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First time buyer over 50
Ben75
Posts: 59 Forumite
I am currently 44 and am paying my way out of debt accrued due to mistakes made when I was younger. At current rate I should have debts cleared and a deposit saved in about 6-7 years. Will aged 50-51 be too old to get a mortgage? The current state pension age for me is 68 - does that mean I would need to I would need to have the mortgage paid off by then. I have some private pension funds (about £55k) and a final salary pension at my current employer, which will pay out about a third of my final salary - though there is every possibility that this may be changed in the future.
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Comments
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You can take a mortgage to run until your retirement age. If you plan to retire at 65 or70 then you may be able to take a mortgage over a slightly longer/shroter term.
Depending on the income from your pensions, you may also be able to use those to take a mortgage over a longer period also.
A lot can change in 7 years through.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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