Mortgage in mid fifties

Late_Developer

I am 55. Partner 50. Total salary 73k. Currently pay 650 per month rent. Is it possible to get a mortgage at our age?

Caz3121

probably not much change to the answers from last time you asked
https://forums.moneysavingexpert.com/discussion/5145606
I assume the deposit is now higher but the house prices may also be higher and the term shorter so still likely to be higher payments than your rent

Money_saving_maniac

Get a broker. The answer will be yes up to age 70 if you are paying into a pension, apparantly. At least I hope so as that is what my broker advised me.

How much have you saved since Jan?

On your combined salaries you shouldn't have a problem getting 200k providing you have a deposit, extrapolating from what my broker told me (I'm 57 with a younger husband)

Realistically you would want to pay it off by retirement age but the payment will still be affordable for you.

MerrilyA

Hello,

I agree it's worthwhile seeing a good broker that has knowledge of a range of mortgage products not just ones on the high street.

There should be something available for you. You may have a shorter time to pay it off but again get advice from a broker.

MARTYM8`

Depends of course on how much you want to pay for the property and where.

Clearly if you want to buy a one bed flat in Carlisle its going to be easier than buying a house in Hampstead.

Some lenders will offer mortgages up to age 85 for owner occupiers subject to you having a pension post state retirement age - with buy to let apparently 105!

Thrugelmir

Late_Developer wrote: »

I am 55. Partner 50. Total salary 73k. Currently pay 650 per month rent. Is it possible to get a mortgage at our age?

With an income of that level saving for a sizable deposit should be no problem.

Late_Developer

Thank you for your replies.

Nick_C

Santander will lend to age 75. I took out a mortgage last year at age 57, and I have already retired.

Found them very helpful, and we had no need to use a mortgage broker.