Maximum age to get a mortgage

bukko

Hi,

I would like to get a mortgage (I don't currently have one) but I'm 50 and slightly worried I'll be too old for a mortgage to run full term.
I'm self employed and don't actually plan on retiring but I'm sure the lender won't see it the same way.

My credit score isn't great and I've taken on some credit to try and improve this, but obviously this will take some time, although there's currently no reason why I wouldn't be able to cope with what I have.

Is there an age by which I need to have the mortgage arranged, or am I too late already?

Thanks

ACG

Funny as I am doing a Mortgage at the minute where one of the applicants is pushing 70. Their income is not needed but trying to get them on the mortgage isnt the easiest.

There are a few lenders who have no maximum age, so depending on what you do they may allow you to have a 20-30 year mortgage. If your a builder then its unlikely. If you are a translator then it could be possible.

Speak to a broker but there should be options at normal enough rates.

bukko

Thanks for the reply.

I'm not a builder, I'm a software consultant, so no heavy work involved.
Would that make a difference?

[Deleted User]

When I was getting my First Direct mortgage, they maxed out at 65 years old.

You might be able to get a mortgage.. but you might find places limiting you to paying it off in 15 years

ACG

It comes down to the lender, but the fact that there is no real manual work involved makes me think it should be possible.

zagubov

ringo_24601 wrote: »

When I was getting my First Direct mortgage, they maxed out at 65 years old.

You might be able to get a mortgage.. but you might find places limiting you to paying it off in 15 years

That's what we did. We took a 15-year mortgage to pay it off by my retirement. Suits us fine; a cheap rate mortgage isn't great if you're still paying it forever.

Thrugelmir

bukko wrote: »

I'm self employed and don't actually plan on retiring but I'm sure the lender won't see it the same way.

Age catches up with us all eventually. Lenders have no idea if you'll be one of the fortunate ones that suffers from no ailments at all.

bukko

Thanks for the information and for sharing your experiences all

Lizbragg33

I have just gone through this as my husband is nearly 52. We struggled with our bank and current mortgage provider as they would only lend up to 65 however we've managed to get an 18 year mortgage through NatWest. I would advise you to speak to a good mortgage advisor as they will know the best lenders for you to try.

Good luck.

Jenniefour

I got a mortgage with high street lender at age 58, self employed with 12 year term. No problems at all.

kingstreet

The issue is going to be affordability.

Will your proposition be affordable over a 19 year term to 70? If not, you're looking for a lender which will lend for a longer period where you do meet affordability.

Many lenders require evidence of income in retirement for a term past 70, so a broker will be essential in placing this correctly, first time.