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Mortgage for over 50 possible?
100rotor
Posts: 26 Forumite
Hi
Im a UK citizen , 55 years old and currently rent , I`d like to buy a small house in the south west and currently earn around £35k BUT I work for an agency on a zero hours contract , I have a very good credit rating and could put a 20% deposit down on a £160k house.
I would be a first time buyer.
Q: Do I stand any chance of getting a mortgage ? if so whats the best route to take ?
I dont want to start the ball rolling with a high street bank and mess up and have it affect my credit rating.
Thanks in advance.
Im a UK citizen , 55 years old and currently rent , I`d like to buy a small house in the south west and currently earn around £35k BUT I work for an agency on a zero hours contract , I have a very good credit rating and could put a 20% deposit down on a £160k house.
I would be a first time buyer.
Q: Do I stand any chance of getting a mortgage ? if so whats the best route to take ?
I dont want to start the ball rolling with a high street bank and mess up and have it affect my credit rating.
Thanks in advance.
0
Comments
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Mortgage for over 50 possible?
Not an issue unless what you are asking for is unaffordable over the whole term.Q: Do I stand any chance of getting a mortgage ? if so whats the best route to take ?
Speak with a local face-to-face broker. Don't go direct to a bank. Most mortgages in the UK are done by brokers and the flexibility of having a whole of market broker means you don't burn bridges with a lender and waste your time unnecessarily.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Don't they want you to pay it all off by 65?“What means that trump?” Timon of Athens by William Shakespeare0
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qwert_yuiop wrote: »Don't they want you to pay it all off by 65?
No necessarily.
Depending on your retirement planning, some lenders will go well into retirement as long as you can afford it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No necessarily.
Depending on your retirement planning, some lenders will go well into retirement as long as you can afford it.
They will ask your planned retirement age however.
It will give you more flexibility if for example you plan to retire at 75 and choose a 19 year term - ie. pay it off before your retirement age.
In your position I would see a broker.1
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