoe

Go to a mortgage broker. It seems some lenders will go to 70 so that gives you 22 years.

betmunch

1Hongkongphooey wrote: »

The problem is that due to my age I have been told I can't get a 25 year mortgage.

Whos told you that?


Under the right circumstances there are several lenders that will allow you to go to age 75


Some even later if you have a pension to support the borrowing

1Hongkongphooey

Betmunch,

Well as I have learned recently some estate agent mortgage brokers are not really giving you the whole picture. They are the ones that told me that I can't get 25 year mortage.

dunstonh

Your age is not the problem. The issue will be whether you can prove you can afford repayments into retirement. If you can, then there will be lenders available.

Well as I have learned recently some estate agent mortgage brokers are not really giving you the whole picture. They are the ones that told me that I can't get 25 year mortage.

Correct. You should never use an estate agent broker (exception being independent agents using independent brokers). They have an awful reputation. See an independent local broker.

betmunch

1Hongkongphooey wrote: »

Betmunch,

Well as I have learned recently some estate agent mortgage brokers are not really giving you the whole picture. They are the ones that told me that I can't get 25 year mortage.

Really, that's awful, I would expect even an EA pet mortgage Advisor to be able to get you a 25 year mortgage.


I'm pretty sure that even the small panel brokers have access to 2 lenders that can do it.


Maybe there was something else in your circumstances that excludes you? Remember, I haven't done a full fact find with you, while they have.

1Hongkongphooey

dunstonh wrote: »

Your age is not the problem. The issue will be whether you can prove you can afford repayments into retirement. If you can, then there will be lenders available.



Correct. You should never use an estate agent broker (exception being independent agents using independent brokers). They have an awful reputation. See an independent local broker.

Glad to hear I am not quite over the hill yet. after previous dealings with them, I will not be using there financial advice again.

1Hongkongphooey

betmunch wrote: »

Really, that's awful, I would expect even an EA pet mortgage Advisor to be able to get you a 25 year mortgage.


I'm pretty sure that even the small panel brokers have access to 2 lenders that can do it.


Maybe there was something else in your circumstances that excludes you? Remember, I haven't done a full fact find with you, while they have.

I can't think of anything in particular that would cause an issue. So thank you for your advice it has been most helpful

betmunch

1Hongkongphooey wrote: »

I can't think of anything in particular that would cause an issue. So thank you for your advice it has been most helpful

No worries, follow Dunstons advice and get an independent broker on the case and you should be good to go then

Tigsteroonie

As others have said, get yourself a good broker. In similar circumstances, I started a new mortgage at age 45 and got a 23 year term (it was either 22 or 23 years). I'm now overpaying to bring the term down.